Mortgage Roundup (4/10/20) – No Buyers, No Sellers & No Layoffs

Good morning! Today is Friday, April 10. New York alone now has more confirmed coronavirus cases than any other country, as the U.S. nears its projected peak. President Trump is seeking to restart business activity in May. The CDC Director wants to institute aggressive contact tracing before the nation reopens.

And in mortgage and housing news …

LIQUIDITY SUPPORT: Federal Reserve Chair Jerome Powell said the Fed is closely watching the economic situation around mortgage lenders and appeared to leave the door open to providing liquidity support to the industry.

BUYER INTEREST SLUMPS: In the latest sign of a slumping housing market, 90 percent of realtors say buyer interest is declining during the coronavirus pandemic, according to a survey released by the National Association of Realtors. 

HOME LISTINGS: The number of new home listings dropped significantly the last several weeks as the coronavirus pandemic chilled the housing market, according to an analysis released by Zillow.

NO LAYOFFS: As customers complain about lack of flexibility with their mortgages and unresponsive customer service, United Wholesale Mortgage vowed Thursday that there would be no layoffs at the company amid the coronavirus pandemic.

RATES STEADY: The 30-year fixed-rate mortgage averaged 3.33 percent this week – precisely the same as last week, according to Freddie Mac. 

CENTRAL BANK FACILITY: The Federal Reserve is going farther than ever to shore up the U.S. economy, unveiling programs to lend directly to states, cities and midsize businesses that have seen revenues evaporate amid efforts to combat the novel coronavirus.

RECOVERY DRAG: The nation’s accumulating debt could be a drag on recovery if businesses and individuals hold back on investment and spending. Economists say low interest rates should help manage the soaring debt load.

SEEKING RELIEF: Google searches for “mortgage relief” and “mortgage refinance” hit all-time high in March.

RIPPLE EFFECT: The job losses across the hospitality and food service world are spilling over into the real estate and construction industries.