The effects of Covid-19 has brought the U.S. economy to a near halt. Mortgage lenders are anticipating the largest delinquency of mortgage payments in the coming months.

The Governor of California, Gavin Newsom, has enacted policy to mortgage lender to allow a 90-day forbearance on mortgage payments, however, no word yet on payments of property taxes which are due on April 10.

Yet again mortgage rates can not seem to find stable footing as both the 30-year and 15-year rates jumped again.

Quite a few mortgage lenders and banks are helping homeowners alleviate the burden of mortgage payments for up to 90 days by offering them a forbearance. Meanwhile mortgage rates continue their roller-coaster ride with both the 30-year and 15-year increasing slightly.

Purchase and refinance applications fell last week due in part to an uptick in mortgage rates.

The stock market fell sharply on Friday while the bond market rallied seeing both the 30-year and 15-year fixed rates in the low 3s.

Jobless claims hit a new record for the week ended March 21 and surpassed the previous record by 4 times the amount and twice the amount projected by economists. Meanwhile the stock market surged thanks in part to the stimulus package passed by the senate.

Home prices continued their upward trend year over year but economists are anticipating a substantial drop-off for future reports as the Coronavirus will begin to show its effects on the housing market.

The Dow Jones surged 11% on Tuesday on news that the Trump Administration was close to signing a stimulus package aimed at helping the economy navigate through the Coronavirus pandemic.

California home sales had a robust February however fears of the ongoing covid-19 virus are expected to temper home sales in the coming months. Meanwhile the bond market continues its roller coaster ride as mortgage rates dipped slightly on Monday.