NPR, March 2, 2020: Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets
A dramatic drop in mortgage rates may give prospective homebuyers a chance to afford the house they’ve been eyeing — or may lower monthly payments for homeowners who refinance.
Last week, fears over the novel coronavirus outbreak’s anticipated economic impact sparked the most dramatic stock market sell-off since the 2008 financial crisis. Stocks rallied Monday on expectations that the Federal Reserve will cut interest rates to boost the economy.
But there’s a silver lining in this market mayhem for homeowners and homebuyers: Mortgage rates have been driven down to near all-time lows.
Millions of people around the country who are already homeowners could probably save money on their monthly payment by refinancing. But it can be a little tricky to figure out if that’s worth doing.
