THE WEEK AHEAD - 07/29/11 03:43 PM
The debt ceiling talks will remain in the spotlight next week, and an agreement could be reached at any time. The biggest economic report will be the important Employment data on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, ISM Manufacturing and Construction Spending will come out on Monday. Personal Income and Core PCE inflation will be released on Tuesday. ADP Employment, Factory Orders, and ISM Services are scheduled for Wednesday.
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GDP FALLS SHORT - 07/29/11 03:41 PM
Amid all the turmoil surrounding the US debt ceiling talks, weaker than expected economic data and increased concerns about Europe helped mortgage rates improve this week.
 
A lack of progress in the debt ceiling talks has left investors with a high level of uncertainty, causing a great deal of volatility in mortgage markets. The current debt ceiling will be reached soon, but this time around many lawmakers from both parties are reluctant to raise the limit without an agreement to control the deficit. The two parties have been unable to reach a compromise on spending cuts and tax reform, though. … (0 comments)

UNDERWATER MORTGAGES IN ARIZONA - 07/27/11 05:23 PM
An underwater mortgage is a home with negative equity — when a person owes more on their mortgage than their home is worth.
A recent report said Arizona homeowners who were under water averaged $60,000 in negative equity.  Phoenix was the third-highest metro area in the nation, with 55 percent of its mortgages under water.
Bankers in Arizona said they sense that foreclosures are starting to slow down, as the market attempts to stabilize.
 
 
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DEBT TALKS DRIVE MORTGAGE RATES - 07/22/11 03:51 PM
With few economic reports released this week, news of progress in talks to provide aid to troubled European countries and to raise the US debt ceiling had the most influence on mortgage rates. As the perceived risk of default in Europe decreased, investors retreated from the relative safety of US bonds, which pushed mortgage rates a little higher. The proposed deficit reduction in the debt ceiling talks was favorable for mortgage rates, however. The net result was little change in mortgage rates for the week.
European Union (EU) officials released a significant new plan for providing aid to EU member countries … (0 comments)

THE WEEK AHEAD - 07/22/11 03:51 PM
Beyond the debt ceiling talks, there will be a packed Economic Calendar next week. New Home Sales and Consumer Confidence will be released on Tuesday. Durable Orders, an important indicator of economic growth, will come out on Wednesday, along with the Fed's Beige Book. Pending Home Sales, a leading indicator for the housing market, will be released on Thursday. Second quarter GDP, the broadest measure of economic growth, Chicago PMI, and Consumer Sentiment are scheduled for Friday. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.
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THE WEEK AHEAD - 07/15/11 02:05 PM
It will be a light week coming up. Housing Starts will be released on Tuesday. Existing Home Sales will come out on Wednesday. Leading Indicators and Philly Fed will be released on Thursday. Negotiations to raise the US debt ceiling and economic troubles in Europe will remain the focus next week.
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GROWING UNCERTAINTY - 07/15/11 02:03 PM
During a week packed with economic data, Europe and the Fed took center stage in influencing mortgage rates. Uncertainty about the economic outlook caused a flight to relatively safer investments, and mortgage rates ended the week a little lower.
In June, stronger than expected economic data caused investors to raise their growth outlook, which was negative for mortgage rates. Last week's disappointing jobs report removed much of the optimism and raised the level of uncertainty this week. Other factors also contributed to the increased uncertainty. Investors grew significantly more concerned about the debt problems in Europe, particularly in Italy. There was … (0 comments)

THE WEEK AHEAD - 07/09/11 02:10 PM
In a packed week, the most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products and will come out on Thursday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Friday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Retail Sales will be released on Thursday. Retail Sales account for about 70% of economic activity. Industrial Production, another important indicator of economic … (0 comments)

JOBS FALL SHORT - 07/09/11 02:09 PM
The main focus this week was the June Employment report. Rising expectations during the week pushed mortgage rates higher ahead of the report. When the Employment data came in far below expectations, though, mortgage rates improved significantly and ended the week a little lower.
Against a consensus forecast of 125K, the economy added just 18K jobs in June, the lowest level since September 2010, and the figures from the prior two months were revised lower by 44K. The Unemployment Rate rose to 9.2% from 9.1% in May. Average Hourly Earnings, a proxy for wage growth, were unchanged from May, below the … (1 comments)

THE WEEK AHEAD - PLEASE READ - 07/02/11 10:49 PM
The biggest economic event next week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, Factory Orders will come out on Tuesday. ADP Employment and ISM Services will be released on Wednesday. Mortgage markets will be closed on Monday for July Fourth.
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STOCKS UP, RATES UP - 07/02/11 10:47 PM
This week's economic news was nearly all positive, and the stock market posted a strong rally. Unfortunately, what's good for stocks is generally unfavorable for mortgage rates. Progress on the Greek aid package and stronger than expected US manufacturing data, along with the end of the Fed's bond buying program, combined to push mortgage rates higher this week.
While the Fed made known months ago that its $600 billion quantitative easing program would end on June 30, investors have been uncertain what the impact would be. Since the program started, Fed purchases have accounted for roughly 85% of the total new … (0 comments)

 
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