Cari Anderson's East Bay Mortgage Update for October 15th 2010
Economic News: The majority of the economic reports were concentrated at the end of the week. On Thursday Initial Jobless Claims and the Producer Price Index (PPI) were reported. The jobless numbers were higher than expected at 462,000 and there was a very slight increase in the four week moving average. The PPI figures showed an increase of .40% from last month and up 4% from last year. When the volatile food and energy components are excluded producer prices increased a modest 1.5% over last year. Friday's Consumer Price Index (CPI) revealed that inflation at the consumer level is very soft. The Retail Sales report was good news and came in at the high end of expectations with spending gains across most sectors. In a strange contrast to the retails sales results Consumer Sentiment was lower than forecast.
Mortgage Markets: The 10 Year Note and Mortgage Backed Securities have lost some ground this week and rates have risen accordingly. Yesterday's 30 Year Bond Auction was not well subscribed and has kept the bond market under pressure. The 10 Year Note is currently trading at 2.583%.
Next Week's Reports: Monday: Industrial Production & Housing Market Index. Tuesday: Housing Starts. Thursday: Jobless Claims & Philadelphia Fed Survey.
Stay tuned for the Next East Bay Mortgage Update...
Cari Anderson's East Bay Mortgage Update for October 1st 2010
Economic News: The Gross Domestic Product (GDP) numbers were released yesterday. The 1.7% growth figure, while still a little weak, came in at the top end of the consensus range. Initial Jobless Claims were reported lower by 16,000 and the four week average trended lower for the fifth straight week. Today's Personal Income & Outlays reported that income was up .50% month over month and up 3.3% year over year. Consumer Spending was reported up .40% month over month and 2.7% year over year. Consumer Sentiment had a nice gain at 68.2 which was at the top end of consensus. Lastly, the ISM Manufacturing Index broke the trend of good news, although coming in at the mid-range of consensus, it showed a slowing in new orders and a climb in inventories.
Mortgage Markets: The yield on the 10 Year Note and Mortgage Backed Securities are recovering losses from this morning and mortgage rate improvements are on the board this afternoon. The 10 Year Note is currently trading at 2.515%.
Next Week's Reports: Monday: Pending Home Sales Index. Wednesday: ADP Employment Report. Thursday: Jobless Claims. Friday: Employment Situation.
Stay tuned for the Next East Bay Mortgage Update...
Cari Anderson's East Bay Mortgage Update for September 28th 2010
Economic News: A fairly big dose of economic data will be released this week. Today brought us the Case-Shiller Home Price Index & Consumer Confidence readings. The HPI data was a bit of a mixed bag with the non-seasonally adjusted data showing gains in both the month to month as well as year over year measurements. When seasonally adjusted the data is basically showing a flat line. Consumer Confidence came in under consensus and was at the lowest point since the beginning of the year.
Mortgage Markets: The yield on the 10 Year Note is gaining ground today and the yield has fallen to 2.464%. Mortgage Backed Securities are also rallying and interest rates are seeing improvement over yesterday's closing levels.
This Week's Reports: Tuesday: Case-Shiller Home Price Index & Consumer Confidence. Thursday: Gross Domestic Product & Jobless Claims. Friday: Personal Income and Outlays, Consumer Sentiment, ISM Manufacturing Index & Construction Spending.
Stay tuned for the Next East Bay Mortgage Update...
Cari Anderson's East Bay Mortgage Update for September 22nd 2010
Economic News: Tuesday's Housing Starts figures beat the estimates by a wide margin. This was mostly due to the Multi Family sector starts which rose 32.2% for August. The Single Family component rose as well up 4.3% versus a 6.7% drop in July. Yesterday's Federal Open Market Committee (FOMC) announcement contained the language that "the pace of recovery in output and employment has slowed in recent months." The FED signaled that the Fed Funds Rate would remain low for an "extended period" and it will review additional measures to "jump start" the economy.
Mortgage Markets: The yield on the 10 Year Note has gone down dramatically over the last two trading days from 2.705% to 2.515%. Mortgage Backed Securities have also participated in the rally. Mortgage loan rates have fallen back nicely since Friday afternoon.
This Week's Reports: Monday: Housing Market Index. Tuesday: Housing Starts & FOMC Meeting Announcement. Thursday: Jobless Claims & Existing Home Sales. Friday: Durable Goods Orders & New Home Sales.
Stay tuned for the Next East Bay Mortgage Update...
Cari Anderson's East Bay Mortgage Update for September 20th 2010
Economic News: This morning's Housing Market Index was reported at 13 for September which is the same level as last month. We will get much more information on housing later this week as Existing Home Sales will be reported on Thursday & New Home Sales on Friday. Also out today was a report by the National Bureau of Economic Research (which per the Wall Street Journal is tasked with "dating changes in the US business cycle) that the recession officially began in December of 2007 and ended in June of 2009. If you subscribe to this view then there is no way a "double dip" can take place and if the economy falters it will be a new recession. Although growth is tepid let's all hope it continues and will get stronger.
Mortgage Markets: The yield on the 10 Year Note is gaining ground and is yielding 2.705%. Mortgage Backed Securities are also doing a little better. We are seeing improved mortgage pricing this afternoon versus Friday's closing levels.
This Week's Reports: Monday: Housing Market Index. Tuesday: Housing Starts & FOMC Meeting Announcement. Thursday: Jobless Claims & Existing Home Sales. Friday: Durable Goods Orders & New Home Sales.
Stay tuned for the Next East Bay Mortgage Update...
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