News for Prescott AZ - AmericanTowns.com

Monday, March 21, 2011

Weekly Market Update from Curt Dalpiaz

 

 

March 21, 2011 

 



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


Hello Brad,

The official beginning of spring brings great news for all of us: an increasingly active housing market. Home prices are low & mortgage rates are extremely affordable – excellent news all around.

My goal is to help homeowners secure the most effective & affordable financing in the market. I'm also available to answer questions and brainstorm ideas. Let me know when I can help. In the meantime, have a great selling season!

Sincerely,

Curt Dalpiaz
curt.dalpiaz@academymortgage.com

 

 

 

Rates Lower on Global Events

 

Highlights

Average 30 yr fixed rate

Stocks (Weekly)

 

The Philly Fed regional manufacturing index surged to the highest level since 1984

The Jobless Claims four-week average declined to the lowest level since July 2008

The Fed statement provided a modest upgrade to the US economy

The G7 intervened after the value of the yen relative to the dollar reached record levels

 

This week: -0.10%

 

Dow: 11,900 -100

 

 

 

Last week: -0.10%

 

NASDAQ: 2,650 -50

 

 

World events overshadowed domestic news in driving mortgage rates last week. The disaster in Japan and the violence in the Middle East helped push mortgage rates a little lower. Stronger than expected US economic data had just a small impact.

The current environment is rare in that unrelated events in different parts of the world are exerting such a strong influence on US mortgage rates. While global economic growth rates are always a significant factor, they generally shift at a gradual pace. What makes the disaster in Japan so unusual is that it produced a very abrupt decline in the economic outlook for Japan. Slower economic growth in Japan will likely contribute to slower US growth, which is favorable for mortgage rates. Uncertainty in the Middle East is also favorable for mortgage rates, as it leads to higher oil prices which slow economic growth. Changing conditions in the Middle East pushed rates in both directions during the week as violence increased in Bahrain, but may be diminishing in Libya.

A week with a packed economic calendar and a Fed meeting was pushed to the background by the news from other countries. Last week's generally stronger than expected economic data might otherwise have caused mortgage rates to move higher. Rising food and energy prices produced higher than expected inflation readings in February. Core CPI inflation, which excludes food and energy, rose just 1.1% from one year ago, but it has been moving higher in recent months. The Fed statement contained no surprises and produced little reaction.

 

This week, Existing Home Sales will be released on Monday, and New Home Sales will come out on Wednesday. Durable Orders, an important indicator of economic growth, will be released on Thursday. The final revisions to fourth quarter 2010 GDP will come out on Friday, along with Consumer Sentiment.

 

 

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


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