March 2020 Real Estate and Mortgage Trends, San Diego, California

March 2020 Real Estate and Mortgage Trends, San Diego, California

Global events affect the market and shift local behaviors. Due to the COVID-19 outbreak and the quick seriousness that has come to the United States, the Fed made an emergency cut and is expected to make a second cut of 50 basis points when they meet on March 18th.

The indicators for mortgage rates, like the 10 year Treasury Yield had a dramatic drop, which caused rates to take a cue on moving as well. The 30-year fixed-rate saw an 8-year low falling 16 basis points. They rose a week later even though they should have dropped even more.

The stock market had up to a 30 percent slump and investors are holding tight. Overall the economy is good, but the urgency with coronavirus fears has created a major impact in the mortgage world. The housing market will see short-term effects, as buying sentiment is hesitant. In the long-term view, this could create a boost in affordability and demand.

 



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