San Diego Mortgage News - Friday March 29, 2013

By
Mortgage and Lending with C2 Financial NMLS# 331867

The bond and stock markets are closed today for Good Friday. I apologize for my error that the bond market would be open today; that was what we were told---obviously incorrect. Mae Culpa.

 

Although markets are closed today, Feb personal income and spending were reported; income was up 1.1% while spending increased 0.7%. Estimates were for income to be +0.9% and spending +0.6%; January income was down 3.6% and spending up just 0.2%. Better income and spending, if markets were open, would likely support stock indexes and add slight pressure in the bond and mortgage markets.

 

At 9:55 this morning the final monthly U. of Michigan consumer sentiment index was reported much stronger than expected. The index at 78.6 was expected at 72.5, the previous reading was 71.8. The increase in sentiment contradicts the Mar consumer confidence index released on Tuesday this week; that index saw a big decline, from 68.0 to 59.7 on estimates it would be at 66.9. Consumer sentiment is directly related to the strength of consumer spending. Consumer confidence and consumer sentiment are two ways of talking about consumer attitudes.

 

The two reports this morning, if markets were open, would likely have improved the stock market and likely have the bond and mortgage markets trading weaker.

 

The bond market, although closed, remains technically overbought based on all momentum oscillators. The likelihood of some retracement is high. Next week is employment week with March data to be reported on Friday. 

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Derek McClintock, CMP

Certified Mortgage Planner | Senior Loan Officer

Mortgage Broker | Direct Lender

Direct Phone: 619-647-3069

Website: www.derekmcclintock.com 

Email: mcclintockmortgage@gmail.com

NMLS #331867 | CA BRE# 01361776

C2 Financial Corporation NMLS#135622 | CA BRE# 01821025

 

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The views expressed in this blog are of Derek McClintock and not C2 Financial Corporation.

 

This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Dept. of Real Estate, Broker # 01821025; NMLS # 135622.

 

 

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