Mortgage Rates Fall to New Lows, But Rates Differ Widely For Some Borrowers
Headline mortgage rates fell to new lows this week, but conditions across the market remain much more varied than usual for certain borrowers.
Market Trends
March New Home Sales: Worse than Expected
With sales waning and confidence plummeting, the once-hot market for new homes has been put into a deep freeze this spring.
Pending home sales -- an early indicator of closed sales -- slowed dramatically in the second half of March, but may have turned a corner by mid-April.
Web Visits to For-Sale Listings Rebounding as Spring Unfolds
Page views on for-sale listings on Zillow fell as much as 19% year-over-year in mid-March after the coronavirus outbreak, but have since rebounded sharply.
March Existing Home Sales: The Worst is Still to Come
On the surface, March existing home sales numbers are bad But as disappointing as they are now, expect them to get worse.
March Housing Starts: Disappointing, but Also Surprising
Even with many construction projects labeled as essential work, evidence of quickly growing pessimism among builders has begun to mount in recent weeks.
Coronavirus Impact: New Listings Fall Sharply as Spring Home Shopping Season is Set to Begin
In the first week of April, newly listed homes nationwide were down 27.1% from a year ago. And already listed homes appear to be lingering on the market.
Mortgage Rates Stabilize Somewhat, Though Volatility Remains
Mortgage rates have been relatively stable lately, suggesting the historic intervention by the Federal Reserve has at least partially achieved its goals.
Creation of 3D Home Tours Soared in March as Stay-at-Home Orders Expanded
The number of 3D Home tours created on Zillow in March was 188% higher than the previous month.
Mortgage Rates Jump Back Up, Continuing Wild Stretch of Volatility
Mortgage rates rose sharply in the past week, reversing recent declines and continuing a torrid stretch of wild swings over the past three weeks.
