Mortgage rates fell further this week, once again reaching new lows as the market awaits more definitive signs of how surging coronavirus cases will influence the economy going forward.

Rates have been remarkably flat lately, holding at or near record low levels for essentially the entire month of July. The reason for this is, of course, recent developments with the coronavirus pandemic. Investors continue to hold pat, waiting for clearer signs of damage to the economy as a result of the recent surge in cases, or evidence of society’s resilience and ability to maintain some form of normalcy. Positive news on the latter will most likely jolt rates from this recent slumber and send them back upward. However, absent any significant developments, these low rates will remain.

Whether rates remain steady or finally begin a long climb back will depend almost entirely on the battle against COVID-19.