Government Shutdown Update: Borrower Assistance
As you know, more than 800,000 federal workers and contractors have been impacted by this unprecedented government shutdown. We realize that many families are experiencing the challenges of not receiving any wages for second pay period with no end in sight. In support of our customers employed by the federal government who are affected by the shutdown, Nations Direct Mortgage is waiving any late fees and will not be reporting late payments to the credit bureaus for up to 90 days from the shutdown date. Our borrowers must contact customer service to take advantage of this 90 day moratorium as well as explore payment options that will assist them in retaining their home.
Customer Service: 855-447-7212
Rates have remained fairly range bound all month, but there are signs of volatility in the future from both international markets, as well as our own FOMC meeting next week and the hopeful conclusion of the government shutdown. Sub and lock as much as possible while the rates are in this range.
Treasury prices moved modestly lower overnight despite disappointing data from Europe. Today’s US economic calendar is void of data due to the government shutdown delaying the release of the Durable Goods and New Home Sales Reports. In the absence of data, investors will still continue to monitor headlines from Davos as well as attempts to end the government shutdown. Looking ahead to next week, the calendar includes Wednesday’s FOMC Meeting Announcement and Friday’s Nonfarm Payroll Report. Currently, the 10yr yield is at 2.739% (2.719% Thursday) and the 2-10 spread is 16 bps, 1 bps steeper since yesterday morning.