Mortgage and Market Update for March 18th
Economic News: The debt situation in Europe seeming more stabilized and positive reporting on the US economy sent interest rates higher in the first part of the week. The majority of economic reporting for the week was positive. Retail Sales were good and the Weekly Jobless Claims improved again. The Producer Price Index and the Consumer Price Index showed inflation has gotten a little hotter with increased energy prices leading the way. The only downbeat report was Consumer Confidence where the drop was most likely attributed to higher gasoline costs. Lots of data on the housing market is on tap for the coming week.
Mortgage Markets: Treasuries and Mortgage Backed Securities have had a pretty rough week but stabilized on Thursday and today. The 10 Year Note has inched up to 2.297% from last week’s 2.032%.
Next Week’s Reports: Monday: Housing Market Index Tuesday: Housing Starts Wednesday: Existing Home Sales Thursday: Jobless Claims Friday: New Home Sales
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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