East Bay Mortgage & Market Update for July 8th 2011
Economic News: JOBS…JOBS…JOBS was the focus of the trading activity in this holiday shortened week. The positive results of yesterday’s ADP Employment Report had many revising upward the expected results of today’s Employment Situation. Alas, the figures released this morning were anemic to say the least and reveal virtually no employment gains over the last two months. The unemployment rate rose to 9.2% from 9.1%. Rounding out the week were Factory Orders and the ISM Non-Manufacturing Index. Factory Orders for May posted a nice recovery from April’s numbers. The ISM for June, while slowing from the prior month, posted results above 50 at 53.3.
Mortgage Markets: Treasuries and Mortgage Backed Securities are experiencing a strong rally in the face of falling stock prices due to the disappointing Employment Report. The 10 Year Note is currently trading at 3.025% which is significantly under last Friday’s close above 3.21%.
Next Week’s Reports: Tuesday: International Trade & FOMC Minutes Thursday: Producer Price Index, Retail Sales & Jobless Claims Friday: Consumer Price Index, Industrial Production & 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.