Fed interest rate amid coronavirus scare could be chance to refinance

Dow plunges 800 points, enters correction on coronavirus fears


All the headlines relating to the coronavirus outbreak aren’t likely to drive many people to think, gee, maybe it’s time to refinance my mortgage.

Turns out, though, it’s not a bad time, especially as fear spreads across the country. 

All the added economic uncertainty has been driving investors to seek safety in bonds, sending long-term rates tumbling and contributing to a fall in mortgage rates. 

“Right now, it’s all coronavirus all the time,” said Keith Gumbinger, a mortgage expert and vice president at HSH.com, a mortgage information website. 

Refinancing a mortgage could save many people money under a variety of scenarios. Is your current mortgage rate 4.5% or higher? Are you looking to engineer a way to pay off the house by the time you retire?

Or have you built up a lot of equity that you could use to make major repairs on the house or pay off other debt? 


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