A report by Bloomberg states that the coronavirus outbreak could be a “truly disruptive pandemic.”
The death toll from the virus is approaching 3,000 with more than 80,000 confirmed cases. New cases in Italy are now shutting down the richest section of its economy. Additionally, Oxford Economics reported that an international health crisis—such as the coronavirus—could be enough to wipe out more than $1 trillion from the global GDP.
With the economy already feeling its effects, another sector being impacted by the coronavirus is the housing and mortgage industry. A report by Markets Insider revealed the growing virus has caused mortgage rates to continue their downward slide. The report found the average rate for a 30-year fixed-rate mortgage hit 3.34% on Monday.