Mortgage and Market Update for October 7th
Economic News: The equity markets regained their footing this week on the back of more aggressive measures from the European Union to get their debt crisis under control. The market reports in the US, while far from stellar, were not bad at all. The ISM Manufacturing Index was above estimates and the ISM Non-Manufacturing report beat consensus as well. There was a lot of news on the employment front this week with the ADP Employment Report, Weekly Jobless Claims as well as today’s Employment Situation. The results were all on the upside of expectations and the unemployment rate held steady at 9.1%. Next week is fairly quiet with respect to economic news.
Mortgage Markets: Treasuries and Mortgage Backed Securities have lost a bit of ground this week in the face of stronger equity markets. The 10 Year Note is trading at 2.083% up from last week’s closing of 1.928% .
Next Week’s Reports: Tuesday: FOMC Minutes Thursday: International Trade & Jobless Claims Friday: Retail Sales & Consumer Sentiment
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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