Cari Anderson's East Bay Mortgage Update for August 11th, 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 11th 2010
Economic News: The announcement yesterday from the Federal Open Market Committee (FOMC) retained the statement that "rates are expected to remain low for an extended period". In addition, it was noted that "the pace of recovery in output and employment has slowed in recent months" but also included that growth was continuing. International Trade numbers were released this morning revealing a sharp rise in our trade deficit, reaching $49.9 Billion for the month of June, as the demand for our exports fell overseas while our appetite for imported goods rose. The Equity Markets have sold off today as a result of fear that growth in both foreign and domestic economies may be slowing. This has led to a "flight to safety" which has benefited interest rates.
Mortgage Markets: The yield on the 10 Year Note has fallen to a yield of 2.710% and the Mortgage Backed Securities market is doing well as demand is strong. Today's mortgage rates are a bit better than yesterday's closing levels.
This Week's Reports: Tuesday: Productivity and Costs & FOMC meeting announcements. Wednesday: International Trade. Thursday: Jobless Claims. Friday: Consumer Price Index, Retail Sales & Consumer Sentiment.
Stay tuned for the Next East Bay Mortgage Update...
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