Bill Bodnar of The Mortgage Market Guide (MMG) says there is a lot of optimism about states reopening and the unofficial start of summer, and that is impacting the bond market.

Following a first quarter decline, real GDP growth is expected to contract even further in the second quarter due primarily to an unprecedented slowdown in consumer spending, according to the latest commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.

As of May 12, approximately 4.7 million homeowners are in forbearance plans, up from a revised 4.5 million one week prior. That’s according to recent data from Black Knight.