Please enjoy this quick update on what happened this week in the housing and financial markets.
- Fed Chair Powell gave his semi-annual testimony before Congress. He said the Fed is "closely monitoring" the coronavirus for potential effects on the worldwide economy.
- Investor fears of the global economic impact of the coronavirus have helped keep mortgage rates low. As fears ebb, it will likely pressure mortgage rates higher.
- Despite stronger than expected jobs data late last week, mortgage rates continue to hold steady. The jobs data showed a strong labor market with increasing wages.
- Near-record low mortgage rates are boosting application activity. The number of mortgages originated in Q4 of 2019 topped all quarters since the end of 2005.
- The MBA reports mortgage delinquencies hit in all-time low at the end of last year, with less than 3.8% of outstanding loans 30 days or more past due.
- Homes for sale inventory tumbled 14% in January, falling to the lowest level since 2012. Entry-level homes below $200,000 saw the steepest drop, down 19%.