Economic News...The ADP Employment Report released Wednesday was a mixed bag and pointed toward a weaker outlook on the nation’s employment picture. When the Employment Situation results were announced this morning they very much surprised on the upside, erasing any fears about the ADP Report, and the equity markets took off. The Dow touched 15,000 for the first time while the NASDAQ finished the week gaining 3%. Housing data was also robust. Pending Home Sales came in at the top end of expectations and showed signs of continued growth into the Spring & Summer. The Case-Shiller Home Price Index was also bullish.
Mortgage Markets...Mortgage rates were coasting along near the best levels of the year for much of the week...then as the stock market gained momentum Thursday & Friday that trend reversed. The 10 Year Note closed trading at 1.743% which is just slightly worse than last week’s closing yield of 1.668%.
Next Week’s Market Moving Reports...Thursday:Jobless Claims . Not much on the Calendar for next week...
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.
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