Bay Area Mortgage & Market Update for December 8th

By
Real Estate Agent with Tucker Associates Real Estate Services Broker, CalBRE 01165309

Mortgage and Market Update


Bay Area Mortgage & Market UpdateEconomic News: Another week of mixed data that trended more toward the positive than negative. The ISM Manufacturing Index was a little disappointing as it fell to 49.5. A reading greater than 50 marks expansion. Construction Spending results offset the weaker manufacturing numbers by continuing to rise and is up 9.6% versus this time last year. October Factory Orders handily beat estimates by rising .8%. On the employment front we saw Weekly Jobless Claims decline and the unemployment rate decrease to 7.7%. There was some concern with the decreased rate being tied to a shrinking labor participation rate. Lastly, Consumer Sentiment experienced a sharp decline which was attributed to the lack of progress  between the White House and Congress on resolving the “fiscal cliff” issues we are facing in the new year.

Mortgage Markets: After some mid-week volatility Mortgage Backed Securities are settling down to end the week. The 10 Year Note is currently trading at 1.626% versus 1.608% at the end of last week.

Next Week’s Reports: Tuesday: International Trade Wednesday: FOMC Meeting Announcement, FOMC Forecast, Chairman Press Conference Thursday: Jobless Claims, Producer Price Index, Retail Sales Friday: Consumer Price Index, Industrial Production

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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Thinking of Buying, Selling or would just like to discuss what's going on in your neighborhood?

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Doug Anderson

Doug Anderson An Independent Real Estate Broker - Executive Brokers, sm

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Any statistics were compiled from Public Records and other industry sources and are deemed reliable but not guaranteed. Any square footage quoted is approximate and requires buyer verification. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status or national origin.

 

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Comments (2)

Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Doug - Another excellent Bay Area mortgage and economic market update for the area.  I look forward to your year-end market reports.  They are always well-done and easy to read and understand! 

Dec 08, 2012 08:42 AM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Thank you Laura!

Dec 13, 2012 05:01 AM