The data released over the past week revealed an unprecedented decline in economic activity resulting from the pandemic, but also indicated that recovery has already begun. Mortgage markets have been relatively quiet, and rates again ended the week with little change.
Following growth of 2.1% in the fourth quarter of 2019, gross domestic product (GDP), the broadest measure of economic activity, fell 5.0% in Q1 2020, which was the weakest reading since 2008. As bad as that was, however, it does not even come close to the expected decline for the second quarter....