As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month.
As the stock market dropped, so did mortgage rates, offering a bad news-good news situation for those looking to buy a home and perhaps refinance. While short term declines in the stock market can sting, borrowers who lock in today’s low rates look to benefit significantly in the long term.