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Home East Bay Mortgage & Market Update for Febr...

East Bay Mortgage & Market Update for February 3rd 2012

Mortgage and Market Update for February3rd


Bay Area Real EstateEconomic News: The employment news is the big headline for the week. Today’s release of the Employment Situation showed robust gains for jobs in January. The 243,000 positions added were well above estimates and the Unemployment Rate declined to 8.3% from 8.5%. Weekly Jobless Claims were in line with estimates and the four week moving average posted declines in 8 of the last nine weeks. ISM Manufacturing and Factory Orders were both well received and show continued expansion in the “goods making” part of the economy. The only softness for the week came in Consumer Confidence and the S&P Case-Shiller Home Price Index.

Mortgage Markets: Treasuries and Mortgage Backed Securities,while improving during the week bringing interest rates down to fresh lows, have backed up a bit today in the face of a rallying stock market. The 10 Year Note closed trading at 1.928% which is up a touch from last weeks closing of 1.907%.

Next Week’s Reports: Thursday: Jobless Claims Friday: International Trade, 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.
Posted Saturday Feb 04