East Bay Mortgage & Market Update for March 18th 2011
Economic News: A fairly big week for economic data was partially overshadowed by the events in the Middle East as well as the catastrophe in Japan. Wednesday's Housing Starts announcement was weaker than expected with the sporadic Multi Family sector leading the downside. Both the Producer Price Index & the Consumer Price Index were higher with food & energy costs leading the way. There was positive news to end the week with the Industrial Production stats as well as the Philadelphia Fed Survey pointing to continued strength in the manufacturing sector. Crude Oil, while dipping under the $100 per barrel price earlier in the week, ended the week at $101.62.
Mortgage Markets: The 10 Year Note closed trading at 3.268% as a volatile week comes to a close. Mortgage Backed Securities also held their own with light losses to end the week in the face of a stronger stock market. Mortgage rates have had a nice rally over the past week and a half and now is a good time to seriously take a look at locking in if you have been waiting.
Next Week's Reports: Monday: Existing Home Sales Wednesday: New Home Sales Thursday: Jobless Claims & Durable Goods Orders Friday: Gross Domestic Product & 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.
Stay tuned for the Next East Bay Mortgage & Market Update