Cari Anderson's East Bay Mortgage Update for June 11th, 2010

Cari Anderson's East Bay Mortgage Update for June 11th 2010

Economic News: On Wednesday the Mortgage Bankers Association released figures noting that purchase applications as of June 4^th were 35% lower than four weeks ago. There seems to be a bit of softness following the expiration of the tax credits. Thursday's Weekly Jobless Claims came in at the high end of expectations and remained stubbornly above the 450,000 level. The continuing claims numbers were taken as a positive though falling by 255,000 reaching the lowest level since late 2008. This morning's Retail Sales results were a little disappointing with May's numbers coming in far below the analysts' estimates and hopefully this is just a pause as the figures have steadily improved over the last few months. Finally, Consumer Sentiment beat estimates and the index climbed to the highest level this year. Good News!

Mortgage Markets: The 10 Year Note is trading in a narrow range this morning and is yielding 3.253%. In addition, the Mortgage Backed Securities are humming along. If you are looking to close on a purchase or refinance in the next 21 days it is a great time to lock in a great rate.

Upcoming Next Week: Tuesday: Housing Market Index. Wednesday: Housing Starts, Producer Price Index (PPI) & Industrial Production. Thursday: Consumer Price Index (CPI) & Jobless Claims

Current Mortgage Rates

Stay tuned for the Next East Bay Mortgage Update. Have a Great Weekend!