Mortgage rates inched higher in the latest week though they remain near historic lows. The Mortgage Bankers Association (MBA) reports that the 30-year fixed-rate mortgage rose three basis points to 3.43% with 0.29 in points and fees. The MBA's Market composite Index, a measure of total mortgage loan application volume, rose 0.3%. The Refinance Index fell 3% while the Purchase Index was up 11%.
Fed Chair Powell was speaking virtually this morning to the Peterson Institute for International Economics on the current state of the coronavirus and what the fallout could be. Mr. Powell uttered some concerns this morning at his speech at 9:00 a.m. ET and his words have fueled a sell-off in the U.S. stock markets. Fed Chair Powell says the path ahead is highly uncertain with significant downside risks to the economic outlook. Mr. Powell went on to say that additional relief may be needed and he is concerned of a prolonged recession with a weak recovery. Mr. Powell signaled that the Fed doesn't see negative rates in the future.
Mortgage rates inch higher. Purchase Index increases. Fed Chair Powell's somber words on the economy.
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