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Weekly Mortgage Market Report
March 8, 2010
Pending Home Sales Show Mixed Results A Pending Home Sale is a when a contract is in place to sell a home but it has yet to close. The National Association of Realtors reported that from January 2009 to January 2010 this index increased by 12.3%. So, the year-over-year numbers show some improvement in the housing market.
However, Pending Home Sales shrank 7.6% in their monthly comparisons between December 2009 and January 2010. Home Sales traditionally pull back during the colder months.
Unemployment Rate Remains Unchanged We had two very important measures of Unemployment last week. On Thursday, the Initial Jobless Claims data was released and showed that new claims for unemployment benefits fell by 29,000 from the previous week to a seasonally adjusted 469,000.
The Unemployment Rate was released Friday. It remained unchanged from the prior period at 9.7%. Most economists and the market expected it to increase. But two consecutive readings of 9.7% is starting to bolster the consensus view that we may have started to see the beginnings of some gradual healing and that we could be on the brink of showing some actual job creation by the next report.
What Happened to Rates Last Week:

Mortgage backed securities (MBS) gained +13 basis points last week which caused 30 year fixed rates to decrease for both government and conventional loans. Our best mortgage rates were on Thursday as we matched our best pricing levels of the year which occurred previously on 02/08/2010. However, we lost -25BPS the very next day on the relative strength of the Unemployment Report.
What to Watch Out For This Week: The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages.
|
Date |
ET |
Release |
For |
|
10-Mar |
10:00 |
Wholesale Inventories |
Jan |
|
10-Mar |
10:30 |
Crude Inventories |
6-Mar |
|
10-Mar |
14:00 |
Treasury Budget |
Feb |
|
11-Mar |
8:30 |
Continuing Claims |
27-Feb |
|
11-Mar |
8:30 |
Initial Claims |
6-Mar |
|
11-Mar |
8:30 |
Trade Balance |
Jan |
|
12-Mar |
8:30 |
Retail Sales |
Feb |
|
12-Mar |
8:30 |
Retail Sales ex-auto |
Feb |
|
12-Mar |
9:55 |
Mich Sentiment |
Mar |
|
12-Mar |
10:00 |
Business Inventories |
Jan |
Call us anytime for a market update.
434-975-LOAN (5626)
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Crown Mortgage, LLC Licensed by the Virginia State Corporation Commission License # MC-3595 Crown Mortgage, LLC 620 Woodbrook Drive Suite 2 Charlottesville, VA 22901
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