Economic News…We knew this week was going to be volatile for mortgage rates due to the importance of the data on tap. This situation was summed up perfectly in a Mortgage News Daily update which equated the behavior of the bond market to that old game of French origin utilizing an oxeye daisy. “He(She) loves me…He(She) loves me not.” Wednesday, Thursday and Friday provided news that would shift the bond market dramatically in either direction. When yesterday came to a close all eyes were fixed on the Employment Report announcement on Friday morning. A strong jobs number could spark a big sell-off in the debt markets and drive interest rates higher quickly. Well…that did not happen as the employment number was a disappointment and bonds began to rally…the week ended with “Love” in the mortgage world.
Mortgage Markets...Bonds as well as Mortgage Backed Securities experienced a topsy-turvy week with interest rates finishing just a tick higher than last week. The 10 Year Note closed trading at 2.603% versus 2.567% last week.
Next Week’s Market Moving Reports…Monday: ISM Non-Manufacturing Index Tuesday: International Trade Thursday: Jobless Claims
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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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.
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