Mortgage rates were already at rock bottom. They just got even lower.

The average 30-year fixed-rate mortgage fell to a record 3.29% this past week, according to Freddie Mac, the lowest level in the nearly 50 years of its survey. The 15-year fixed-rate mortgage dropped to 2.79%.

Bond yields have been at historic lows as the coronavirus outbreak sent markets into turmoil. On Tuesday, the Federal Reserve announced an emergency rate cut , which slashed the benchmark interest rate range down to 1% to 1.25%. That cut, along with a rock-bottom 10-year Treasury yield and continued coronavirus fears, means mortgage rates could be poised to head even lower.

"It's definitely a good time for someone looking to buy a home to get financing," said Mark Hamrick, senior economic analyst for Bankrate. "Home prices have risen, and it is rough for those looking for a bargain, but the financing has gotten better."

And there is an opportunity for rates to go lower still, he said.

Read More