Posted To: Mortgage Rate Watch

Mortgage rates moved meaningfully lower over the past 2 days as panic over the coronavirus outbreak continues affecting financial markets. If this epidemic ends up being similar to SARS in 2003, it ultimately won’t be worth as much of a drop in interest rates as we’ve seen so far. But the thing about brand new strains of deadly viruses is that neither the market nor the medical community knows exactly how this will unfold. Until that picture becomes clearer, the market is preparing for more dire outcomes. For whatever it’s worth, the timeline of the SARS outbreak spanned 2 calendar years (2002 – 2004) but the most notable market impact was confined to the space of a single month (March 2003). We’ll be a week into February before the current epidemic reaches a similar milestone. I’m basing that…(read more)

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Source: Mortgage News Daily