Cari Anderson's East Bay Mortgage Update for August 27th, 2010
What a week for the markets. While most of the data was weak there was a major rally today for the Equity Markets as Ben Bernanke provided comments regarding the potential for additional FED involvement to assist in the recovery. Whatever side you fall on it is good to see the government engaged and providing some stability to the market. While bonds got clobbered rates remain at awesome levels providing for the chance to take advantage of greater buying power.
Cari Anderson's East Bay Mortgage Update for August 27th 2010
Economic 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.
Stay tuned for the Next East Bay Mortgage Update...
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