Mortgage and Market Update for June 15th
Economic News: We should get some evidence this weekend about the situation within the European Union when Greece gets out to vote. The outcome will be a good indication of the country’s motivation to remain in the EU and will also lift some uncertainty that has been plaguing the markets. On the home front the data for the week was just so so. Lower energy prices were visible in the results of both the Producer and Consumer Price Indices. The May Retail Sales figures also declined on lower gasoline prices. Weekly Jobless Claims increased and the Industrial Production numbers were slightly less than expected. Closing the week out was Consumer Sentiment which had a significant decline over the May reading. The Stock Market was strong for the week considering the headwinds. Insiders are looking for the FED to signal whether it has additional economic stimulus in mind. Lots of “FED Speak” next week. Happy Father’s Day Weekend to all the Dads out there!
Mortgage Markets: The 10 Year Note yield is trending a little lower to end the week and is currently trading at 1.595% versus 1.639% at the end of last week. Mortgage rates are little changed for the week and continue to hover near all-time lows.
Next Week’s Reports: Monday: Housing Market Index Tuesday: Housing Starts Wednesday: FOMC Meeting Announcement, FOMC Forecasts, Chairman Press Conference Thursday: Jobless Claims, Consumer Price Index Friday: Jobless Claims, Existing Home Sales, 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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