Good morning and happy Monday! We start getting back into scheduled housing news releases tomorrow. For today, let’s start with forbearances. More than 200,000 homeowners have exited forbearance programs in the past two weeks, taking the total to under 2% of total homeowners for the first time since early in the pandemic. In other news, post-moratorium foreclosure activity increased 5% during October compared with September. This equates to an increase of 20,587 subject to a default notice, scheduled auction, or bank repossession.
Lastly, from the Wall St. Journal, homebuyers aren’t rate shopping now as they did in higher rate timeframes of the past. The primary reason seems to be with rates as low as they are. Buyers already feel they’re getting a good deal and are just not making an effort. A slight difference in rates over 30yrs can make a huge difference in total dollars expended.
Bonds today are selling off, with 10yr T-Notes -12/32 to yield 1.60%. In MBS 30yr FNMA 2.50% are -2/32 to $102-09, which is a 1.97% yield and +72 to the 5yr treasury curve. That’s all for us today. Have a great day, and call or email if you have an MBS or loan inquiry.
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