Like the cavalry to the rescue, the Fed came over the hill today and set forth an unprecedented stimulus package to the tune of $2.3T to again provide liquidity, relief and help to stimulate the economy. From the Fed's statement this morning: The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.
Mortgage rates remained unchanged in the latest week and at historic lows due in part to uncertainty surrounding the economic fallout from the coronavirus. Freddie Mac reports that the 30-year fixed-rate mortgage was at 3.33% with 0.7 in points and fees. Low rates will continue to be seen given the current environment along with low inflation.
The number of Americans filing for first-time unemployment claims surged once again in the latest week as the shutdown continues due to the coronavirus. Weekly Initial Jobless Claims soared by 6.606 million last week bringing the three-week post-shutdown total to a staggering 16.67 million! In addition, many states can't haven't even processed many more claims given the volumes. There will be more pain to come until the government opens up the economy for business.