East Bay Mortgage & Market Update for May 13th 2011
Economic News: Both the Producer Price Index & the Consumer Price Index show inflation heating up but when you remove the volatile food and energy components the increase is a modest 2.1% over year ago levels. Retail Sales figures were up and reveal that consumer spending remains healthy in the face of higher energy costs. Jobless Claims were down 44,000 to 436,750 which was good news considering the spike in the last report. Mortgage Markets: Treasury and Mortgage Backed Securities are gaining ground today with the weakness in the equity markets. The 10 Year Note is currently trading at 3.175% and interest rates are ending the wekk on a positive note.
Next Week’s Reports: Monday: Housing Market Index Tuesday: Housing Starts & Industrial Production Wednesday: FOMC Minutes Thursday: Jobless Claims, Existing Home Sales & Philadelphia Fed Survey
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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