The average 30-year fixed-rate mortgage fell to a record 3.29% this past week, according to Freddie Mac, the lowest level in the nearly 50 years of its survey. The 15-year fixed-rate mortgage dropped to 2.79%.
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Bond yields have been at historic lows as the coronavirus outbreak sent markets into turmoil. On Tuesday, the Federal Reserve announced an emergency rate cut, which slashed the benchmark interest rate range down to 1% to 1.25%. That cut, along with a rock-bottom 10-year Treasury yield and continued coronavirus fears, means mortgage rates could be poised to head even lower.
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