East Bay Mortgage Market Update for December 20th 2010
Economic News: Last Thursday's Philadelphia Fed Survey came in much stronger than expected. The future component of the report looked good with both new orders and back orders making gains. For the week of December 11th Jobless Claims were in the lower end of the consensus range. Lastly, Housing Starts posted a nice gain for November although coming off a very depressed October reading.
Mortgage Markets: The 10 Year Note began a rally late Thursday, into Friday, and are fairly stable today. The yield has fallen from 3.52% back to 3.35%. Mortgage Backed Securities have enjoyed a bit of the ride as well but the short sellers are still present and the noted lack of liquidity this time of year can make things volatile to the downside. Nevertheless, interest rates should remain range bound for the remainder of this week with a tick of bias towards being a bit higher with any strong economic news.
This Week's Reports: Wednesday: Gross Domestic Product (GDP) & Existing Home Sales Thursday: Durable Goods Orders, Personal Income & Outlays, Jobless Claims, Consumer Sentiment & New Home Sales.
While I do not originate loans I enjoy staying abreast of mortgage/market conditions and feel it is a benefit to my clients. If you are in need of a mortgage professional I am happy provide referrals to experienced loan officers in the Bay Area.
Stay tuned for the Next East Bay Mortgage Update...
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