Mortgage rates fell over the past week, heavily influenced by growing global fears surrounding the ongoing coronavirus outbreak that continued to drive market movements this week.

While the epidemic’s impact on global commerce remains unclear, markets appear to be erring on the side of pessimism, preparing for slowdowns in growth and, potentially, another cut to the Federal Reserve’s benchmark interest rate. Investors sought out safer assets en masse this week, particularly on Thursday and Friday, snapping up Treasurys and pushing yields – and mortgage rates – down as a result.

Mortgage rates remain near multi-year lows, and there’s a chance they could move even lower, should conditions pertaining to the outbreak continue to worsen. On the other hand, should there be a marked improvement in the situation, a swift move to higher rates would likely follow.