Mortgage and Market Update for October 23rd
Economic News: There was a fair amount of data reported with more to come in the coming week. The Producer & Consumer Price Indices signaled that inflation is still above levels that would please the Fed. Housing reports were mostly positive. The Housing Market Index (by the National Association of Home Builders) broke out of the recent range rising 4 points to 18. While still a depressed number it is certainly nice to see the bounce. Housing Starts for September rebounded and were reported up 18.1% in the West. Existing Home Sales came in slightly less than anticipated. The weekly Jobless Claims number stayed above 400,000 but showed continued improvement in the four week moving average. One thing to watch out for during the coming week is any progress, or lack thereof, from Europe’s struggles trying to come up with a solution to both banking and debt problems.
Mortgage Markets: Treasuries and Mortgage Backed Securities bounced around for the week but ended little changed. The 10 Year Note closed trading at 2.219% which was down a tick from last week’s closing of 2.241%.
Next Week’s Reports: Tuesday: Case-Shiller Home Price Index, Consumer Confidence Wednesday: Durable Goods Orders, New Home Sales Thursday: Gross Domestic Product, Jobless Claims, Pending Home Sales Friday: Personal Income & Outlays, 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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