{"id":8932,"date":"2020-03-20T15:58:57","date_gmt":"2020-03-20T15:58:57","guid":{"rendered":"https:\/\/intelliloan.com\/blog\/?p=8932"},"modified":"2024-10-16T18:47:49","modified_gmt":"2024-10-16T18:47:49","slug":"market-update-rates-housing-and-coronavirus","status":"publish","type":"post","link":"https:\/\/intelliloan.com\/insights\/market-update-rates-housing-and-coronavirus\/","title":{"rendered":"Market Update: Rates, Housing, And Coronavirus"},"content":{"rendered":"<h3>TODAY&#8217;S MORTGAGE RATE SUMMARY<\/h3>\n<h4>HOW RATES MOVE:<\/h4>\n<p>Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up.<\/p>\n<h4>RATES CURRENTLY TRENDING:\u00a0NEUTRAL<\/h4>\n<p>Mortgage rates are moving sideways at the moment.\u00a0<strong>The MBS market worsened by -83 bps yesterday.<\/strong>\u00a0This caused rates or fees to move higher.\u00a0 Mortgage rates, like the overall market, continue to show extreme volatility.<\/p>\n<h4>TODAY&#8217;S RATE FORECAST:\u00a0NEUTRAL<\/h4>\n<p><strong>Housing<\/strong>: February existing home sales +6.5% to 5.77 mil the best in 13 yrs; that will be the last increase we see for months. The median existing-home price for all housing types in February was $270,100, up 8.0% from February 2019 ($250,100), as prices rose in every region. February&#8217;s price increase marks 96 straight months of year-over-year gains. Total housing inventory at the end of February totaled 1.47 million units, up 5.0% from January, but down 9.8% from one year ago (1.63 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, equal to the supply recorded in January and down from the 3.6-month figure recorded in February 2019<\/p>\n<p><strong>Cornonavirus<\/strong>: These are the most recent headlines that the bond market is focused on this morning.<\/p>\n<ul>\n<li>California is on statewide lockdown as CA Governor issues &#8220;stay at home&#8221;order and says 56% of all residents will be infected.<\/li>\n<li>Hong Kong sees the highest daily surge in new cases since the outbreak began.<\/li>\n<li>Spain&#8217;s numbers jumped to 19,980 cases and 1,002 deaths<\/li>\n<li>US Cases now above 14,000, deaths above 200<\/li>\n<li>NY has the most amount of cases (5,711 vs CA 1,030). CA on lockdown but NY not yet &#8211; markets expect it though.<\/li>\n<li>IRS moves tax filing deadline to July 15<\/li>\n<li>Central Bank: The People&#8217;s Bank of China kept its key interest rate unchanged at 4.05%<\/li>\n<\/ul>\n<h4>TODAY&#8217;S POTENTIAL RATE VOLATILITY:\u00a0HIGH<\/h4>\n<p>Once again yesterday and so far today, rate markets are incredibly volatile. While rates have moved higher at a breathtaking pace over the last week, we are seeing stocks trying to post the 2nd day of gains. Rate markets will be volatile through today and likely next week.<\/p>\n<h4>BOTTOM LINE:<\/h4>\n<p>If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.<\/p>\n<p><small>Source: TBWS<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TODAY&#8217;S MORTGAGE RATE SUMMARY HOW RATES MOVE: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-8932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-intelliloan"],"_links":{"self":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts\/8932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/comments?post=8932"}],"version-history":[{"count":1,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts\/8932\/revisions"}],"predecessor-version":[{"id":8987,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts\/8932\/revisions\/8987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/media\/8971"}],"wp:attachment":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/media?parent=8932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/categories?post=8932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/tags?post=8932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}