News for Prescott AZ - AmericanTowns.com

Wednesday, March 16, 2011

Weekly Market Update from Curt Dalpiaz

 

 

March 14, 2011 

 



Curt Dalpiaz
Loan Officer
141 S McCormick Street
Suite #107
Prescott, AZ 86303
Ph-928-777-8971
curt.dalpiaz@academymortgage.com


Hello Brad,

Daylight Saving Time began yesterday, and we lost an hour that we can't get back until November. It's a reminder that time is of the essence, and new market opportunities that are here today could be gone tomorrow.

As always, I'm monitoring the market for you and your clients, and it's a pleasure to share my observations with you. I hope you find this update useful. If you have clients that need help with home financing – or simply want to ask a question – please have them contact me. I look forward to helping.

Sincerely,

Curt Dalpiaz
curt.dalpiaz@academymortgage.com

 

 

 

Mortgage Rates Improve

 

Highlights

Average 30 yr fixed rate

Stocks (Weekly)

 

February Retail Sales rose 1.0% from January

Moody's downgraded Spain's sovereign debt rating

Oil prices remained above $100 per barrel

The Dow stock index dropped below the 12,000 level

 

This week: -0.10%

 

Dow: 11,950 -250

 

 

 

Last week: 0.00%

 

NASDAQ: 2,700 -80

 

 

Concerns about the pace of global economic growth and continued violence in the Middle East helped mortgage rates improve last week. Very strong demand for last week's longer-term Treasury auctions was also favorable. As a result, mortgage rates moved lower during the week.

The fighting in Libya continued last week, and violence spread to Saudi Arabia. Geopolitical tensions generally benefit bonds as investors seek out relatively safer assets. Unrest in oil-producing nations has the added impact of pushing oil prices higher. When consumers and businesses must spend more for energy, they have less money to spend on other items. This slows economic growth and can reduce expectations for future inflation, allowing investors to accept lower yields.

Extremely strong demand for last week's 10-year and 30-year Treasury auctions reinforced the view that many investors are seeking to reduce the risk in their portfolios. Despite budget deficit concerns, US government-guaranteed securities remain one of the primary 'safe' assets for global investors. Demand for the longer-term auctions was well above average from both foreign and domestic investors. Increased demand drives bond prices higher and yields lower.

 

The biggest economic event this week will be Tuesday's FOMC meeting. Investors will be looking for an update on the Fed's plans for the quantitative easing program. The most significant economic data this week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products and will come out on Wednesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Thursday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Industrial Production, an important indicator of economic growth, is scheduled for Thursday. Housing Starts will be released on Wednesday. Import Prices, Empire State, Leading Indicators, and Philly Fed will round out a busy week.

 

 

The market commentary material provided is from a third party vendor, MBSQuoteline, and is not necessarily the opinions of the sender or the organization they represent. This information is intended for educational purposes only and should not be construed as investment and/or mortgage advice. Additionally, the material is deemed to be accurate and reliable, but there is no guarantee it is without error.

 

All products are subject to credit and property approval. Program terms and conditions subject to change without notice. Not all products are available in all states or amounts. Other restrictions and limitations apply.

Academy Mortgage Corporation
1218 East 7800 South #100
Sandy, UT 84094
p. 801-233-3700

Equal Housing Lender


Company NMLS ID # 3113 LO License #912852 Company License # 0904081 LO NMLS #243638


© 2011 LoyaltyExpress

Post a Comment

Brad Bergamini, real estate agent on Zillow

Share Prescott Real Estate News

Bookmark and Share

Prescott Real Estate on YouTube

Loading...

Brad Bergamini's answers on Trulia Voices

PRESCOTT, Arizona area homes for sale and listings from Brad Bergamini