Cari Anderson's East Bay Mortgage Update for May 28th, 2010
Cari & I work in conjunction on the East Bay Mortgage Market Update. Rates have moved up a bit throughout the week but are still phenomenal. Buyers have an excellent opportunity to take advantage of these rates to maximize their purchasing power.
Economic News: Wednesday brought us the Durable Goods Orders & New Home Sales. Durable Goods Orders came in line with expectations and were 18% higher than year ago levels. New Home Sales were up over 18% and recorded the largest drop in inventory in 42 years. Thursday's Gross Domestic Product (GDP) numbers came in below the annualized forecast of 3.5% and was revised down to 3.0%. This was a bit disappointing but growth does continue. Jobless Claims were also a bit worse than the forecasters were expecting but there was, once again, improvement in the four week moving average. Friday's Personal Income and Outlays results were mixed. While income gains came in at the high end of estimates personal spending cooled a bit.
Mortgage Markets: The 10 Year Note has lost a little ground as the week has gone by. This morning's 10 Year Note is yielding 3.31%. In addition, the Mortgage Backed Securities are stable ahead of the holiday weekend. If you are looking to close on a purchase or refinance in the next 21 days it is a great time to lock in a great rate.
Upcoming Next Week: Tuesday: ISM Manufacturing Index. Wednesday: Pending Home Sales Index. Thursday: ADP Employment Report & Jobless Claims. Friday: Employment Situation
Stay tuned for the East Bay Mortgage Update This Coming Tuesday...Have a Great Memorial Day Weekend
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