The Federal Reserve's most recent economic-stimulus effort could reduce disparities between a rally in Treasurys and a relative slump in mortgage-backed securities that contributed to higher average home-lending rates last week.
Sports leagues have suspended their seasons. Organizers have canceled conferences. The coronavirus is starting to inflict economic damage as Americans hunker down to stop its spread.
Coronavirus is spreading in New York City. But when it comes to real estate, fear of contagion only slightly trumps fear of missing out on a deal.
Increased refinancing volume led Fannie Mae to raise its 2020 estimate by $300 billion and 2021 projection by $280 billion.
Not so long after Treasury bond yields experienced an unprecedented drop, the average 30-year mortgage rate rose, reflecting volatility related to the coronavirus as well as capacity issues on multiple levels.
Companies in the mortgage business were already focused on processing a lot of loans and generating efficiencies before the latest uptick in business hit.
Houston-area home sales experienced another double-digit gain in February as buyers came out in droves to take advantage of low mortgage rates.
Paradoxically, mortgage rates actually increased this past week, even as the 10-year Treasury yield plumbed new depths, likely because lenders are too busy to handle the influx of applications.
While clients are uneasy about the spread of coronavirus, Kelly King touted the added volume his company has seen from lower rates.
Mortgage credit availability dropped slightly in February, making three consecutive months of tightening, but that streak will likely end with falling interest rates, the Mortgage Bankers Association said.