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...]
Tri-Valley Mortgage & Market Update for April 19th
Economic News...was light for the week but there was some on the housing sector and mortgage rates remained virtually unchanged from last week. The Housing Market Index was lower reflecting weaker conditions in the Northeast and South. The West led the way. Housing Starts were robust with the multi-family component making up the majority of the gains. Now....news on the California Housing Market courtesy of CAR....Home prices have reached the highest level since May of 2008. The median price in March was $333,380 … [Read more...]
Tri-Valley Mortgage & Market Update for March 8th
Economic News...The stock market continues to roll on with the Dow Jones making new highs (four in a row this week). While the growth of equities is good news for the consumer and market in general, it traditionally comes at a cost to the debt markets. This morning’s Employment Situation report was “icing on the cake” for traders and has sent mortgage rates higher. Weekly Jobless Claims also continued to move lower and once again beat estimates. There was an interesting article in last week’s New York Times which … [Read more...]
Tri-Valley Mortgage & Market Update for January 4th
Economic News...As we rang in the New Year all eyes were on the Congress & President to avert the so-called “Fiscal Cliff”. A deal was struck but look out for more volatility as the United States has reached the debt ceiling and what looks to be a contentious battle lies ahead in the next few months. Good news for those who are having to go the short sale route. Mortgage Debt Tax Relief was extended for another year. California’s Homeowner Bill of Rights, which was signed last year by Governor Jerry Brown, has … [Read more...]
Bay Area Mortgage & Market Update for December 21st
Mortgage and Market Update Economic News: 2012 is rolling to an end and the news for this week was not “Naughty” but “Nice”. The Housing Market Index reported its 8th straight monthly gain and builders reported the best conditions in five years. Housing Starts were revised lower for the previous two months but that news certainly seems to be offset by the sentiment of home builders. Existing Home Sales were up 5.9% with supply dwindling again. Third Quarter Gross Domestic Product was revised upward to an annualized … [Read more...]
Tri-Valley Mortgage & Market Update for 9.14
Economic News: The big market moving news this week was the announcement from the Federal Open Market Committee that it will purchase 40 Billion Dollars a month of Agency Paper (Fannie & Freddie Mortgage Bonds) with no expiration date set. This is the much anticipated Quantitative Easing known as QEIII. Additionally, the FED policy of low interest rates is expected to continue through the middle of 2015. This sent the stock market off to the races Thursday and mortgage rates went lower as well. The recent … [Read more...]
680 Corridor Mortgage & Market Update
Mortgage and Market Update for July 27th Economic News: Overseas economic concerns weighed on our equity markets early in the week. News from the European Central Bank that it will become more aggressive has bolstered confidence and the US Stock Market is in rally mode. New and Pending Home Sales were softer for June after a strong showing in both April and May. Weekly Jobless Claims tumbled to 353K from an expected 380K. Gross Domestic Product softened in the 2nd Quarter at a 1.5% annualized rate. Is the … [Read more...]
680 Corridor Mortgage & Market Update
Economic News: As we end the week and prepare for the upcoming Independence Holiday we can reflect on what was a positive string of housing reports. New Home Sales were strong with a 7.6% increase in May and the inventory of new homes for sale dropped to 4.7 months. The Case-Shiller Home Price Index was up for the third month in a row and was at the higher end of expectations. Finally, the Pending Home Sales results were a great way to end the week on housing data showing a 7.9% jump. The reports on consumer … [Read more...]
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