Mortgage and Market Update
Economic News...There was hardly any data released this week. Jobless Claims moved up slightly to 371,000. The biggest news was the release by the Consumer Financial Protection Bureau of the rules regarding “Ability to Repay & Qualified Mortgage Standards Under the Truth in Lending Act”. If you think the title is long the actual document is over 800 pages. Thus far there does not seem to be too much consternation from the industry and the rules do not go into full effect until January 10th 2014.
Mortgage Markets...The debt markets have settled down a bit after losing a lot of ground to begin 2013. While mortgage rates improved earlier in the week they are currently under a bit of pressure. The 10 Year Note is currently trading at 1.877% versus last week’s closing yield of 1.932%.
Next Week’s Market Moving Reports... Tuesday: Producer Price Index, Retail Sales Wednesday: Consumer Price Index, Industrial Production, Housing Market Index, Beige Book Thursday: Jobless Claims, Housing Starts, Philadelphia Fed Survey Friday: 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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