Mortgage and Market Update for April 20th
Economic News: The data which rolled out this week was pretty tepid. Retail Sales were a bright spot and, although fuel prices had an impact on the numbers, there was growth across most sectors. Weekly Jobless Claims were worse than expected rising to 386,000 and last week’s numbers were revised higher as well. Now on to the housing numbers and proof again that all real estate is local. The Housing Market Index declined for the first time in seven months with home builders reporting weakness in all three metrics. Housing Starts stumbled and Existing Homes Sales were also less than expected. This certainly does not sound like our market here in the Bay Area where we are experiencing low inventory, multiple offers and stronger pricing.
Mortgage Markets: Treasuries and Mortgage Backed Securities have had an uneventful week. The 10 Year Note is currently trading at 1.969%.
Next Week’s Reports: Tuesday: Case-Shiller Home Price Index, New Home Sales, Consumer Confidence Wednesday: Durable Goods Orders, FOMC Meeting Announcement, FOMC Forecast Thursday: Jobless Claims Friday: Gross Domestic Product, 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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