Mortgage and Market Update for March 3rd
Economic News: Another week gone and another batch of economic data where most is good and some not so hot. Let’s look at the good news first. The Pending Home Sale Index increased by 2% in January. Weekly Jobless Claims continued their decline and Consumer Sentiment pretty much “blew away” expectations. Gross Domestic Product (GDP) for the 4th quarter was revised higher to 3%. Lastly, the Beige Book (produced two weeks before the Federal Open Market Committee meeting) saw 11 of 12 Fed Regions report increasing economic growth. On the down side we had the Case-Shiller Home Price Index showing a 4% decline in the 20 City Composite. Durable Goods Orders were disappointing and the ISM Manufacturing Index slowed slightly in February.
Mortgage Markets: Treasuries and Mortgage Backed Securities have had a pretty calm week. The 10 Year Note is currently trading at 1.983% which is just a tick higher than last week.
Next Week’s Reports: Monday: Factory Orders, ISM Non-Manufacturing Index Wednesday: ADP Employment Report Thursday: Jobless Claims Friday: Employment Information, International Trade
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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