Good Morning on this Fantastic Friday,
First Friday of the month brings the biggest data set, the jobs report. Non-Farm Payrolls fell a jaw dropping 700,000 jobs! Just unfathomable and unfortunately, it is going to get worse. The unemployment rate up to 4.4% and let’s see what that looks like in May. The markets are still erratic so it’s tough to say if today’s moves are really data dependent or just continual whipsawing volatility. I tend to think the latter. Stocks though are down another 400 on the Dow. The 10-yr is at .58% and mortgage bonds are holding their own, up a dozen. What markets need right now is stability, not volatility. Unfortunately as equities continue to ratchet down (I want to believe they are done, but I struggle to believe it. How do we know what corporate income will be when this is over, since we don’t know when this will be over?). I am sure there will be a rebound as consumer demand will be pent up, but when? Duration and timing are key. I am not a gambler, so I would rather wait until we know. Improvement will come.
Interesting comment from Dan Rawitch: Meanwhile, you must sell what you have and not what you had. Do not apologize for these rates! Countless borrowers can still benefit and many of them will need debt consolidation loans!
There are lots of stories and posts on forbearances and mortgage help. I have read a few and feel that this one from CNBC is one of the best. Please share with anyone who might need it-
Mortgage help is available during the coronavirus pandemic, but what’s offered can vary—here’s what you need to know:
Enjoy the weekend, please be safe and healthy and make today great!