Jesús Quintero Yamin: How COVID-19 Current Concerns are Impacting Mortgage Rates?


<span lang="EN-US” style=”font-size:16.0pt”>Jesús Quintero: How COVID-19 Current Concerns are Impacting Mortgage Rates?


JQ Group CEO, Jesús Quintero Yamin, believes that the biggest worldwide concern is the uncertain Coronavirus&acute; effect over economies. In the U.S., it has emerged the need to understand how the mortgage sector is going to work these days.


To initially understand the present circumstances in that area, it is essential to know some decisions made a few days ago. The Federal Reserve (Fed) declared an abrupt cut of half a percentage point almost two weeks ago, due to the imminent alert raised by the Coronavirus. “It’s the first time that the FED takes this type of actions since the financial crisis of 2008” Jesús Quintero says.



Jay Powell, leader of the Federal Reserve, explained that the measure is justified given that it was taken after officials knew that the COVID-19 was having a real effect on the economy. The President of the U.S., Donald Trump, is one of the main supporters of the move, arguing that other governments, like the Australian, have been competent in taking similar actions and the country shouldn’t be beneath the other nations, lacking power.


Jesús Quintero Yamin, explains us that in order to catch hold of all these actions, recent decisions assumed from now on by the Fed imply dropping its reference point interest rate to zero and starting a brand-new cycle of financial relief. The first decision is to release $700 billion as part of an easing plan to shield the economy from the COVID-19 effects.


However, positions are divided; other voices are rising too. For example, Solita Marcelli, the commissioner Chief Investment Officer for the Americas at UBS Global Wealth Management, admits that "they need the support of fiscal measures. I don’t think that alone, on its own, the (rate cut) is going to be able to uplift the negative economic impact" (CBNC, March, 03. 2020). For his part, Chris Rupkey, the Head Financial Economist at MUFG Union Bank, censured the cut considering it rude and not correctly analyzed.



About JQ Group.


JQ Group is a Miami-based real estate owner and developer specializing in residential, commercial, and hospitality projects across Southern Florida. As entrepreneurs driven by an innate need to create, build and transform, JQ Group seeks new opportunities with the objective of bringing social value and improvement. Tackling projects with determination, innovation, and perseverance, JQ Group’s global outlook allows their passion for transforming communities to guide each venture. Every project is driven by the positive impact higher standards of living have on future generations.