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Mark Hemingway

Mortgage Market Update for May 20th

Thursday, May 21, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates remained near record lows in the latest week during the uncertain times caused by the coronavirus pandemic. The Mortgage Bankers Association (MBA) reports that the 30-year fixed-rate mortgage was at 3.41% with 0.33 in points for the week ended May 15, 2020. The MBA's Market Composite Index, a measure of total mortgage loan application volume, fell 2.6%. The Refinance Index fell 6% while the Purchase Index rose 6%.

Easing state lock downs, hopes for better economic times ahead and incredible support by the Fed, Treasury and Congress are boosting the major U.S. stock indexes today. This comes after Monday's huge gains and yesterday's declines. In addition, solid earnings from Lowe's is also boosting sentiment today. The closely watched S&P 500 is up 30% from the March 23 low but has been stalling lately states reopen along with the instance of new cases.

For the first time since its inception 20 years ago, motor club AAA will not release its Memorial Day travel forecast, as the accuracy of the economic data used to create the forecast has been undermined by COVID-19. With gas prices at $1.90 for regular at the pumps, and below last year's $2.85, drivers would have had more money to spend during the Memorial Day weekend. "Gas prices around Memorial Day have not been this cheap in nearly 20 years. However, as the country continues to practice social distancing, this year's unofficial kick-off to summer is not going to drive the typical millions of Americans to travel," said Jeanette Casselano, AAA spokesperson.

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