If you're in the market for a home or refi and you spot a rate you like, consider whether you should lock it, so it won't get away.

Mortgage rates hover near record lows

the concept of falling mortgage interest rates
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Mortgage rates are still near all-time lows.

The benchmark 30-year fixed mortgage rate has inched up again — to an average 3.49% for the week ending Feb. 20, from 3.47% the previous week, mortgage giant Freddie Mac reports. The rates in the survey come with an average 0.7 point.

Rates aren't too far off their all-time low point in the nearly 50-year history of the Freddie Mac survey. In November 2012, 30-year mortgage rates went all the way down to an average 3.31%.

And this month's mortgage rates have been the lowest ever recorded in February, according to a MoneySure.com review of Freddie Mac data.

Rates are staying down as investors worry about how bad the coronavirus outbreak could get. They're piling into Treasury bonds for safety, and that's pushing down bond yields (interest).

The yield on 30-year Treasuries just touched a record low, and the 10-year Treasury yield has declined to levels not reached in months. Mortgage rates are low because they typically follow the same course as the interest on 10-year Treasuries.

Use the calculator below to see how affordable your monthly mortgage payment can be with one of today's best rates.

How low will mortgage rates go?

High Angle View of Spiral Staircase Winding Downward in Historical Building, Looking Down at Bottom of Stairs in Elegant Old Building
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Will rates keep spiraling down?

"The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up 15% from a year ago," says Sam Khater, Freddie Mac’s chief economist.

Today's rates are getting the attention of homeowners, too: Lenders are receiving more than two and a half times as many refinance applications as they were a year ago, the Mortgage Bankers Association says. You can compare refinance offers from multiple banks by visiting LendingTree.

Rates may sink to new lows before long, but nobody really knows. So don't miss out on an opportunity today because of what might come tomorrow, says Richard Pisnoy, a principal with Silver Fin Capital Group, a residential and commercial mortgage broker in Great Neck, New York. .

"If you can get a 30-year fixed-rate mortgage today under 3.5%, do you really want to wait because you think — without any real accuracy — that rates will go down another eighth of a point or quarter of a point?" Pisnoy says.

"Don’t try to time the market perfectly," he adds. "It is rarely done well."

Take a look at today's best mortgage rates available where you are.

Other mortgage rates this week

Nice and comfortable neighborhood. Some homes on the empty street in the suburbs of the North America. Canada.
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Other mortgage rates are mixed.

Rates on 15-year fixed-rate mortgages are up slightly at 2.99%, from an average 2.97% last week. Those loans are a popular refinancing option.

A year ago, the typical 15-year mortgage rate was 3.78%, Freddie Mac says.

Rates on 5/1 adjustable-rate mortgages have fallen for the second straight week. Those "ARMs" are fixed for five years and then can adjust up or down every year that follows.

Right now, ARMs are being offered at an average initial rate of 3.25%, down from 3.28% last week. One year ago at this time, the starter rates on ARMs were at a stiffer 3.84%, on average.