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 shine brightly even in the face of higher interest rates and energy costs. The number posted was the highest since July of 2007. Keep an eye on interest rates next week as the calendar is chock full of market moving reports.
Mortgage Markets…Interest rates remained steady throughout the week. The 10 Year Note closed trading today at 2.567% versus 2.488% last week.
Next Week’s Market Moving Reports…Monday: Pending Home Sales Index Tuesday: S&P Case-Shiller Home Price Index, Consumer Confidence Wednesday: ADP Employment Report, GDP, FOMC Meeting Announcement Thursday: Jobless Claims, ISM Manufacturing Index Friday: Employment Situation, Personal Income & Outlays
While I do not originate mortgages, I make it a habit to keep abreast of market & home loan 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.
California Department of Real Estate Broker Licenses 01165309 and 01190879
Any statistics were compiled from Public Records and other industry sources and are deemed reliable but not guaranteed. Any square footage quoted is approximate and requires buyer verification. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status or national origin.