Cari Anderson's East Bay Mortgage Update for October 1st 2010
Economic News: The Gross Domestic Product (GDP) numbers were released yesterday. The 1.7% growth figure, while still a little weak, came in at the top end of the consensus range. Initial Jobless Claims were reported lower by 16,000 and the four week average trended lower for the fifth straight week. Today's Personal Income & Outlays reported that income was up .50% month over month and up 3.3% year over year. Consumer Spending was reported up .40% month over month and 2.7% year over year. Consumer Sentiment had a nice gain at 68.2 which was at the top end of consensus. Lastly, the ISM Manufacturing Index broke the trend of good news, although coming in at the mid-range of consensus, it showed a slowing in new orders and a climb in inventories.
Mortgage Markets: The yield on the 10 Year Note and Mortgage Backed Securities are recovering losses from this morning and mortgage rate improvements are on the board this afternoon. The 10 Year Note is currently trading at 2.515%.
Next Week's Reports: Monday: 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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