Weekly Rate Forecast

For the week of March 23, 2020

Recap of last week: Rates were extremely volatile
Mortgage rates experienced the most volatility in recent memory, moving by as much as a full percentage point in a single day (example from 3.5 to 4.5%). The volatility was caused by a lack of liquidity in the financial markets, a byproduct of the precautions taken to slow the spread of the COVID-19 virus.

Mortgage Rate Forecast: Rates may get more stable
Mortgage rates could be volatile again, but this week could provide windows of opportunity to lock in some great rates. The Fed has announced the intention to continue with quantitative easing "in the amounts needed" to stabilize the markets. Don't look to the media for updated news, markets are moving too quickly. Be sure to stay in close contact with your local mortgage professional who can help guide you through the process and getting a great rate.

What's affecting rates this week:
- The Fed: The announcement for unlimited quantitative easing should help stabilize rates a bit.
- Social distancing: The COVID-19 pandemic has led many mortgage lender staff to work from home, and slowed down appraisals, title, and closing agents.
- Capacity: Lenders are still struggling with large volumes, and higher rates could reflect that.

Mortgage Related Content

Our lives have all been affected these last few weeks by the COVID-19 coronavirus pandemic.

I just wanted you to know that during this time, as we all practice preventive measures such as social distancing, that I'm still available to help you with any mortgage questions or getting a mortgage to buy a home or refinance. My company and I are fully functional and able to help you remotely and securely during these uncertain times.

It may seem like a mortgage is not important right now, compared to larger issues. However, many of my clients were in the process of homebuying before the current pandemic had escalated, or are healthy and doing their part by staying home but are still looking to lower their payment or maybe take out some equity for a little extra cash in the bank for peace of mind.

I just wanted to let you know that I'm still here to help, safely and responsibly, and that I wish you and yours safe health as we navigate these crazy days ahead.

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