East Bay Mortgage Market Update for January 19th 2011
Economic News: So far this week there has not been a lot of economic data but what there was directly related to the housing market. The Housing Market Index (A report by Homebuilders) was reported at 16 for the third straight month. Although the figure is weak there was a bright spot in that buyer traffic is up. Noted in the same report is that the construction finance market remains constrained. Housing Starts, reported today, came in lower than consensus with declines in all regions except the West which was up 45.8%. Weakness in some markets was more than likely weather related to some extent. There was an interesting article yesterday from SmartMoney.com regarding Four Reasons to Buy a Home Now.
Mortgage Markets: The 10 Year Note closed trading today at 3.337% which is basically unchanged from Friday's last update. Mortgage Backed Securities were a bit choppy but gained steam with the equity market losses.
This Week's Reports: Tuesday: Housing Market Index Wednesday: Housing Starts Thursday: Jobless Claims, Existing Home Sales & Philadelphia Fed Survey
While I do not originate loans I enjoy staying abreast of mortgage & market conditions. If you are thinking of purchasing a home the first step is to meet with a mortgage professional. I will gladly provide several top notch Bay Area advisors for your review if you are in need of a referral.
Stay tuned for the Next East Bay Mortgage Update