Mortgage and Market Update for June 8th
Economic News: With better news coming out of Europe indicating more cooperation in dealing with their various financial issues global stock markets were able to regain some of their footing. While volatility will continue in the near term it was nice to see the negative sentiment subside. As far as the US Economy goes we saw that Factory Orders fell in April marking the third month in a row. The ISM Non-Manufacturing Index was stronger than expected and since this is forward looking it offsets the softer news in factory orders. The Beige Book (prepared in advance of the Federal Open Market Committee Meeting) showed the economy is still growing at a “moderate pace”. Weekly Jobless Claims were better than expected although there was a slight increase in the four week moving average.
Mortgage Markets: The 10 Year Note trended a little higher this week and closed trading at 1.639% versus 1.475% at the end of last week. Mortgage rates are little changed for the week.
Next Week’s Reports: Wednesday: Producer Price Index, Retail Sales Thursday: Jobless Claims, Consumer Price Index Friday: 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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