U.S. mortgage rates register another all-time low
Mortgage rates have gotten even more affordable — a boon to the many Americans once again considering buying a home as coronavirus-related stay-at-home orders are lifted across the country.
The 15-year fixed-rate mortgage dropped eight basis points to an average of 2.62%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.13%, down four basis points from a week ago. “Financial volatility has notably decreased in recent weeks, resulting in steady improvements in the stock market, and more predictable — albeit modest — movements in bond markets,” Zillow ZG, +1.67% economist Matthew Speakman said. “The eased strains in financial markets have also resulted in mortgage rates remaining fairly flat in the last couple of weeks and are generally calmer following the turmoil experienced in the early days of the coronavirus outbreak.
Refinance volume has tapered off on a weekly basis, but remains 176% above levels seen a year ago, the mortgage industry trade group noted.
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