After 97% of the country implemented some type of ‘stay at home’ guidance in various states businesses began to reopen this week. The question of how to reopen safely and at what capacity is a fine line people will be negotiating.
Rates – the price of Mortgage Backed Securities fluctuated nominally during the month of April. The Fed is carefully monitoring their daily purchase volume to keep mortgage rates both stable and attractive. Currently rates are down 1% from this time last year and languishing at historic lows.
Jobs – a staggering 30.2M people have filed for unemployment for the first time over the last 6 weeks. Fortunately the curve is trending down. The unemployment rate is likely in the 17% range.
Appreciation Numbers – the Case Shiller Index shows data through February, pre Covid-19 shutdown. It does, however, show the strength of the housing market going into the crash: Nov: 3.2%, Dec: 3.7% Jan: 3.9% and now Feb 4.2% year over year appreciation nationwide.