"The economy is cratering deeper than we have seen in our lifetimes. Layoffs are coming so quickly, the state unemployment offices can't keep up. Banks are flooded with calls about upcoming mortgage and loan payments. Downtowns are deserted, malls are closed, bars are empty, and airplanes are grounded."A sudden stop in the economy so severe, Goldman Sachs economists now forecast real GDP growth of negative 9% in the first quarter and down an astonishing 34% in the second."
"Beyond that, there is an array of questions for economists to grapple with – and those doubts increasingly undermine projections for what's known as a 'V-shaped recovery', in which lost output is quickly restored."
"According to data released this morning from the Mortgage Bankers Association, interest rates on 30-year fixed-rate mortgage loans averaged 3.82% over the last week – up from 3.74% the week prior and 3.29% at the start of the month."