East Bay Mortgage & Market Update for August 26th
Economic News: While volatility still remains this week seemed slightly calmer than the last two. New Home Sales were below estimates but there was no increase in inventory which is good news for pricing. Durable Goods Orders for July were a big positive with a 4.4% rise month over month and a 9.2% increase year over year. Motor vehicle and parts orders led the way with Japan starting to come back online. Jobless Claims were higher than expected but the numbers were skewed a bit due to the worker strike at Verizon which is now settled. Rounding out the week was Gross Domestic Product which was lowered to 1% for the second quarter and Consumer Sentiment which bounced off of the previous low.
Mortgage Markets: Treasuries and Mortgage Backed Securities ended the week in good fashion with mortgage rates just slightly higher than last Friday. The 10 Year Note closed trading at 2.197%.
Next Week’s Reports: Monday: Personal Income & Outlays, Pending Home Sales Index Tuesday: Consumer Confidence, FOMC Minutes Wednesday: ADP Employment Report, Factory Orders Thursday: Jobless Claims, ISM Manufacturing Index Friday: Employment Situation
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.
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