Summary provided by Greg Parker of First Capital, Cell: +1 (858) 353-0449
Bonds are trading at their highest levels for the year, affecting a downward trend in mortgage pricing. Negative news from Citigroup and news that HSBC is bailing out two of its investment funds have kept the shaky state of the credit market in focus. But word of strong, early-holiday, retail sales is providing some support for the stock market.
This week's events calendar is relatively heavy. On Wednesday afternoon, the Federal Reserve will release its latest edition of its Beige Book, a summary of economic conditions in the 12 Fed regions which the monetary policy committee uses during policy deliberations. The next committee meeting is December 11.
Thursday brings the report on new home sales for last month. The Commerce Dept. reported that the seasonally adjusted, annualized pace of new home sales rose in Sept. by 4.8% to 770,000. The average new home price fell in September by $9,000 to $288,000. This was 2.8% lower than a year earlier. The median home price rose by $5,900 to $238,000 and was up by 5.0% from the year-ago price.
Rates are: Moving Lower; Rate Volatility: Low
Long Term (4-6 weeks): Flat; Short Term (1-2 weeks): Flat
Conforming Loans (Max. $417,000):
30 Year Fixed = 5.875% Rate, 6.082% APR
15 Year Fixed = 5.25% Rate, 5.592% APR
Jumbo Loans (Over $417,000):
30 Year Fixed = 6.75% Rate, 6.96% APR
15 Year Fixed = 6.625% Rate, 6.967% APR
Current Indices:
Prime Rate = 7.50%
1-Year Treasury = 3.995%
6-Month LIBOR = 4.894%
11th District Cost of Funds = 4.38%
Treasury Average = 4.909%
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