The 30-year fixed-rate mortgage has reached its lowest level since Freddie Mac began tracking rates back to 1971.

Freddie Mac’s most recent  Primary Mortgage Survey showed the average 30-year fixed-rate mortgage at 3.29 percent this week, its lowest level since the survey began in 1971. The drop comes in the same week as the Federal Reserve’s emergency half-point cut to the benchmark federal funds rate on Tuesday, done in an effort to lessen the growing economic impacts of the world-wide coronavirus outbreak. Concerns over the virus’ impact on the world economy have driven investors to buy up U.S. Treasury bonds in large quantities.

“Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy.”

The 30-year fixed-rate mortgage was down from last week, when it averaged 3.45 percent. A year ago it averaged 4.41 percent, according to Freddie Mac. The 15-year fixed-rate mortgage averaged 2.79 percent, down from 2.95 percent last week. The rate was 3.83 percent a year ago.

Mike Fratantoni, senior vice president and chief economist with the Mortgage Bankers Association, said that lower rates in recent weeks came “amidst increasing concerns regarding the economic impact from the spread of the coronavirus, as well as the tremendous financial market volatility.”

“Refinance demand jumped as a result, with conventional refinance applications increasing more than 30 percent,” Fratantoni said in a statement about last week’s mortgage activity. “Given the further drop in Treasury rates this week, we expect refinance activity will increase even more until fears subside and rates stabilize.”