Cari Anderson's East Bay Mortgage Update for June 28th 2010
Economic News: The only news released today was the Personal Income & Outlays report. Personal Income showed a nice gain in May as well as a 1.6% increase in the year over year numbers. Month over month consumer spending rose slightly and showed a 4.6% increase over the same time period last year. One confusing note on the extension of the Home Buyer Tax Credit is that discussions will begin again after the Fourth of July weekend. The only problem is the uncertainty for buyers who are unable to close escrow by this Wednesday, which was the original deadline.
Mortgage Markets: The yield on the 10 Year Note fell to 3.023% by the closing bell on Monday, continuing the rally from last week. In addition, the Mortgage Backed Securities showed continued strength as well with very aggressive rates over Friday's level. If you are looking to close on a purchase or refinance in the next 30 days today provides a great opportunity to lock.
This Week's Reports: Tuesday: Case-Shiller Home Price Index & Consumer Confidence. Wednesday: ADP Employment Report. Thursday: Jobless Claims, ISM Manufacturing Index, Construction Spending & Pending Home Sales Index. Friday: Employment Situation.
Stay tuned for the Next East Bay Mortgage Update.
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Cari CA Real Estate Broker License 01220718...NMLS License ID 234849
