Mortgage Market Update 3/13/20

Mortgage rates moved higher Friday ending the most volatile week of mortgage-backed securities trading in over 30 years. Conventional 30-year fixed rates increased by 0.625% over the course of the week, largely driven by uncertainty over the impact of the coronavirus. An additional contributing factor is the mortgage industry’s struggle to meet the demands of borrowers refinancing to take advantage of historically low rate levels seen last week. Rates may be poised to move lower once the impact of the coronavirus and the government’s response to the crisis becomes clearer.

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