Mortgage and Market Update for July 13th
Economic News: Not much news out this week and what there was had a generally sideways bias. Weekly Jobless Claims were reported at 350K down from 374K last week. Consumer Sentiment numbers were mixed with the near-term results stronger while the longer term vision was slightly weaker. All of this news in the end has very little to do with the state of the Bay Area real estate market. We hear a lot about troubles and concerns but here locally we are faced with multiple offers, contingency waivers, happy sellers and in many cases frustrated buyers. One thing to keep an eye out on is the ins and outs of the underlying legislation related to the “California Homeowner Bill of Rights”. This will have an effect on the landscape of real estate now and in the future in our Golden State.
Mortgage Markets: The 10 Year Note & Mortgage Backed Securities saw positive moves this week. The 10 year closed trading at 1.491% versus 1.555% last week. Mortgage rates are little again changed for the week.
Next Week’s Reports: Monday: Retail Sales Tuesday: Consumer Price Index, Industrial Production, Housing Market Index Wednesday: Housing Starts, Beige Book Thursday: Jobless Claims, Existing Home Sales
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.