Economic News…for the week supported the notion that the FED will most likely stay put with their current economic policy. Weekly Jobless Claims are still running higher than desired with the four week moving average 40K above September numbers. Consumer Sentiment revealed a dimmer view of current economic expectations. While Existing Home Sales have calmed a bit pricing continues to increase and the Western Region led the country. A bit of good news this week for the real estate industry was that maximum loan limits for Fannie and Freddie will not be reduced for at least six months and when that reduction is announced six months notice will be given. Keep an eye out next Wednesday for the monetary announcement from the Federal Open Market Committee.
Mortgage Markets...it seems are settling into a new range and have been trading fairly flat. The 10 Year Note closed the week with a yield of 2.506% versus last week’s closing yield of 2.583%.
Next Week’s Market Moving Reports…Monday: Industrial Production, Pending Home Sales Tuesday: Producer Price Index, Retail Sales, S&P Case-Shiller Home Price Index, Consumer Confidence Wednesday: ADP Employment Report, FOMC Meeting Announcement Thursday: Jobless Claims Friday: ISM Manufacturing Index
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.
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