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Coronavirus Drops Interest Rates

Helping busy families feel right at home.

3.66% is today’s 30-year fixed mortgage interest rate (March 9, 2020). Affects and fears of coronavirus and the global economic fallout find investors seeking safer investments in bonds, improving mortgage rates even more. As bankrate.com points out, these low rates typically don’t last long and will likely increase swiftly as the world gains greater information about the virus and begins treating it. Home purchase loan applications have jumped 15% over last week and refinance applications skyrocketed 224% from a year ago. So, if you’re looking to purchase or refinance, now is a fantastic time to do it, but be diligent with turning in your application paperwork soon and be patient because it might take 45 days to close the loan instead of the normal 30 days. And don’t forget to wash your hands and avoid touching your face.