Morning Report: Forbearances down

Vital Statistics:

 

Last Change
S&P futures 3137 24.1
Oil (WTI) 40.14 1.39
10 year government bond yield 0.73%
30 year fixed rate mortgage 3.16%

 

Stocks are higher this morning on no real news. Bonds and MBS are flat.

 

Slow news day.

 

Many banks are closing early today, however it looks like the stock market and the bond market are open for a full session.

 

No economic news today, but we do have a lot of Fed-speak.

 

4.6 million homeowners are in forbearance, according to Black Knight. This works out to be 8.7% of homeowners, which is down from 8.8% the previous week.

 

More evidence that people are fleeing to the suburbs. Home searches for suburban zip codes are surging. “This migration to the suburbs is not a new trend, but it has become more pronounced this spring,” said Javier Vivas, realtor.com director of economic research. “After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”

 

A repo man is not always intense

Author: Brent Nyitray

Why do you need new bands? Everyone knows rock attained perfection in 1974. It's a scientific fact. - Homer Simpson

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