East Bay Mortgage & Market Update for April 26th 2011

East Bay Mortgage & Market Update for April 26th 2011

Economic News:  New Home Sales numbers for March were more positive than last month. An increase in unit sales, a slight uptick in pricing and inventory dropping to 7.2 months from 8.3 months were the highlights. Case-Shiller Home Price Index data for February was not too exciting and had the 10 city index average down 2.6% from year ago levels. Consumer Confidence results beat estimates and bounced back from the drop in February. There was also some good news regarding positive sentiment in the underlying data. For the first time in history the Federal Reserve Chairman Ben Bernanke will have a press conference tomorrow afternoon following the release of the decision on interest rates.

Mortgage Markets:  The Treasury and Mortgage Backed Securities markets are fairly quiet. The 10 Year Note is currently trading at 3.329%. Mortgage rates are a touch better than last weeks closing levels.

This Week’s Reports:  Monday:  New Homes Sales  Tuesday:  S&P Case-Shiller Home Price Index & Consumer Confidence  Wednesday:  Durable Goods Orders & Federal Open Market Committee Meeting Announcement  Thursday:  Gross Domestic Product, Pending Home Sales Index & Jobless Claims  Friday:  Personal Income & Outlays, 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