|10 year government bond yield||0.77%|
|30 year fixed rate mortgage||2.90%|
Stocks are flattish this morning after yesterday’s bloodbath. Bonds and MBS are flat as well.
COVID cases are surging in Europe, prompting many governments to institute strict social distancing measures.
Third quarter GDP rose 33%, while personal consumption rose 41%. These numbers were higher than expectations. Personal incomes fell by $540 billion after increasing $1.45 trillion in the second quarter, which was supported by government stimulus payments. Overall, the economy is improving, but it is still way below pre-COVID levels.
Initial Jobless Claims fell to 751k last week.
Corelogic reported that mortgage fraud risk fell by 26.3% YOY in the second quarter. This decrease was largely driven by a shift in the purchase / refi mix. Note that these are second quarter numbers, so they are a bit old.
Freddie Mac reported that the seriously delinquent rate fell by 13 basis points to 3.04% in September.
I will be a panelist at the IMN Mortgage Servicing Rights forum this morning at 10:45 this morning. It should be a good conference.