Mortgage Market Guide's recap of what happened this week and why.
The ongoing fears surrounding the coronavirus have pushed U.S. Stocks off a cliff this past week while Bond prices surged, yields plunged, and home loan rates hit all-time lows. This story will continue to impact the markets, but there is a feeling that the selloff in Stocks could be overblown.
With such steep losses in Stocks in just 5 trading days, there could be a sharp reversal higher in the near-term. The U.S. economy is still strong but if the coronavirus spread gets worse, we could see lower yields and rates.
Next week we have two key labor market reports in the ADP Private Payrolls and the government's Jobs Report, which includes Non-Farm Payrolls. But they could take a backseat if the virus story gets worse.
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