East Bay Mortgage and Market Report for the week ending August 12th
Economic News: Stocks and bonds have finished off the week on a positive note after a trading week which could only be described as chaotic. Last Friday’s downgrade of US Debt coupled with the stress on sovereign debt in the European Union sent the markets reeling on Monday and set the stage for what was the most interesting five days in quite some time. On Tuesday the Federal Open Market Committee announced that the Fed Funds rate would stay at or near the current level into 2013. The Retail Sales report was positive while Consumer Confidence numbers were at 30 year lows. Keep an eye out next week as there is a good supply of housing news.
Mortgage Markets: Treasuries and Mortgage Backed Securities finished the week strong and interest rates are again near all time lows.. The 10 Year Note closed trading at 2.26%.
Next Week’s Reports: Monday: Housing Market Index Tuesday: Housing Starts & Industrial Production Wednesday: Producer Price Index Thursday: Consumer Price Index, 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.
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