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Cari Anderson's East Bay Mortgage Update for July 2nd, 2010

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Mortgage and Lending

Cari Anderson's East Bay Mortgage Update for July 2nd 2010

East Bay Mortgage Update - Cari Anderson, Diversified Mortgage GroupEconomic News:  As the week progressed the economic data was not taken well by the stock market.  This led to a continued rally in the bond market and lower interest rates.  Tuesday's Case-Shiller Home Price Index was strong due to the housing stimulus (now mostly expired) but the New Home Sales data (based on signed contracts) did not look so hot.  The Consumer Confidence figures came in well below expectations with a 10 point decline down to a reading of 52.9.  Wednesday's ADP employment report also came in below the consensus figures.  Reports on new Jobless Claims were also higher than expected and the four week moving average reached its highest level in three months.  The Pending Home Sales numbers also disappointed even though there was an expected decline associated with the expiration of the tax credits at the end of April.  Finally, the Employment Situation was announced this morning.  The unemployment rate declined to 9.5% but the report in general was a mixed bag.  Lots of Census workers were laid off and the private sector added 83,000 jobs.

Mortgage Markets:   The yield on the 10 Year Note is currently trading at 2.975%.  In addition, the Mortgage Backed Securities have shown strength in the "flight to quality".   With the weakness in the news regarding the overall economy hit the stock market fairly hard but has certainly benefited mortgage rates.   If you are looking to close on a purchase or refinance in the next 30 days today provides a great opportunity to lock.

Next Week's Reports:  Thursday:  Jobless Claims.

Current Mortgage Rates

Stay tuned for the Next East Bay Mortgage Update & Have a Happy & Safe 4th of July Weekend.

Posted by

                         Cari Anderson Tri Valley Mortgage Expert

Cari CA Real Estate Broker License 01220718...NMLS License ID 234849

Comments (1)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Cari:  I fear we will be writing a "mixed bag" of statistics quite often for a while yet.  On the bright side ... any positive news is welcome.  It's been a long time coming ...

Hope you and your family enjoy a safe and happy 4th of July together!

Gene

Jul 02, 2010 10:13 AM