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Those who watch Wall Street carefully know how much the illusive Coronavirus is impacting global trading but the Chinese outbreak appears to be making its mark on the housing market as well. Over the last week the U.S. has seen mortgage rates drop and foreign buyers quickly vanish primarily due to the uncertainty about the extent the virus will impact both people and economies.
“China has been the most important source of foreign demand for real estate,” said Lawrence Yun, chief economist for the National Association of Realtors in a realtor.com interview. “The upper-end market can expect to be softer as a result.”
Foreign buyers, particularly from China, tend to shop the luxury end of the U.S. housing market. Restrictions on travel between the two countries is likely to impact real estate in the coming weeks. As investors remain wary of the toll Coronavirus will have, they have fled to the surety of the U.S. bond market. This has led to a recent drop in mortgage rates.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.