News for Prescott AZ - AmericanTowns.com

Monday, November 07, 2011

Weekly Market Update from Curt and Shannon

 

November 07, 2011

 



The Dalpiaz Team
Curt and Shannon
141 S. McCormick Street Suite #107
Prescott, AZ 86303
Ph-928-777-8971
curt.dalpiaz@academy.cc
shannon.dalpiaz@academy.cc
LO License-#0912851 LO NMLS-#151454


Hello Brad,

The end of Daylight Saving Time reminds us that there are limited hours in a day. That's why it's important to make the most of your time. As always, you can count on me to make the loan process fast, smooth, and as stress-free as possible. Saving homeowners money has never been more important.

Even though economic & market conditions continue to be challenging, real estate transactions can be successfully completed when you receive realistic guidance and support. Please let me know when I can be of assistance. It would be a pleasure to help.

Sincerely,

Curt and Shannon
curt.dalpiaz@AcademyMortgage.com

 

 

 

Mortgage Rates Drop on European Concerns

 

Highlights

Average 30 yr fixed rate

Stocks (Weekly)

 

Weekly Jobless Claims dropped below the 400K level

The Chicago PMI manufacturing index fell to the lowest level since May

The European Central Bank (ECB) surprised investors with a 25 basis point rate cut

The Treasury will auction $72 billion in 3-yr, 10-yr, and 30-yr securities this week

 

This week: -0.10%

 

Dow: 11,900 -300

 

 

 

Last week: +0.05%

 

NASDAQ: 2,675 -75

 

 

Increased concerns about Europe caused a flight to safety last week, which helped mortgage rates improve. The Fed statement, which contained no major surprises, and the economic data released during the week had little impact on mortgage rates. As a result, mortgage rates ended the week lower.

The optimism from the European bailout plan that was announced faded a little last week. Tuesday, the Greek Prime Minister surprised investors by announcing that the proposed bailout package would be put to a public referendum. If Greek voters were to reject the plan, it could cause the problems to spread, particularly to Italy and Spain. Other Greek officials are opposed to holding a referendum, and it's not certain that one will ever take place. Adding to the uncertainty, the Prime Minister faces a confidence vote to see if he will remain in power. In any case, investors are concerned whether the austerity measures required by the bailout plan will be accepted in Greece.

Not long ago, investors were concerned that the US economy was close to a 'double dip' recession. Recent economic data and comments from Fed officials have eased those fears, though. Wednesday's Fed statement expressed a little more optimism about the economy than in the last statement. Friday's stronger than expected Employment data also suggested that the economy is gradually improving. Against a consensus forecast of 90K, the economy added 80K jobs in October, but the figures from prior months were revised higher by 102K. The Unemployment Rate unexpectedly declined to 9.0% from 9.1% in September.



Investors will be focused on the G20 meeting and on events in troubled European countries. The Economic Calendar will be very light this week. Import Prices and the Trade Balance will be released on Thursday. Consumer Sentiment is scheduled for Friday. There will be Treasury auctions on Tuesday, Wednesday, and Thursday. Bond markets will be closed on Friday in observance of Veterans Day.

 

 

 

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.

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Equal Housing Lender


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


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