Mortgage rates continue to hover near historic lows this week, reports the MBA. The 30-year fixed-rate mortgage was at 3.72% for the week ended February 7, 2020. Mortgage application activity rose with the Market Composite Index, a measure of total mortgage loan application volume up 1.1%, the Refinance Index rose 5% while the Purchase Index declined 6.0%. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting said, "Despite a decline last week, purchase activity was still up almost 16% from a year ago."
On the coronavirus front, more than 1,100 deaths and 45,000 cases concentrated in Asia have been reported with the vast majority stricken in China. However, new cases are beginning to slow and that is mildly positive. To combat an economic fallout from the outbreak, Chinese officials continue to signal more stimulus ahead to promote growth which is boosting stocks around the globe, including here in the U.S.