Mortgage and Market Update for March 26th
Economic News: This week’s economic news revolved mainly around the housing market. The Housing Market Index (a barometer for new home sales) was slightly less than expected. Housing Starts for February were lower than anticipated and the news for New Home Sales did not meet consensus. Weekly Jobless Claims continued improving and were reported under 350,000. While the data on housing was not that strong those of us in the Bay Area see this is a good example that “all real estate is local”. Spring buying has started out robust to say the least and multiple offers are occurring across most price points.
Mortgage Markets: Treasuries and Mortgage Backed Securities after testing some technical levels on the high side earlier in the week have settled down. The 10 Year Note is currently trading at 2.242% down a tick from last week’s 2.297%.
Next Week’s Reports: Monday: Pending Home Sales Tuesday: S&P Case-Shiller Home Price Index, Consumer Confidence Wednesday: Durable Goods Orders Thursday: Gross Domestic Product, Jobless Claims 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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