Mortgage and Market Update for November 18th
Economic News: Another week has come and gone with most of the attention still being paid to the on going debt crisis within the European Union. Markets will continue to be volatile ahead of the Thanksgiving Holiday as they hope for good news out of Europe as well as a deal by next Wednesday from the “Super-Committee” on US Deficit Reduction.
The news on our economy was good all around this week. Inflation concerns were muted in the Producer & Consumer Price Index reports.Retail Sales handily topped estimates with electronics and appliance stores leading the way. Housing Starts as well as the Housing Market Index beat expectations. Lastly, weekly Jobless Claims improved again at 388,000 and the four week moving average also declined to 396,750.
Mortgage Markets: Treasuries and Mortgage Backed Securities. The 10 Year Note is currently trading at 2.014% which is virtually unchanged from last week’s closing of 2.063%.
Next Week’s Reports: Monday: Existing Home Sales Tuesday: Gross Domestic Product, FOMC Minutes Wednesday: Durable Goods Orders, Personal Income & Outlays, Jobless Claims, 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.
Comments (4)Subscribe to CommentsComment