Mortgage and Market Update for November 10th
Economic News: Here we go with another volatile week. While the situation in Greece has calmed a bit, Italy came charging to the forefront on Wednesday amid debt concerns and clobbered markets around the globe. We had a quiet week for economic news here and what was there was pretty good. The trade deficit improved in September. Weekly Jobless Claims were 390,000 (under that 400K mark) and the four week moving average edged down to levels seen six months ago. Tomorrow’s Consumer Sentiment is expected to come in at 61.5 after stronger readings in the second half of October. Banks and bond markets are closed tomorrow in Observance of Veteran’s Day.
Mortgage Markets: Treasuries and Mortgage Backed Securities have experienced a choppy week and mortgage rates have improved. The 10 Year Note closed trading at 2.063% which is slightly higher than last week’s closing of 2.040%.
Next Week’s Reports: Tuesday: Producer Price Index, Retail Sales Wednesday: Consumer Price Index, Industrial Production, Housing Market Index Thursday: Housing Starts, Jobless Claims, 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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