East Bay Mortgage & Market Update for May 24th 2011
Economic News: The major portion of market news falls in the latter half of the week. This morning New Home Sales results for April were released. There was a lot to be happy about in the report as the annualized rate was estimated at 323,000. This handily beat the estimates and the underlying data showed a nice reduction in supply which could lead to firmer pricing in the near future. According to the Wall Street Journal “...only 175,000 new homes are up for sale for the lowest total in data that goes back to 1963!”.
Mortgage Markets: Treasury and Mortgage Backed Securities are losing just a bit of ground today. The 10 Year Note is currently trading at 3.151%.
This Week’s Reports: Tuesday: New Home Sales Wednesday: Durable Goods Orders Thursday: Gross Domestic Product (GDP) & Jobless Claims Friday: Personal Income & Outlays, Consumer Sentiment & Pending Home Sales Index
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