Mortgage Weekly Update - Last Week in Review
Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. As stocks rose last week, home mortgage rates bumped up and down a bit but ended pretty much unchanged....Stocks got very lucky, with the Dow closing at record highs. This was not the case for Bonds and home loan rates, which could have used a rabbit's foot or four leaf clover, as they were buffeted up and down over the course of last week, and finally settled out close to where they began.
The economic news calendar is normally responsible for moves like this - but with a super thin schedule of reports last week, it was everything else under the sun driving the action. First, Stocks had a terrific week overall - and investors that want to move money into the Stock market logically have to take that money out of somewhere, right? Guess where that somewhere was? Bonds. So the move of money out of Bonds and into Stocks caused Bond pricing and home loan rates to suffer. Though Stocks enjoyed a great week overall, buyers can be fickle, and a day or two of disappointing Stock earnings news drove midweek volatility, with some anxious buyers moving money right back out of Stocks and into Bonds. Read the entire report here.
- Foster Weeks
posted by SFResidence.com @ 7:47 AM
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