Complex markets can be difficult to decipher. We provide investment professionals and their clients with a global perspective to help explain the issues and trends affecting their portfolios.
In 2020, US mortgage originations approached the 2003 peak as mortgage rates fell to record low levels. While the volume of originations may be similar, the composition of borrowers is healthier this time. The credit scores of 71% of borrowers in Q3 2020 was above 760 (vs. 31% in 2003). In our view, this reflects a strong housing market and a potential source of US economic stability.
As we look into 2021 and beyond, we think global policymaking will be less governed by the latest political victory than by the realities of massive sovereign deficits, shifting demographics, and environmental conditions. COVID-19 has only accelerated this climate of change and the need for prescriptive solutions and investment.
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GOLDMAN SACHS RESEARCH
Follow trends in the global economy, including policy issues and analysis of economic development from Goldman Sachs Global Investment Research.