Weekly Market Update from Curt and Shannon

 

 

	January 22, 2013
	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 government has recently made some changes to mortgage rules, and it's important to stay on top of them. If you have any questions, please let me know. My main goal is to make the loan process as smooth and stress-free as possible for customers. You can count on me for continuous guidance and support. Sincerely, Curt and Shannon curt.dalpiaz@AcademyMortgage.com
Economic Data Exceeds Expectations   Highlights Average 30 yr fixed rate Stocks (Weekly)   December Core CPI was 1.9% higher than one year ago, the same as November Weekly Jobless Claims dropped to the lowest level since January 2008 It was reported that Japan is considering a foreign bond buying program Chinese GDP growth data was a little stronger than expected   Week of 01/18: +0.02%   Dow: 13,600 +100       Week of 01/11: -0.03%   NASDAQ: 3,125 +10     Positive economic data was the primary influence on mortgage rates last week. Unexpected strength in Retail Sales, Housing Starts, and Jobless Claims combined to push mortgage rates a little higher. Stronger economic growth is great for the labor market and the stock market. Unfortunately, it also increases the risk that future inflation will move higher, so it is generally not good for mortgage rates. Two factors helped contain the increase in mortgage rates last week, however. First, the inflation data released last week showed that inflation is not a problem right now. In addition, Fed purchases of mortgage-backed securities (MBS) provided sufficient demand to keep mortgage rates at low levels. The Housing data released during the week continued to be encouraging. December Housing Starts jumped 12%, well above the consensus forecast, to the highest level since June 2008. Building Permits increased 1%. The January NAHB Home Builder Confidence index remained at the highest level since 2006. The Fed's Beige Book reported improving real estate conditions in all twelve regions.
		The Housing data will be the main focus on a very light Economic Calendar this week. Existing Home Sales will be released on Tuesday, and New Home Sales will be released on Friday. Leading Indicators will come out on Thursday. In addition, ongoing debt ceiling talks may influence mortgage rates.
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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