East Bay Mortgage & Market Update for March 15th 2011
Economic News: The release of the Empire State Manufacturing Survey this morning highlighted strength in the New York region manufacturing sector. The Housing Market Index (National Association of Home Builders) had its first increase in four months with a reading of 16. As a scale readings above 50 are considered "optimistic". The FOMC (Federal Open Market Committee) will release their minutes at 11:15 PST today with the consensus that monetary policy will remain unchanged. Lastly, Crude Oil has broken back under the $100 per barrel price and is trading at $98.58.
Mortgage Markets: The 10 Year Note is currently trading at 3.299% as the events in Japan have brought on a “flight to quality” during this uncertain period. Mortgage Backed Securities are also trading higher but are losing a bit of ground as the day rolls on.
This 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)
As the events unfold in Japan my family’s prayers are with all those who have been affected by this tragedy and hope that the next days, weeks and months will afford the people the chance to begin rebuilding their lives. Below are two links to offer assistance to the victims.
American Red Cross Salvation Army
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
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