As previously reported, the coronavirus has send mortgage rates plummeting over the past two weeks. Now, rates have actually hit the lowest levels in three years.
"The 30-year fixed-rate mortgage averaged 3.51% during the week ending Jan. 30, down nine basis points from the week prior, Freddie Mac reported," according to MarketWatch.
That is nearly a full percent drop when compared to a year ago. Meanwhile, the 15-year fixed-rate mortgage dropped four basis points to 3%.
"The decline in rates this week was indirectly caused by the coronavirus outbreak that began in China and has now spread across the globe," according to the report.
"More than 7,000 cases of the illness have been reported, and the death toll has increased to 170."
Should the virus continue to cause concern in the market, it is possible that mortgage rates could continue to drop even lower.
To learn more about the coronavirus and its effect on the mortgage industry, click here.