Author bio section
I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.
Your weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home Home owners and buyers.
The Week that was:
Another bad week for the bond and mortgage markets. The 10 yr treasury note and mortgage rates have now increased 60 basis points in the past three weeks.
- Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending December 31, 2009, up from last week when it averaged 5.05 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.44 percent this week, with an average 0.6 point, up from last week when it averaged 4.40 percent. year ago, the 5-year ARM averaged 5.57 percent.
- Nationally, the housing market is slowly improving. House prices rose for the fifth consecutive month in October to the highest level since the beginning of 2009, according to the S&P/Case-Shiller 20-city composite index .Eleven of the cities experienced positive growth.
The Week that will be:
Its back to business providing a clearer outlook for the near term as markets will have more players after two weeks of very low volume.
- The week is anchored with Friday’s Dec critical employment report. Through the week there are key economic releases everyday leading to Dec employment data.
- It is difficult to ignore that interest rates are likely to head higher through the year. Mortgage rates are likely headed to 6.0% in Q1. The ONLY caveat; if the prospects for a strong economic recovery falter rate markets would benefit. Expect this week to be volatile and possibly some slight improvement in rates but nothing close to a change in the bearish trend.
Happy New Year!
- 82In the summary of Fed's late-April meeting released yesterday, there were some important pointers to the economy: Fed officials saw the economy contracting between 1.3% and 2% this year and the GDP was only expected to advance 2%-3% next year. The Unemployment rate is expected to end 2009 between 9.2%…
- 80The week that was: The statement from the last FOMC meeting wasnt much of a change. The fed stuck to keeping the rates low for "extended period". But how "extended" is "extended" - now that's anybody's guess! Freddie Mac's weekly Primary Mortgage Market Survey reported 30-year fixed-rate mortgage (FRM) averaged…
- 80Home sales jumped in October, rising far more than expected as First Time Home Buyer Tax Credit offset fears about joblessness. Sales of existing homes increased by 10.1% to a 6.10 million annual rate from 5.54 million in September, the National Association of Realtors (NAR) said Monday. Total housing inventory…
- 79The week that was: The minutes from the 11/4 FOMC meeting were released. Fed's minutes reiterated the Fed isn't anywhere close to increasing interest rates. Fed governors and regional bank presidents predicted the jobless rate will range from 9.3% to 9.7% in next year fourth quarter. Oct personal income increased…
- 77Affordability Index has been dropping in Santa Clara county. California Association of Realtors (C.A.R.) measures First-time Buyer Housing Affordability Index (FTB-HAI) on a quarterly basis. This measures the percentage of households that can afford to purchase an entry-level home in California. The higher the index, more affordable it is for…