San Jose Weekly Mortgage Market Commentary 10/25/2009
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.
The week that was:
Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®.
Existing-home sales including single-family, townhomes, condominiums and co-ops jumped 9.4 percent to a seasonally adjusted annual rate (SAAR) of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.
Interest rates were unchanged all week until Friday when rates edged up a little on treasuries as well as mortgages. For most of the past two months with only a few exceptions the 10 yr treasury note and mortgages have held within a 10 basis point range. Last week the stock market churned around on much better earnings reports but by the end of the week all three key indexes were fractionally lower on the week.
The week that will be:
Unlike last week, there is a mountain of economic data as well as Treasury selling $116B of 2 yr, 5 yr and 7 yr notes; toss in $7B of 5 yr inflation indexed notes and supply is a factor everyday this week but Friday. On the economic calendar; Oct consumer confidence on Tuesday is important; markets have laid heavy bets that the economy is on the highway of recovery, but so far there is no significant improvement in consumer patterns of increased spending. New home sales for Sept are expected to be a little better. On Thursday markets will get the first official look at Q3 GDP. Other data include weekly jobless claims, Sept personal income and spending, the U. of Michigan consumer sentiment index, and the Chicago purchasing mgrs index. A big week ahead that is a huge hill to climb for the bond and mortgage markets; but equity markets looked weak last week so we may see a boost on any real selling in stocks.
Related Posts
- 83According to DataQuick Bay Area home sales posted a year-over-year gain for the eighth consecutive month in April. Santa Clara county had 1606 sales in April 09 compared to 1440 in April 08 up 11.5%. Alameda county had 1457 sales in April 09 compared to 1240 in April 08, up…
- 82The week that was Oct existing and new home sales were much better than economists thought, the manufacturing sector better than thought, and auto sales stronger. The Nov employment report on Friday really shook things up; job losses only 11K with the unemployment rate lower, to 10.0% frm 10.2% in…
- 82The week that was: FNMA 4.5% coupon went up 53 bps for the week, improving mortgage rates. August durable goods orders fell 2.4%, largest decline for this series since January. Existing home sales dropped 2.7% in August on a seasonally-adjusted basis the first decline in five months; but the University…
- 81In 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%…
- 81The week that was Freddie Mac's Primary Mortgage Market Survey® (PMMS®) for 30-year fixed-rate mortgage (FRM) averaged 5.25 percent with an average 0.7 point for the week ending July 30, 2009, upfrom last week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.52 percent.…
