Mortgage and Market Update for September 9th
Economic News: Another volatile week came to a close. The cloud over the markets continued this week with the debt troubles within the European Union. A chief economist for the European Central Bank announced his departure by the end of the year and struggles continued on trying to deal with Greece on their debt. Our economic news was fairly light this week. The ISM Non-Manufacturing Index for August beat expectations. The Beige Book, compiled ahead of the Federal Open Market Committee Meeting, points to the fact that a double dip recession is not in the cards. The economy is continuing to grow but at a very slow rate. Lastly, Jobless Claims were slightly worse than consensus with a small uptick in weekly claims as well as the four week moving average.
Mortgage Markets: Treasuries and Mortgage Backed Securities ended the week on a positive note with the weakness in the stock market. The 10 Year Note closed trading at 1.920% .
Next Week’s Reports: Wednesday: Producer Price Index & Retail Sales Thursday: Consumer Price Index, Jobless Claims, Industrial Production & Philadelphia Fed Survey Friday: 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.