To To find out if now is the time to buy, check out thesemortgage highlights:
- During a week of great economic news, mortgage rates continued to slip on fears of the future impact of the viral outbreak, and money flowed into bonds from around the globe.
- The ISM Manufacturing Index bounced over 50.0, signaling that the sector has returned to growth. Its sister index in the services industry also climbed to 55.5.
- Last month, the US added an additional 225,000 new jobs. However, all of these numbers were unable to overcome the drag created by the microscopic killer.
- Over the weekend, the coronavirus death toll surpassed the 2003 SARS outbreak. With tens of millions of Chinese citizens quarantined and fears growing around the world, we’re likely to face another week of unknowns. Even if US economic data comes in positive, we could see rates staying level.
- The economic impact in China remains unknown, and experts are expressing doubts that Beijing’s efforts to stem the economic damage will be enough. Even if the Chinese government ups its damage-control efforts, the unknown factor may keep mortgage rates suppressed here for a while.
- Is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search or take a virtual tour of Southern California Open Houses on our Facebook group.
More Housing Is Needed
Even with the housing market booming, the need for housing continues to outstrip the number of homes coming onto the marketing and being built. A recent report from Harvard’s Joint Center for Housing Studies points out that the number of higher-income renters is growing rapidly. Experts believe that one of the reasons is that they are getting priced out of places where they need to live. With home prices climbing faster than incomes, the problem may continue to grow.