The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971.
Rekindled coronavirus angst sparked fresh bids for U.S. debt on Thursday and sent the rate on the benchmark 10-year note back below 1% as Wall Street settled back into its recent risk-off attitude.
The latest reading on the 10-year Treasury note yield was 0.914%, a hair above its all-time low of 0.906% hit earlier in the week. The yield on the 30-year Treasury bond fell a similar 8 basis points to 1.56%.
For consumers, lower interest rates can move down rates on retail products, such as mortgages and bank loans. Lower rates are also good for companies looking to refinance more expensive debt.
The Federal Open Market Committee (FOMC) lowered its target range for the federal funds rate to 1-1.25 percent. It’s the first emergency move since October 2008, when the U.S. economy was in the midst of its worst crisis since the Great Depression.
“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the FOMC said in a statement, released Tuesday in Washington. “The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.”
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