Mortgage and Market Update for May 18th
Economic News: The situation in Greece is again stressing global markets but here in the U.S. the big news is the Initial Public Offering of Facebook. The Bay Area has been on a bit of a roll lately as have our local real estate markets. Listing agents are reviewing multiple offers with sellers while buyer agents are working harder than ever to serve their clients needs. In spite of generally positive news on the US Economy the stock market was under pressure most of the week. This volatility will more than likely be with us in the near term as Europe sorts out its problems.
Mortgage Markets: In light of the situation within the European Union Treasuries and Mortgage Backed Securities (MBS) rallied for the week and mortgage rates are nearing all-time lows once again. The 10 Year Note is currently trading at 1.720% versus 1.855% at the end of last week.
Next Week’s Reports: Tuesday: Existing Home Sales Wednesday: New Home Sales Thursday: Jobless Claims, Durable Goods Orders Friday: Consumer Sentiment
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.