Mortgage and Market Roundup for November 6th Economic News: Once again news out of Europe on the progress of handling their sovereign debt crisis is having a major effect on our markets. Last week stocks rallied on the news that the situation in Greece may be under control only to be unwound by the Greek Prime Minister. This has produced a nice rally in our mortgage rates this week with the stock market under pressure. Greece agreed today to form a national unity government whose purpose is to oversee elections. … [Read more...]

Economic News: There was a fair amount of data reported with more to come in the coming week. The Producer & Consumer Price Indices signaled that inflation is still above levels that would please the Fed. Housing reports were mostly positive. The Housing Market Index (by the National Association of Home Builders) broke out of the recent range rising 4 points to 18. While still a depressed number it is certainly nice to see the bounce. Housing Starts for September rebounded and were reported up 18.1% in the … [Read more...]

Economic News: The equity markets continued to look for some footing this week ending a rocky 3rd Quarter where the Dow Jones has lost about 10% of its value. While still having some significant intraday swings the efforts to stabilize the debt troubles within the European Union will hopefully help in the upcoming weeks. Our economic reports continue to be a “mixed bag” with New Home Sales, Case-Shiller Home Price Index & Pending Home Sales not too positive. There was some good news in the sub-segments of the … [Read more...]