With the coronavirus causing a lot of economic panic right now, investors are jumping back into bonds. These are seen as a safe haven when there is a potential crisis happening around the world, whether it be political, social or economical.
From a fixed rate perspective investor jumping into bonds lowers yields which as a result lowers fixed interest rate. So, we may see some aggressive fixed rate mortgage pricing on the way. As with anything this can blow over very quickly so the window of opportunity could be open for a week or two at most.
I will keep you posted but if you a have a need to renew, refinance or take out a mortgage for any reason this could be a time to take advantage of a sudden rate drop and lock in your rates. Remember, sudden rate drop opportunities are only for live applications AND not pre-approvals.