Mortgage and Market Update
Economic News...Both the debt and equity markets clawed their way higher this week. Two words summed up the Existing Home Sales Report: Tight Inventory. Sales did not meet expectations but this was not due to buyer demand. The pricing component was also exceptionally strong. New Home Sales came in slightly under consensus. Weekly Jobless Claims posted a nice number while Consumer Sentiment beat estimates which hopefully points to a nice May. Lastly, Gross Domestic Product, limped in at a disappointing 2.5% compared to the 3.1% forecast.
Mortgage Markets...The weaker than expected GDP number has helped mortgage rates today. The 10 Year Note closed trading at 1.668% which is just slightly better than last week’s closing yield of 1.707%.
Next Week’s Market Moving Reports...Monday: Pending Home Sales, Personal Income & Outlays Tuesday: Case-Shiller Home Price Index, Consumer Confidence Wednesday: ADP Employment Report, ISM Manufacturing Index, FOMC Meeting Announcement Thursday: Jobless Claims, International Trade Friday: Employment Situation, Factory Orders
While I do not originate mortgages, I make it a habit to keep abreast of market & home loan 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.