8/06/2020

Between a Rock

The market opened today’s morning session with treasuries moving slowly higher across all maturities. The ten year, what we spot for mortgage pricing in the following hours (10-Year Treasury yield)  is at 0.5117, 3.60 basis points decreased from yesterday's prior closing of 0.5477.
Miniature painting by Behzad with gold leaf border

United States stocks opened lower this morning as investors weigh uncertainty of a congress-approved stimulus against better than forecasted jobs data. US lawmakers continue talks over a new COVID-19 relief package, with a self-imposed deadline set for tomorrow.

President Trump is sinking in the poll numbers amid the virus's resurgence, Democrats play hard-ball, refusing smaller scale proposals that do not include additional aid for postal service and state governments to conduct Vote-by-Mail, which the White House vehemently opposes. Come together two rocks!

Something has to give, between a rock and a hard place, so the saying goes. Americans face huge unemployment numbers, unbelievable forbearance numbers and next we will witness unprecedented evictions and foreclosures as there are not great replacement jobs available in the country. If I could give advice to lawmakers, politicians it is this: the poor, the minorities, the quiet Americans who worked hard need your planning and help now. If you need help with a home loan, let's talk I am here to help.