Mortgage and Market Update for March 9th
Economic News: Again this week the market reports trended toward the positive. The highlights for the week are broken down between economic output and the employment sector. Factory Orders were down 1% from last month while the results for the previous two reports were revised higher. The ISM Non-Manufacturing Index was on the strong side and welcomed by the markets. ADP Employment Report numbers predicted an expansion of 216,000 in private payrolls which coincided with today’s jobs data release showing the creation of 227,000 non-farm positions. Weekly Jobless Claims were a touch weaker than expected. The seven week winning streak of declines in the four week moving average also came to a halt. The unemployment rate held steady at 8.3%. All in all a pretty good week for news.....EXCEPT FOR GAS PRICES.
Mortgage Markets: Treasuries and Mortgage Backed Securities have had a pretty calm week. The 10 Year Note has inched up to 2.032% from last week’s 1.983%.
Next Week’s Reports: Tuesday: Retail Sales, FOMC Meeting Announcement Wednesday: Import & Export Prices Thursday: Jobless Claims, Producer Price Index, Philadelphia FED Survey Friday: Consumer Price Index, Industrial Production, Consumer Sentiment
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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