Tri-Valley Mortgage and Market Update
Economic News: Inflation fears were muted by the results reported in both the Consumer & Producer Price Indicies. Hurricane Sandy is still causing havoc, this time in economic reporting. Retail Sales were down. Weekly Jobless Claims were way up and Industrial Production fell. While not all can be blamed on Sandy she did affect the numbers to a degree. Now it’s time to think about what we are thankful for and get ready to enjoy a short work week and time off with family and friends.
Mortgage Markets: Despite volatility in the Mortgage Backed Securities market things ended about the same as they started for the week. The 10 Year Note closed at 1.579% versus last week’s closing yield of 1.611%. Mortgage rates are unchanged to slightly worse for the week.
Next Week’s Reports: Monday: Existing Home Sales, Housing Market Index Tuesday: Housing Starts Wednesday: Jobless Claims, Consumer Sentiment Thursday: Turkey Day Friday: Crazy Shopping Day
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.