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The Coronavirus & Mortgage News

Mortgage rates are continuing to fall following the bellwether 10-year note with money flowing to safety driven by the coronavirus that is increasingly worrisome for the economic outlook.

It's widely known the stock market has been overbought compared to what is expected in 2020 growth and, technically, mortgage rates continued sliding this week as investors put money into safer assets like bonds, contributing to the 30-year fixed-rate mortgage dropping 9 basis points, according to Freddie Mac. Markets appear to be erring on the side of pessimism, preparing for slowdowns in growth and, potentially, another cut to the Federal Reserve's benchmark interest rate.

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Mortgage rates continue to slide. Via Freddie Mac

"This week's mortgage rates were the second lowest in three years, supporting homebuyer demand and leading to higher refinancing activity. Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to spend or save." Sam Khater, Freddie Mac's Chief Economist

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