Here is Thursday 8/30/2012 mortgage rate update from Bob Franklin at Wells Fargo Home Mortgage in the beautiful city of Pismo Beach California.
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The Day Ahead: Jobless Claims, Personal Income, yesterday’s Beige Book
Improvement in the jobs market is marginal at best based on the trends in Jobless Claims data. New claims are unchanged in the August 25 week at 374,000 (prior week revised slightly higher). The 4-week average is 370,250 which is slightly higher than the prior week but slightly lower than the month-ago trend. This latter comparison points to marginal improvement for next week's August employment report. It was a relatively good month for the consumer. Income and spending were up and inflation was flat. Personal Income in July advanced 0.3 percent, matching the revised boost the prior month (initially estimated up 0.5 percent). The latest number matched the consensus projection for a 0.3 percent rise. The wages & salaries component, however, eased to a 0.2 percent rise from 0.4 percent in June. The Beige Book prepared for the September 12-13 FOMC meeting appears to be modestly more positive. The Beige Book stated that economic activity "continued to expand gradually" in July and early August across most regions and sectors. This compares to the language in the prior Beige Book of "continued to expand at a modest to moderate pace."
Dow is trading at 13,004 -102.06, the 10 yr bond is at 1.61 % from 1.66% Yesterday, . Currently mortgages are unchanged from Yesterday
Conv. - 3.625%
FHA. - 3.25%
Make it a Great Day!!
Bob Franklin
Mortgage Consultant
NMLSR ID 248760
Wells Fargo Home Mortgage | 575 Price St Suite 105 | Pismo Beach, CA 93449
MAC E2396-011
Tel (805) 550-3395 | Toll-free (855) 783-9170 | Fax (877) 609-0926
Bob.Franklin@wellsfargo.com
www.wfhm.com/Bob-Franklin
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