East Bay Mortgage & Market Update for May 27th 2011
Economic News: As has been the recent trend economic reports have been a “mixed bag” of good and not so good news. This week is no different. Durable Goods Orders, GDP and Jobless Claims were a bit disappointing. The Pending Home Sales Index showed a large decline and is definitely worthy of watching closely over the next two months to see signs of a rebound. On a positive note Consumer Sentiment handily beat the estimates and also showed a very nice gain in the future expectations component.
Mortgage Markets: Treasuries and Mortgage Backed Securities are giving back some of their large gains from yesterday. The 10 Year Note is currently trading at 3.072%. Just a year ago it was expected by many that rates would most certainly rise due to many factors and while we have had some pressure on the upside at times mortgage rates are lower now than at this time last year.
Next Week’s Reports: Tuesday: S&P Case-Shiller Home Price Index & Consumer Confidence Wednesday: ADP Employment Report & ISM Manufacturing Index Thursday: Factory Orders & Jobless Claims Friday: Employment Situation & ISM Non-Manufacturing 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.
Have a wonderful Memorial Day Weekend and take a moment to reflect on those who gave the ultimate sacrifice on behalf of our Nation.
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