East Bay Mortgage & Market Update for February 17th 2012

Mortgage and Market Update for February 17th

Economic News...for the week tilted toward the positive. Retail Sales, while less than expected, showed strength in almost all sectors excluding autos. The Housing Market Index continued to gain ground and posted its fifth consecutive monthly gain. Housing Starts were right in line with expectations with the multi-family segment leading the way. Weekly Jobless Claims moved lower and for the tenth week in the last eleven the four week moving average declined. Inflation numbers were subdued and there was nothing earth shattering from the Federal Open Market Committee meeting.

Mortgage Markets: Treasuries and Mortgage Backed Securities have come under pressure in the latter part of the week as all eyes are watching how the situation in Greece unfolds. The 10 Year Note closed trading at 2.007% which is up a touch from last week’s closing at 1.983%.

Next Week’s Reports: Wednesday: Existing Home Sales Thursday: Jobless Claims Friday: Consumer Sentiment, New Home Sales

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.