News for Prescott AZ - AmericanTowns.com

Monday, June 06, 2011

Weekly Market Update from Curt Dalpiaz

 

 

June 06, 2011

 



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


Hello Brad,

Can you believe summer is only a couple weeks away? Spring has gone by fast, and I hope it's been a productive season for you. No matter what time of year it is, I'm dedicated to providing value to your business.

Have a great day.

Sincerely,

Curt Dalpiaz
curt.dalpiaz@academymortgage.com

 

 

 

Jobs Data Falls Short

 

Highlights

Average 30 yr fixed rate

Stocks (Weekly)

 

The May Unemployment Rate increased to 9.1% from 9.0% in April

The ISM Manufacturing index dropped to the lowest level since September 2009

The Treasury will auction $64 billion in 3-yr, 10-yr, and 30-yr securities this week

Moody's may put US debt on review for a possible downgrade if the debt ceiling is not raised

 

This week: -0.02%

 

Dow: 12,200 -250

 

 

 

Last week: -0.05%

 

NASDAQ: 2,750 -50

 

 

Friday's Employment report was a disappointing indicator of the current state of the US economic recovery. This report, along with just about every other economic measure released last week, was weaker than expected. As a result, mortgage rates fell to a new low for the year. Against a consensus forecast of 150K, the economy added just 54K jobs in May, and the figures for prior months were revised lower as well. This was the lowest monthly level of net job creation since September 2010.

The big question about the economy is whether the slowdown in growth is mostly due to temporary factors or whether it will be longer-term. The earthquake in Japan caused a shortage of parts, which had a large impact on global manufacturing, and the swift rise in oil prices caused consumers to scale back on other spending. The Japanese earthquake was a one-time event, and oil prices have dropped back to $100 per barrel. Other investors, though, feel that economic troubles are more fundamental. They view debt problems in weaker European countries and a winding down of some fiscal and monetary stimulus programs in the US as major factors in the slower growth. Since mortgage rates are heavily influenced by the pace of economic growth, the degree to which the slowdown proves to be shorter-term versus longer-term will likely determine how long rates remain at these low levels.



The Economic Calendar will be very light this week. The Fed's Beige Book will come out on Wednesday. The Trade Balance will be released on Thursday, and Import Prices will come out on Friday. There will be Treasury auctions on Tuesday, Wednesday, and Thursday.

 

 

 

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



This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information

http://bradbergamini.com or http://everythingprescott.com

 

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