Tag: recession

Bloomberg: U.S. 30-Year Mortgage Rates Tumble to a Record Low of 3.29%

This, which happened a couple of weeks ago, in tandem with the havoc on the stock market wrought by coronavirus concerns, could be a sign a recession is coming, since low mortgage rates can be bad omens for the economy, such as with the 2008 recession. It’s also interesting and important to note how many things resulting from the 2008 recession were not considered national emergencies, although they impacted lives negatively, but the H1N1 influenza in 2009 was considered a national emergency by Obama. That outbreak was terrible, but not as terrible as the media believed it would be. It just fizzled out. Hopefully, that is what’s going on here with the coronavirus and Trump declaring it a national emergency. It’s because national emergency declarations, like the stock market, sometimes are not so much about the thing itself but rather the threat of that thing becoming bigger. However, I do think this entire situation is already worse than the H1N1 outbreak under Obama since so many places are closed, things are cancelled, the economy is taking big hits, and there’s more fear.
https://www.bloomberg.com/news/articles/2020-03-05/u-s-mortgage-rates-sink-to-a-record-low-on-coronavirus-fears