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Forbearances Surge This Week; Mortgage Rates Are Headed Higher (Eventually)

Forbearances Surge This Week; Mortgage Rates Are Headed Higher (Eventually)

The fates of the economy, the housing market, and interest rates remain closely intertwined with coronavirus. The pandemic is clearly responsible for the record-setting drop in economic activity (including the housing market). And it has clearly been the key source of motivation for both stocks and interest rates (which we can follow most objectively via 10yr Treasury yields). A shorter-term chart shows how closely they've been following one another as they digest coronavirus updates. As the initial panic of March and early April subsided, and people began returning to work, it was perfectly reasonable to expect markets and the economy to begin bouncing back (i.e. higher stocks and bond yields). That is arguably what happened in April and May. We've even seen several areas of the economy experience
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