Economic News…Bond markets got a big jolt this morning with the release of the Employment Situation report. The stronger than expected report revealed that 257,000 non-farm payroll jobs were created in January and both November and December numbers were revised sharply higher as well. In addition to this there was a big uptick in average hourly earnings. While this is good news for workers and the economy money in bonds headed for the door. Factory Orders and the ISM Manufacturing data were much less positive. The … [Read more...]
Tri-Valley Mortgage and Market Update
Economic News…was on the soft side this week. Retail Sales came in less than expected for the second consecutive month and Consumer Sentiment took a bit of a hit for the first two weeks of August. Weekly Jobless Claims ticked up in the most recent week as well. On a positive note, Industrial Production beat consensus and still shows that the manufacturing economy in the US is growing. This one report could not buoy the market though and with shrinking economic output in Japan and the Euro-Zone money was flowing … [Read more...]
Tri-Valley Mortgage and Market Update
Economic News…While all real estate is considered local the opposite is true for the mortgage market. Swings in the debt markets are influenced by global events, such as those happening in the Ukraine, as well as the severe winter that much of our country has had to endure. A “flight to quality” when fears persist leads to lower rates. On the flip side, a stock market which continues to move higher coupled with a brighter view of the overall economy pushes rates higher. Locally, inventory of homes for sale seems to … [Read more...]
Tri-Valley Mortgage and Market Update for 1.3.14
Economic News…Well 2014 has arrived and one thing is certain which is the continued change in the mortgage markets. In early December the Federal Housing Finance Agency announced that it would increase (beginning in March) the “guarantee fees” charged by Fannie Mae and Freddie Mac. This took many in the industry by surprise and the conventional wisdom is that these tiered charges will be passed on to the consumer in the form of higher mortgage rates. A bit of good news regarding this issue came from Mel Watt (the … [Read more...]
Tri-Valley Mortgage & Market Update for November 15th
Economic News…was light in this holiday shortened trading week. Weekly Jobless Claims and Industrial Production were, for the most part, inline with estimates. Reporting next week should provide a little more direction as to the near-term momentum of interest rates. In the past year and a half we have experienced a “white hot” real estate market in the Bay Area. While there are some signs of cooling with higher mortgage rates, market conditions continue to remain in favor of the seller but is there a change coming? … [Read more...]
Tri-Valley Mortgage & Market Update for October 25th
Economic News…for the week supported the notion that the FED will most likely stay put with their current economic policy. Weekly Jobless Claims are still running higher than desired with the four week moving average 40K above September numbers. Consumer Sentiment revealed a dimmer view of current economic expectations. While Existing Home Sales have calmed a bit pricing continues to increase and the Western Region led the country. A bit of good news this week for the real estate industry was that maximum loan … [Read more...]
Tri-Valley Mortgage & Market Update for August 9th
Economic News...was light for the week. Manufacturing and Employment data met expectations. Even though the market was calm, news in the mortgage world was more robust. Several cities have investigated the use of Eminent Domain to seize underwater mortgages within their jurisdiction, modify the terms of the loans and then resell them. While this sounds like a worthy goal there may be a backlash from those willing to lend in these areas in the future. Just in the last few weeks Richmond, CA has moved further than … [Read more...]
Tri-Valley Mortgage and Market Update
Economic News...this week had all the attributes of a mid-summer day meaning not much was going on. Existing Home Sales for June decreased more than anticipated. Rising mortgage rates and tight inventory were credited with the decline. On the other hand, New Home Sales cruised past estimates. Durable Goods Orders were robust but the gains were almost entirely due to the aircraft sector. Weekly Jobless Claims continue to tread water in the 340K to 350K range. The view from the consumer’s perspective continues to … [Read more...]
Tri-Valley Mortgage & Market Update for May 24th
Economic News...For housing was oozing with positive data! Despite the constrained inventory of available homes both the Existing Home Sales and New Home Sales reports showed strong results. Durable Goods Orders beat estimates and Weekly Jobless Claims bounced back from last week’s disappointing report. Mortgage Markets...Mortgage rates continue to march higher during May. Mortgage Backed Securities are currently underperforming the Treasury market. The 10 Year Note is currently trading at 2.013% which is up from … [Read more...]
Tri-Valley Mortgage & Market Update for May 17th
Mortgage and Market Update Economic News...Back to a week of mixed data but the Stock Market continues to pretty much ignore negative news and move higher. This run to new highs has left mortgage rates under continued pressure. Retail Sales, while not robust, did show signs that the consumer is feeling more comfortable spending on discretionary items. The manufacturing sector contracted a bit in April with both production and capacity utilization easing. Weekly Jobless Claims jumped unexpectedly to 360K after being … [Read more...]
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