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After two weeks of no change, mortgage markets improved last week, pushing mortgage rates lower throughout California. But, are we poised for a reversal? According to the trends, mortgage backed bonds are in a overbought position and ripe for a selloff – Based on the indicators, there’s more room for rates to rise than to fall. Continue reading
The Federal Open Market Committee begins a 2-day meeting today in the nation’s capitol. It’s the group’s third of 8 scheduled meetings this year. Mortgage rates are expected to change upon the Fed’s adjournment.
Led by Chairman Ben Bernanke, the FOMC is a 12-person, Federal Reserve sub-committee. The FOMC is the group within the Fed which votes on U.S. monetary policy. “Making monetary policy” can mean a lot of things, and the action for which the FOMC is most well-known is its setting of the Fed Funds Funds. Continue reading
Mortgage markets were mostly unchanged last week, breaking a three-week winning streak. Wall Street grappled with surprising demand on Spain’s debt issuance and a series of weaker-than-expected data points on U.S. housing.
Conforming mortgage rates across California rose slightly according to the weekly Freddie Mac Primary Mortgage Market Survey. Continue reading
In a week of up-and-down trading, mortgage markets improved for the second consecutive week last week. Weaker-than-expected jobs data plus evidence of a slumping Eurozone took mortgage bonds lower, capped by a furious Friday morning rally that dropped mortgage rates to near-record levels.
Once again, volatility ruled the bond pits. Continue reading
Mortgage markets improved last week on renewed concerns of a European debt default, and Federal Reserve rhetoric.
Conforming mortgage rates in California dropped on the news, one week after posting a 5-month high.
A major strike in Spain and growing unrest in Italy, both in opposition to recent austerity measures, have re-ignited fears that the Eurozone may lapse into recession. Continue reading