Please enjoy this quick update on what happened this week in the housing and financial markets.
- The economic fallout from the now pandemic COVID-19 coronavirus continues to grow. Stocks have plummeted globally and have now entered a bear market.
- Mortgage rates have recently spiked higher, despite stocks' losing ground. The media will be late reporting this, as most won't see it until next week's Freddie Mac rate survey.
- Central banks around the world are announcing stimulus plans to combat the global economic slowdown from the virus. The Fed meets next week and is likely to announce something.
- The FHFA reminded mortgage servicers this week that borrowers who are unable to make their monthly mortgage payments due to COVID-19 should be offered forbearance options.
- Due to the coronavirus, NAR has suspended all non-essential travel for staff and volunteers through April 11th or until further notice as it monitors the situation.
- NAR has issued guidance to Realtors as they serve clients amid COVID-19 concerns. Tips include fair housing reminders related to showing homes and open houses.