Sales of previously owned homes had a solid month in February reaching a sales pace not seen since 2007. However the coronavirus threat is expected to cool the pace of sales in the coming months. Meanwhile mortgage rates had a big drop on Friday.

Mortgage rates saw a massive jump over the last few days thanks in part to the Trump administration's costly stimulus plan and mortgage default risk among other issues.

The financial markets are seeing unusual large daily moves as investors try to hedge against panic over the spread of the Coronavirus.

Fed cuts rates in an attempt to quell Coronavirus fears with the DOW falling approximately 3,000 points. Mortgage-backed securities reacted favorably to the news.

Mortgage rates saw another jump following the continued inconsistent behavior of the financial markets. Stocks did rally a bit follow the Trump Administration's plan to combat the spread of the Coronavirus.

Europe travel ban and the ever-growing concern over the Coronavirus led to a massive selloff in the stock market

Stock and Bond markets both moving lower as the 10-year Treasury wrapped up its biggest two-session climb since January 2009.

A massive sell-off in the Dow Jones coupled with conflicts over oil pricing plus the ongoing Coronavirus fear all favored the bond market with mortgage rates reaching another all-time low.

Volatility in the financial markets along with the Trump Administration discussing a stimulus plan caused a sell-off in the bond market ultimately causing mortgage rates to tick up a bit.

February's employment report far exceeded market expectations of 177,000 and the unemployment rate dipped to 3.5%. Stocks and bond yields were pushed lower due to the ongoing fear of the Coronavirus spreading.