Coronavirus worries are sinking bond yields. 30-Year fixed mortgages have fallen to an average of 3.25%, an 8-year low. (According to Mortgage News Daily) 10 year Treasuries are now at their lowest number on record. The stock market had a rough week. Dow Jones Industrial average dropped over 3,600 Points. Where do we go from here? The stock market has had a great run up over the past year. We are now in correction territory from April 2019. Fundamentals in the economy are still good, wages increased last month, consumer spending is still up. Many companies are now tapering their guidance for the rest of the year due to the possible uncertainties ahead. Pandemics such as SARS and the Coronavirus are more challenging for analyst to gauge. We won’t know the true impact until months after the virus has been controlled and mitigated. That being said, you now have a rare chance to lock in a low interest rate. Is this a great time to buy a home?
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AuthorRobert Heltzel is a Realtor® with Ansley Atlanta. His background is both in Finance and Real Estate. Archives
February 2020
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