--- title: 30-Year Mortgage Rates Just Hit a New All-Time Low description: It's good news for home buyers or anyone looking to refinance. authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History certifications: Certified Personal Finance Counselor at_money_since: 2019 articles: 798 covers: - Mortgages - Banking - Credit - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ published: '2020-04-30T17:14:49.000Z' modified: '2024-01-10T15:40:37.000Z' section: Mortgages tags: - Apex41 - interest rates word_count: 287 canonical: https://money.com/mortgage-rates-new-record-low/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Record-low-mortgage-rates](https://img.money.com/2020/04/gettyimages-57224059.jpg) The coronavirus continues to have the U.S. economy in a stranglehold. But those looking to buy a home or refinance an existing mortgage got some good news Thursday. Mortgage rates hit a new all-time low. The average interest rate for a 30-year-fixed rate mortgage hit 3.23%, with 0.7 points paid, for the week ending April 30, according to Freddie Mac. That's down 0.10 percentage points from 3.33% last week and a hair below the previous all-time low of 3.29% set earlier this year in March. The rate on 15-year fixed-rate mortgages matched its March low of 2.77%. Interest rates on five-year adjustable-rate mortgages fell to 3.14% from 3.28%. Interest rates have decreased sharply since the beginning of the year, as fears of the coronavirus have sent investors rushing to purchase safe-haven assets like Treasury bonds, and the Federal Reserve cut short-term interest rates to close to zero. Mortgage rates are largely pegged to 10-year Treasury bonds. While most mortgage activity has centered around refinancing, Freddie Mac credits the low rates with improving home purchase activity in recent weeks. Some of the states hardest hit by the virus, such as California and New York, saw recent increases in home purchase activity after weeks of decline. Nationally, applications for home purchase loans increased 12% for the week ended April 24, according to the Mortgage Bankers Association. The increase in purchase activity could be a signal of an upturn in the spring buying season, which has been delayed by the spread of COVID-19, the trade group said. More from Money: [Best Mortgage Lenders of 2020](https://money.com/best-mortgage-lenders/) [Where Home Prices Are Heading in the Age of Coronavirus](https://money.com/coronavirus-real-estate-home-prices/) [Worried About Your Credit Score? Here's How to Get the Best Rate on Your Mortgage](https://money.com/mortgage-bad-credit-score/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/mortgage-rates-new-record-low/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "Mortgage Rates", "item": "https://money.com/mortgage-rates/" }, { "@type": "ListItem", "position": 4, "name": "30-Year Mortgage Rates Just Hit a New All-Time Low" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/mortgage-rates-new-record-low/#webpage", "url": "https://money.com/mortgage-rates-new-record-low/", "name": "30-Year Mortgage Rates Just Hit a New All-Time Low", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-04-30T17:14:49.000Z", "mainEntity": { "@id": "https://money.com/mortgage-rates-new-record-low/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/mortgage-rates-new-record-low/#breadcrumb" }, "dateModified": "2024-01-10T15:40:37.000Z" }, { "@type": "Article", "headline": "30-Year Mortgage Rates Just Hit a New All-Time Low", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/04/gettyimages-57224059.jpg", "width": 2672, "height": 1782, "caption": "Record-low-mortgage-rates" } ], "author": [ { "@type": "Person", "name": "Leslie Cook", "url": "https://money.com/author/leslie-cook/", "@id": "https://money.com/author/leslie-cook/#author", "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. 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