Market News 3-13-2020
Mortgage Market Update
The economic fallout from the now pandemic COVID-19 coronavirus continues to grow. Stocks have plummeted globally and have now entered a bear market. Mortgage rates have recently spiked higher, despite stocks’ losing ground. The media will be late reporting this, as most won’t see it until next week’s Freddie Mac rate survey. Central banks around the world are announcing stimulus plans to combat the global economic slowdown from the virus. The Fed meets next week and is likely to announce something.
The FHFA reminded mortgage servicers this week that borrowers who are unable to make their monthly mortgage payments due to COVID-19 should be offered forbearance options. Due to the coronavirus, NAR has suspended all non-essential travel for staff and volunteers through April 11th or until further notice as it monitors the situation. NAR has issued guidance to Realtors as they serve clients amid COVID-19 concerns. Tips include fair housing reminders related to showing homes and open houses.