Mortgage rates plunge to record lows on coronavirus fears

As concerns intensified that the coronavirus will have an outsize effect on the global economy, mortgage rates tumbled to their lowest level in the history of Freddie Mac’s survey of mortgage lenders, which dates to 1971.

According to the latest data released Thursday by the federally chartered mortgage investor, the 30-year fixed-rate average sank to a new low of 3.29 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.45 percent a week ago and 4.41 percent a year ago.