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."AH SUGAR...AH HONEY HONEY" The Archie's made this the top song of 1969, and in fact, it was the only song recorded by a fictional band to ever reach #1. And like a child who has been overloaded on candy, Bonds have been "bouncing off the walls", and appear all "sugared up".
Bond prices and home loan rates swung wildly all of last week. Mortgage Bonds bounced around so dramatically, that home loan rates changed as much as a quarter percent during a single day, on two separate occasions last week. After all the exhausting action, home loan rates worsened by about .25% for the week overall.
Bonds hate inflation because over time, it erodes the purchasing power of the fixed rate of return they provide. And when consumer inflation was reported at its highest level in years, Bonds were hit hard. But some weak data on both Housing and Manufacturing, along with some sweet comments from the Fed, helped pour some sugar on Bonds as they rallied back and improved...
Read the entire report here.
- Foster Weeks
posted by SFResidence.com @ 8:36 AM
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