MortgageNewsDaily.com says we will need to wait and see if mortgage rates will drop back into all-time lows. The impact of the pandemic has had it’s affect on bond markets which are driving mortgage rates.
The percentage of refinance loans increased to 55% in March, with growth occurring across every type of loan. The average interest rate for 30 year fixed rate loans in March was the lowest it has been since January of 2013.
There is a multitude of information on every media outlet about the coronavirus impact on our lives and businesses. And there is a lot of misinformation included in some of what we are reading and hearing.
According to a February 12, 2020 article, written by Jann Swanson for Mortgage News Daily, “Refinancing was up for the third straight week, adding 5 percent to that index which is now 207 percent higher than on an annual basis. The share of applications that were for refinancing grew to 65.5 percent; 1 percentage point higher than the prior week.”