Mortgage and Market Update for May 11th
Economic News: The elections in France and political turmoil in Greece gave the stock market the jitters to start the week. This broad selloff in equities led to a rally in bonds. As the week went on things calmed down a bit. There was not much in the way of domestic economic news this week. Jobless Claims held steady and Consumer Sentiment beat expectations pointing toward a more positive view of the economy. Around Bay Area housing the buzz is the lack of inventory and multiple offer scenarios across most price points.
Mortgage Markets: Treasuries and Mortgage Backed Securities(MBS) did well for the week and mortgage rates trended lower. The 10 Year Note is currently trading at 1.855%.
Next Week’s Reports: Tuesday: Consumer Price Index, Retail Sales, Housing Market Index Wednesday: Housing Starts, Industrial Production, FOMC Minutes Thursday: Jobless Claims, Philly Fed Survey
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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