Mortgage and Market Update for May 25th
Economic News: The major headlines for the week were the continued turmoil surrounding Greece, its debt and whether or not it will be an EU member nation in the near future and the NASDAQ fumble of Facebook’s initial public offering. While these headlines captured the news we had another week of decent economic reports. New and Existing Home Sales were positive. Consumer Sentiment continued climbing off of near term lows seen last August and is at the highest level since late 2007. Lastly, Weekly Jobless Claims were reported at the high end of consensus but still in the 360-370K range and we saw another move downward in the four week moving average.
Mortgage Markets: Treasuries and mortgage backed securities have had a pretty uneventful week and mortgage rates remain near record lows. The 10 Year Note is currently losing ground in a quiet trading day ahead of the Memorial Day Weekend. The yield is 1.784% versus 1.720% at the end of last week.
Next Week’s Reports: Tuesday: Case-Shiller Home Price Index, Consumer Confidence Wednesday: Pending Home Sales Thursday: Jobless Claims, ADP Employment Report, GDP Friday: Employment Situation, Personal Income & Outlays, ISM Manufacturing Index
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.