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Cari Anderson's East Bay Mortgage Update for August 27th, 2010

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Mortgage and Lending

Cari Anderson's East Bay Mortgage Update for August 27th 2010

East Bay Mortgage Update - Cari Anderson, Diversified Mortgage GroupEconomic News:   A wild week in the markets ended with a big rally in the Stock Market and a selloff in the Bond Market.  The week's economic reports included:  Existing Home Sales, New Home Sales, Durable Goods Orders, Jobless Claims and Gross Domestic Product and Consumer Sentiment.  Although there were a few positives in some of the data the overall picture was disappointing and the markets were looking a little bleak at the start of trading Friday.  The markets began to rally shortly after Federal Reserve Chairman Ben Bernanke signaled in his Jackson Hole Wyoming speech that the FED is willing to do more to support the economic recovery.

Mortgage Markets: Both the Bond and Mortgage Backed Securities markets came under pressure today and rates ended a bit higher than yesterday's closing levels.  Many banks had two mortgage rate changes for the worse as the debt markets eroded throughout the day.  Overall, rates are still (and will probably remain for the foreseeable future) at spectacular levels.

Next Week's Reports:  Monday:  Personal Income & Outlays.  Tuesday:  Case-Shiller Home Price Index & Consumer Confidence.  Wednesday:  ADP Employment Report, ISM Manufacturing Index & Construction Spending.  Thursday:  Jobless Claims & Pending Home Sales Index.  Friday:  Employment Situation.

Current Mortgage Rates

Stay tuned for the Next East Bay Mortgage Update...

Posted by

                         Cari Anderson Tri Valley Mortgage Expert

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

Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Hi Cari, Great post. Both the NY Times and WSJ had bullish articles this week about our local economy. I think both NY and the Bay area will benefit from the lower jumbo rates. Higher priced home sales are up. I really like the design of you blog, great photos.

Sep 01, 2010 04:48 PM
Cari Anderson
Danville, CA

Hi Mitchell: I can't believe how competitive jumbo rates are - the intermediate ARMS are in the 4's (!) And thank you for the compliment! Thanks for stopping by!

Sep 02, 2010 09:22 AM