Economic News...We had a fair amount of housing data for the week. The Case-Shiller Home Price Index continued to move sharply higher. New Home Sales for February, while slightly less than expected, followed a very strong January. Pending Homes Sales were mostly flat as increasing portions of the country are experiencing inventory issues. This is good news for housing overall as more regions come to the party California started over a year ago. Interesting news on the consumer front: Consumer Confidence tumbled which was mostly attributed to increased payroll taxes and higher fuel prices while Consumer Sentiment increased to one of the highest points of the recovery??? FHA PREMIUMS TO RISE APRIL 1ST. This is not an April Fools joke! The increase is .1% and is the third such rise in the last two years.
Mortgage Markets...Mortgage rates trended slightly lower this week. Bond Markets are closed today and the 10 Year Note finished the week at 1.855% versus 1.931% versus last week.
Next Week’s Market Moving Reports...Monday: ISM Manufacturing Index, Construction Spending Tuesday: Factory Orders Wednesday: ADP Employment Report Thursday: Jobless Claims Friday: Employment Situation, International Trade
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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