Cari Anderson's East Bay Mortgage Update for August 18th, 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 18th 2010
Economic News: While there is really nothing to speak of on the economic calendar today there were a few reports yesterday. While slipping a little in June, the Industrial Production Report showed nice gains across most sectors for the month of July. Production rose 1% in July beating expectations of a .6% increase. Capacity Utilization rose to 74.8% beating the consensus of 74.5%. The Producer Price Index (PPI) came in right on consensus for the month to month measurement while rising 4.1% year over year. Lower energy prices coupled with higher food prices contributed to the report. The PPI, less the volatile food and energy segments, rose a modest 1.5% from last year. Finally, Housing Starts rose 1.5% in July, which is good news, while the estimated annualized units came in at 546,000. The market was expecting 565,000.
Mortgage Markets: The yield on the 10 Year Note is gaining a bit this morning approaching Monday's level and is currently trading at 2.593%. The Mortgage Backed Securities market is steady.
This Week's Reports: Monday: Housing Market Index. Tuesday: Housing Starts, Producer Price Index (PPI) & Industrial Production. Thursday: Jobless Claims.
Stay tuned for the Next East Bay Mortgage Update...
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