Last Updated:
July 20, 2010
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Forecast for the Week
There's a double dose of housing news this week. Tuesday's Housing Starts and Building Permits Reports will give us an update on the health of the new construction sector of the housing market, while Thursday we will get a read on Existing Home Sales.
Thursday also brings another Initial Jobless Claims Report, and any changes for the better in this area will be welcome! In fact, last week, the National Federation of Independent Businesses (NFIB) reported that its monthly "Small Business Optimism" index turned weaker in June. This is important to follow, because small businesses represent an important job creation engine - and the NFIB said the decrease was "a very disappointing outcome."
In addition, earnings season continues this week and some reports to look for include IBM after the markets close Monday, Goldman Sachs before the markets open on Tuesday, and Coca Cola and Morgan Stanley before the markets open on Wednesday.
Bonds and rates ended the week on an improving trend though they were unable to improve beyond a tough ceiling reflective of their best levels. I'll be watching closely to see what happens this week.
Rate Review
In Freddie Mac Primary Mortgage Mkt Survey (for the week ending July 16th) in which the 30-yr fixed-rate mortgage (FRM) avg. 4.57%. Last year at this time, the 30-yr FRM avg 5.14%.
The 15-year FRM this week avg 4.06%. A year ago at this time, the 15-year FRM avg 4.63%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) avg 3.85%. A year ago, the 5-year ARM avg 4.83%.
The one-year Treasury-indexed ARM avg 3.74%. At this time last year, the 1-year ARM avg 4.76%.