Worries over the coronavirus outbreak have driven mortgage rates down to record lows, according to Freddie Mac.
The mortgage buyer said Thursday that a 30-year fixed mortgage fell from a 3.45% average rate last week to 3.29% this week, according to The Associated Press. It's the lowest rate it's seen since it began keeping track in 1971.
The fall is attributed to fears over the coronavirus and its potential impact on the markets. Investors have begun moving their money out of Wall Street as the virus has infected roughly 100,000 people and killed over 3,300, according to Johns Hopkins University.
The declining rates are good news for first-time home buyers and homeowners looking to refinance their mortgages for a lower monthly rate. This could lead them to access more money and boost the U.S. economy.
However, this isn't expected to lead to a major rise in home buying since there's already a shortage of homes for sale.