Mortgage rates fall to record lows amid coronavirus fears

FRESNO, Calif. (KFSN) -- Mortgage rates have plummeted to record lows amid continued coronavirus fears.

The Federal Reserve announced an emergency rate cut on Tuesday, March 3. According to lender Freddie Mac, the average 30-year fixed-rate mortgage has fallen to 3.29% from 3.45%. That's the lowest level in almost 50 years of the Freddie Mac survey.

While experts say the record rate drop makes it a good time to buy, home prices have risen recently.

Financial planners say individuals who already own a home may want to see if refinancing their current property could benefit them.