Stocks slumped Friday after earnings reports from two big banks disappointed investors and a survey showed that consumers are becoming more pessimistic. The Dow Jones industrial average fell more than 190 points, and other major market indexes were also down more than 1 percent. Interest rates fell in the Treasury market as investors once again sought out the safety of government securities.
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The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content
In this week’s column, HousingWire Columnist Logan Mohtashami responds to presidential candidate Mike Bloomberg’s comments on the financial crisis, providing his own view on how the market crashed and how to keep it from ever happening again.