Last Week in Review: Recovering From the Coronavirus
This past week was a bit rough for the Bond market as home loan rates steadily ticked higher and off the best levels in three years.
The coronavirus has been a tailwind to the Bond market and home loan rates for the past few weeks, but this week the story seems to be less negative and less uncertain. As better news started to emerge in the coronavirus headlines, financial markets started paying attention back to the economic outlook or “future” of our economy.
The news has been solid across the board with better than expected readings in manufacturing, services, and jobs.
The end of the impeachment process also removed uncertainty and helped Stocks focus on the good economic news at the expense of Bonds and home loan rates.
Bottom line: while rates ticked up week over week, they remain within a whisker of the best levels in three years. If the coronavirus outbreak story becomes more positive, home loan rates could inch higher still, meaning now is a great time to refinance or purchase a home.