Cari Anderson's East Bay Mortgage Update for August 4th, 2010
Cari & I work in conjunction on the East Bay Mortgage Market Update. Buyers have an excellent opportunity to take advantage of these historically low rates to maximize their purchasing power.
Cari Anderson's East Bay Mortgage Update for August 4th 2010
Economic News: Tuesday's report on Personal Income & Outlays (reflecting June 2010 results) showed that from a month over month comparison both income and spending were flat. Looking at a year over year time horizon personal income was up 2.6% and consumer spending was greater by 3.1%. Yesterday also had the Pending Home Sales Index (again reflecting June 2010 results) fell 2.6% from month to month and stands 18.6% lower than year ago levels. Wednesday's data was a little brighter with the ADP Employment Report expecting a rise in private sector payrolls of 42,000 for July. In addition, the ISM Non-Manufacturing Index (which represents the service sector) was better than expected.
Mortgage Markets: The yield on the 10 Year Note is currently losing a little ground and is trading at 2.932%. In addition, the Mortgage Backed Securities are under a bit of pressure with the ADP Employment results as well as the ISM Non-Manufacturing report coming in stronger than expected.
This Week's Reports: Monday: ISM Manufacturing Index. Tuesday: Personal Income & Outlays, Pending Home Sales Index. Wednesday: ADP Employment Report. Thursday: Jobless Claims. Friday: Employment Situation.
Stay tuned for the Next East Bay Mortgage Update...
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