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Graphic showing the 8 week trends of mortgage rates up to May 31, 2020

To find out if now is the time to buy, check out this week’s mortgage highlights:

  • Mortgage rates notched another “record low” last week, as lenders moved slightly away from technical defensive pricing postures. Overall, the economic news continues to be bleak with a few bright spots.
  • New Home Sales ticked slightly upward last week, and Consumer Confidence gained back a little bit of lost ground. While it’s hard to celebrate 21.1 million in continuing requests for unemployment assistance, it does represent almost 4 million fewer than the previous week.
  • The first quarter’s GDP was adjusted downward to -5.0%. Unfortunately, that reading may seem enviable when the second quarter’s first estimate is released in July. Current estimates peg Q2’s GDP at somewhere around -20%.
  • If the economy roars back in June, we could see that move higher, but any flare-ups in the outbreak that require additional restrictions could push that reading even lower.
  • This week is packed with economic data, and it’s likely to be very sobering. If both ISM indices gain back lost space, and nonfarm payrolls don’t fall too far, then rates may only slip slightly.
  • So is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search or take a virtual tour of Southern California Open Houses on our Facebook group.

Freddie and Fannie Launch Helpful Website

The COVID-19 pandemic has caused uncertainty that few could have ever predicted. While the housing market as a whole has shown resilience, many people impacted by the virus have been left with inconsistent and conflicting information regarding housing. Last week, Fannie Mae and Freddie Mac launched a website with resources regarding programs and help for both homeowners and renters. You can visit the new site at KnowYourOptions.com.yments would have only a short period of time before they can qualify for another GSA-backed mortgage.