30-year mortgage rates have continued to drop this week, reaching the lowest rates in nearly three years. The recent drop is due in large part to the International Monetary Fund’s (IMF) declaration of concern regarding the global economy, which echo the concerns of the Federal Reserve and the European Central Bank. Many economists believe the rates will continue to drop in the face of uncertainty regarding oil prices and the overall stability of the global economy.

According to the Mortgage Bankers Association, these new low mortgage rates have fueled an influx of mortgage applications, with application volume climbing 10 percent from the previous week. “Demand for Treasuries remained high this week, driving yields to their lowest point since February… This rate represents yet another low for 2016 and the lowest mark since May 2013,” Freddie Mac’s chief economist Sean Becketti said in a statement.

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