East Bay Mortgage & Market Update for March 25th 2011
Economic News: Wednesday brought us the New Home Sales figures which predicted an annual sales rate of 250,000 units versus the 290,000 units forecast. While disappointing to the market this is a volatile report which is often revised. For more information the report can be viewed at US Census Bureau News. Jobless Claims were better than expected and the decline in the four week moving average put it at levels not seen since the summer of 2008. Consumer Sentiment for March fell to 67.5 from 77.5 in February. Once again the data for the week is all over the map. Remember that these statistics are national/regional and all real estate is local. What you read and hear about may not reflect what is happening in your neighborhood.
Mortgage Markets: The 10 Year Note is trading at 3.435% which is down for the day. Mortgage Backed Securities remain range bound and under a bit of pressure as the week comes to an end. Mortgage rates are still fantastic.
Next Week's Reports: Monday: Personal Income & Outlays, Pending Home Sales Index Tuesday: S&P Case-Shiller Home Price Index & Consumer Confidence Thursday: Jobless Claims & Factory Orders Friday: Employment Situation, ISM Manufacturing Index & Construction Spending
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
Comments(4)