18 Feb Stocks Hurting Today
Stocks are falling lower in early morning trading, helping support mortgage bond pricing. Overall, mortgage interest rates have held near record low levels throughout a powerful stock market and many strong economic news reports. This is good for the spring-time home buying market, which is just around the corner. So far, the housing market has held strong as well. Until we see a spike in the Unemployment Rate, I anticipate that housing will remain a shiny spot in the overall U.S. economy.
The Coronavirus is taking its toll on global companies, with Apple recently announcing it will miss corporate profit estimates as a result of the impact the illness has had on their production capacity. This is just one of many companies that will face losses as a result. The airline and hospitality industries in the China region are suffering deeply as far fewer travelers are taking the risk of visiting China. With many flights cancelled, this will certainly trickle down as time goes on. This should cause greater damage to the US stock market.
It remains a great time to secure an interest rate.