Mortgage Rates Increase Slightly - 4/3/20
- After a record setting 3.28 million unemployment claims the previous week, claims doubled to 6.5 million last week, as shutdowns multiplied across the country.
- March’s ISM manufacturing index was 49.1, signaling contraction as the coronavirus crisis hit the economy. Activity was driven down by a steep decline in new orders and production.
- The U.S. trade deficit shrank in February to the smallest in more than 3 years. Imports declined more than exports ahead of the expanding pandemic’s hit to global commerce.
- Fannie Mae reported that single-family mortgage delinquency had declined to 0.65% in February, from 0.66% in January. That rate is down from 0.76% in Feb 2019.
- Pending home sales jumped over 9% annually in February, 2.4% over January. Homebuyer demand was strengthening markedly just before COVID-19 hit the U.S.
- Home price growth ramped up in January, with the Case-Shiller index posting a 3.1% year-over-year gain. January’s numbers were 2.8% higher than December’s.