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Economic News: Existing Home Sales data was released yesterday. The figures remained lackluster with a .60 decrease from the January levels and supply rising over the last three months. Distressed sales made up 35% of the market and all cash deals were at 27%. The Midwest & Northeast showed stronger results than the struggling West & South. This morning's Durable Goods Orders were in line with expectations. There was an upward revision of the January numbers. All in all the numbers show that the manufacturing sector is continuing to move along providing hope for a continued recovery. New Home Sales were also just released and remained subdued. A positive is that the price component is firming. I have fielded a few questions in the last several days about a possible extension of the home buyer tax credit. At this point I know of nothing happening in Congress that has put in motion an extension beyond the April 30th deadline to enter into contract.
Mortgage Markets: The 10 year note is trading around 3.77 this morning and the Mortgage Backed Security Market is losing a ground. Rates are approximately .25 worse in fee this morning from yesterday's levels. As always this is a wonderful time to lock in your rate if you plan to close in the next couple of weeks and have yet to do so. 
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4 Comments on East Bay Mortgage Update for March 24th
Scott: I think that is the general consensus but there have been some excellent arguments for why rates may not go up as high as many expect.
This news isn't so heartening in terms of growth, but it is a relief that the economy and our industry is out of the free fall. Actually in the Dallas market right now it seems as though there is a whirlwind of activity. Houses are coming on the market and buyers are coming out from behind their lead gen presence to engage agents in their hunt. I, too, think there is no way they will extend the credit. The gov't needs to get onto creating an economy that will develop jobs. Thanks for the posting.
Larry: glad to hear your market is picking up. I totally agree with you on the gov't comment ;-)