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.