The average on the 30-year fixed-rate mortgage was 3.51% for the week that ended January 30, down from 3.6% a week earlier and almost a whole percentage point below where it was at this point in 2019, according to Freddie Mac.
Matthew Speakman, an economist with Zillow told MarketWatch that, in light of the coronavirus, investors seemed to be bracing for economic slowdowns and perhaps another interest rate cut by the Federal Reserve. “Mortgage rates remain near multi-year lows, and there’s a chance they could move even lower, should conditions pertaining to the outbreak continue to worsen,” Speakman said.