Mortgage and Market Update for October 28th
Economic News: This week’s data was mostly positive and, coupled with the agreement within Europe, we saw worldwide stock markets rocket skyward on Thursday. Let’s just say that there are still some concerns about how the implementation will occur but for now it’s better to sit back and relax after a pretty good week on the economic front. Interest rates held their own against the pressure of rising equity markets.
Mortgage Markets: Treasuries and Mortgage Backed Securities bounced bounced back from yesterday’s losses and ended the week basically unchanged. The 10 Year Note closed trading at 2.315% which was up a touch from last week’s closing of 2.219%.
Next Week’s Reports: Monday: Chicago PMI Tuesday: ISM Manufacturing Index, Construction Spending Wednesday: ADP Employment Report, FOMC Meeting Announcement Thursday: Jobless Claims, Factory Orders, ISM Non-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.
Comments(4)