Mortgage rates are sticking close to their all-time low, according to a closely followed weekly survey, and they could fall further after a sobering assessment of the economy from Federal Reserve Chairman Jerome Powell.
In a speech on Wednesday, he said the coronavirus has thrown the U.S. into its worst recession since World War II and he warned of the potential for lasting economic damage.
His words sent the interest on Treasury bonds crashing, including the yield on the 10-year Treasury note.
Mortgage rates typically follow the 10-year Treasury yield, which could mean already incredibly low mortgage rates will go down even more.
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https://www.wideworldofwateringholes.com/2020/05/15/near-record-home-loan-rates-could-fall-further-on-covid-warning/