By Taff Weinstein at
NAR: Covid-19 Starting to Impact Home Showings, But Lower Rates Offset Nearly one in four homesellers are changing how their home is viewed due to the COVID-19 outbreak, according to a new report from the National Association of Realtors. That percentage jumps to 44% and 34%, respectively, in Washington State and California, two of the states most severely affected by the outbreak. The changes introduced by sellers include halting open houses, requiring potential buyers to wash their hands or use hand sanitizer, and asking buyers to remove shoes or wear footies, NAR reported. NAR’s Economic Pulse Flash Survey asked members about how the outbreak – along with associated drops in stock market values and mortgage rates – has affected homebuyer and seller interest and behavior. Other key findings of the survey include:
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Mortgage backed securities (FNMA 3.000 MBS) lost -149 basis points (BPS) from last Friday's close which caused fixed mortgage rates shoot higher compared to the prior week. Domestic Flavor: Central Bank Palooza: The Peoples Bank of China announced a targeted RRR cut of 50bp-100bp for banks qualified in "inclusive finance" tests, effective March 16, which will release liquidity of RMB 400bn. An additional 100bp cut will be granted for qualified joint-stock commercial banks, unleashing liquidity of RMB 150bn to the market. The Bank of Canada announced an emergency 50 BPS rate cut plus a $10B support program. announced an emergency 50 BPS rate cut plus a $10B support program. The European Central Bank (ECB) kept their main interest rate at 0.0% and their deposit rate at -0.5% but announced more liquidity (asset purchases) to their schedule. The Federal Reserve stepped in with emergency measures of $1.5T (that "T" is for trillion) “across a range of maturities” to include bills, notes, Treasury Inflation-Protected Securities and other instruments. The Bank of England has an emergency -50BPS rate cut, and slashed capital buffer requirements President Trump: Officially declared a National Emergency which activates approx $50B in funds available to FEMA and others and allows suspension of laws an regulations to move quickly for approving testing and treatment options. |
What to Watch Out For This Week:
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