Cari Anderson's East Bay Mortgage Update for July 28th 2010
Economic News: Yesterday's Case-Shiller Home Price Index results for May showed continued strength. This index represents a three month moving average and for this report contained March, April & May data. Consumer Confidence was also on the docket yesterday and came in slightly less than expectations at 50.4 mainly driven by the stubborn employment market. Lastly, Durable Goods Orders were announced this morning for June and came in below consensus with the transportation component accounting for a large part of the decline. The Beige Book Report (a report on economic conditions released about 8 times a year ahead of the Federal Open Market Committee (FOMC) meetings) will be released at 11:00 AM PST.
Mortgage Markets: The yield on the 10 Year Note is currently trading at 3.048%. In addition, the Mortgage Backed Securities market is stable. If you are in the process of purchasing or refinancing rates are currently range bound and are at terrific levels.
This Week's Reports: Monday: New Home Sales. Tuesday: S&P Case-Shiller Home Price Index & Consumer Confidence. Wednesday: Durable Goods Orders. Thursday: Jobless Claims. Friday: Gross Domestic Product (GDP), Employment Cost Index & Consumer Sentiment.
Stay tuned for the Next East Bay Mortgage Update...
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Cari CA Real Estate Broker License 01220718...NMLS License ID 234849
