East Bay Mortgage & Market Update for March 11th 2011
Economic News: Thursday’s Jobless Claims came in higher than expected for the week at 397,000 reversing the recent trend. The four week moving average rose slightly but still remained under the 400,000 level. The Retail Sales numbers reported this morning were strong. While auto sales and higher fuel prices led the way most other components were positive as well. On the contrary, Consumer Sentiment had a sharp decline in March at 68.2 versus the 77.5 number for February. This drop is most likely attributed to the spike in gas prices. Lastly, Crude Oil is retreating from its recent highs currently trading at $100.90 per barrel.
Mortgage Markets: The 10 Year Note is currently trading at 3.406% and is losing a bit of ground after rallying since mid week. Mortgage Backed Securities are also off slightly and mortgage rates could get a bit worse this afternoon.
Next Week’s Reports: Tuesday: Housing Market Index & FOMC Meeting Announcement Wednesday: Housing Starts & Producer Price Index Thursday: Jobless Claims & International Trade Friday: Quadruple Witching (Occurs on the 3rd Friday of every March, June, September & December)
While I do not originate loans I make it a habit to keep 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 advisers for your review if you are in need of a referral.
Stay tuned for the Next East Bay Mortgage & Market Update
Thinking of Buying, Selling or would just like to discuss what's going on in your neighborhood?
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Any statistics were compiled from Public Records and other industry sources and are deemed reliable but not guaranteed. Any square footage quoted is approximate and requires buyer verification. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status or national origin.
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