The real estate market in Rockland County is currently on ‘pause’ Under governor’s orders, showings of homes for sale must cease. With that said, some people still need to buy, sell or move right now. And they are doing that with new protocols for safety in place such as virtual showings. We’ve still seen new homes come on the market in the last week or so.
Mortgage rates experienced some volatility this week, based on the global market’s reaction to the coronavirus. The Federal Open Market Committee (FOMC) called for another emergency rate cut last Sunday night and cancelled its scheduled meeting. Retail sales declined. Job openings increased. Home builder sentiment declined slightly but remains positive. Mortgage application submissions declined after the previous week’s significant gains. Housing starts and building permits each declined. Weekly jobless claims increased as the American workforce starts to experience layoffs due to coronavirus closures.