Mortgage rates were little changed in the latest survey and remain just above all-time lows. The Mortgage Bankers Association (MBA) reports that the 30-year fixed-rate mortgage rose two basis points to 3.49% with 0.28 in points. The MBAs Market Composite Index fell 18%, Purchase Index declined 12% while the Refinance Index dropped 19%. Application activity fell on economic weakness and the surge in unemployment.
The coronavirus fears continue to impact all sectors of the U.S. economy due to the soaring unemployment claims and a slowing economy. Fannie Mae released its March Home Purchase Sentiment revealing that it fell 11.7 points to 80.8 in March, its lowest reading since December 2016. Consumers also reported that homebuying and home-selling conditions have worsened and took a more pessimistic view of home price growth. Doug Duncan, Senior Vice President and Chief Economist said, "Americans are reporting greater concern about their job security than at any point in the last six years. Attitudes about current home-selling environment deteriorated markedly, falling to their lowest level since January 2017."
Mortgage rates little changed. . Home sentiment falls.
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