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Stock Market News: Indices Drop After California State of Emergency Declaration

The state's announcement is tied to the coronavirus outreak

The S&P 500, Dow and Nasdaq were each off by more than 2 percent, indicating equities would give back gains after Wednesday’s surge. A still-escalating coronavirus outbreak continued to fuel investor concerns.

The average 30-year fixed mortgage rate declined to a record low of 3.29 percent for the week ending today, touching the lowest level ever reported, according to Freddie Mac. Mortgage applications rose 10 percent last week over the same period last year, “and show no signs of slowing down,” Freddie Mac said in a statement.

The report comes a day after the Mortgage Bankers Association said that the 30-year fixed mortgage rate was 3.57 percent for the week ending Friday. The mortgage loan application volume during the MBA’s survey week rose 15.1 percent on a seasonally adjusted basis from the week prior.

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