Mortgage rates were flat this week, barely moving over the span of the last seven days and remain near all-time lows. However, not all borrowers have access to these historically-low rates, as has been the case since the onset of the coronavirus outbreak.

Despite some signs of improvement in many economic sectors, ample uncertainty remains in the market, forcing mortgage lenders to stay on high alert and limit their loan offerings and favorable rates to only the most straightforward lending scenarios. The recent surge of coronavirus cases in a number of states across the country has only added to the uncertainty, making it increasingly difficult for lenders to price in the appropriate amount of risk and gauge the long-term value of the loan they’re issuing. That said, should this increase in COVID-19 case volume continue, mortgage rates would almost certainly fall further to new all-time lows; however, rates would likely rise if states can demonstrate that they have a handle on the virus.

For now, a stable week in rates suggests that investors are waiting to react until they see more definitive data.