Guardian Residential Lending Industry News, February 27 – March 5, 2020

Guardian Residential Lending Industry News, February 20-27, 2020
February 27, 2020
Guardian Residential Lending Industry News, March 5-12, 2020
March 12, 2020
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In the Know: A Roundup of This Week’s Local and National Real Estate Stories 

Mortgage rates fall to an all-time low (HW, March 5)

The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971.

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10-year Treasury yield hits all-time low as virus fears fuel demand for US debt (CNBC, March 5)

Rekindled coronavirus angst sparked fresh bids for U.S. debt on Thursday and sent the rate on the benchmark 10-year note back below 1% as Wall Street settled back into its recent risk-off attitude.

The latest reading on the 10-year Treasury note yield was 0.914%, a hair above its all-time low of 0.906% hit earlier in the week. The yield on the 30-year Treasury bond fell a similar 8 basis points to 1.56%.

For consumers, lower interest rates can move down rates on retail products, such as mortgages and bank loans. Lower rates are also good for companies looking to refinance more expensive debt.

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In rare move, Fed issues emergency rate cut to bolster economy from coronavirus (Bankrate, March 3)

The Federal Open Market Committee (FOMC) lowered its target range for the federal funds rate to 1-1.25 percent. It’s the first emergency move since October 2008, when the U.S. economy was in the midst of its worst crisis since the Great Depression.

“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the FOMC said in a statement, released Tuesday in Washington. “The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.”

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Borrowers rush to refinance as mortgage rates fall to near-record lows (HW, March 4)

Refinance activity spikes 224% from last year

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Coronavirus in Oregon creates economic uncertainty, heightens risk of recession (The Oregonian, March 2)

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Women are taking hold of the housing market (HW, March 4)

Married or single, more women are buying homes

The study found that not only are women buying more homes, but they also have higher credit scores.

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Just For Fun

It’s Portland Dining Month!

142 restaurants across the city offer 3 courses for $33…

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Thanks for reading!