Mortgage and Market Update for September 23rd
Economic News: Another Rock and Roll week is coming to a close. The stresses in Europe combined with the Federal Open Market Committee announcement on Wednesday sent the stock markets into a tailspin. The Fed will be proceeding with what is called “Operation Twist” and the language changed on the economic outlook from “downside risk” to “significant downside risk”. Housing starts were hurt by a large drop in the very volatile multifamily sector while the single family portion of the report saw gains in both the West and Midwest. Existing home sales were very good for August with a month over month gain of 7.7% and a substantial reduction in months inventory. Lastly, Jobless Claims were a touch better than last week.
Mortgage Markets: Treasuries and Mortgage Backed Securities rallied this week but are losing a little ground today. The 10 Year Note is trading at 1.832% which is near an all time low.
Next Week’s Reports: Monday: New Home Sales Tuesday: Case-Shiller Home Price Index & Consumer Confidence Wednesday: Durable Goods Orders Thursday: GDP, Jobless Claims & Pending Home Sales Index Friday: Personal Income & Outlays
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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