This entry was posted on Sunday, February 4th, 2007 at 12:31 am and is filed under Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Sacramento Mortgage Rate Update–1/29 through 2/2
The benchmark 30 year fixed rate mortgage ended the week at 6.125%.
Behind the Numbers
The bond market began the week with a continuation of last week’s pounding, but by week’s end the economic signals appeared balanced.
On the plus side for mortgage rates, the labor market and consumer sentiment softened in January. Employment costs fell slightly in the last third of 2006, easing fears about the inflationary effect of rising wages and helping The Fed to leave rates unchanged and give a more upbeat assessment about the economy. And personal incomes, consumer spending and core inflation all slowed in December.
On the minus side for interest rates, 4th Quarter GDP surged ahead at a 3.5% pace despite the housing market, and the National Association of Realtors reported that December pending home sales increased 5% over November.
The 10 year Note yield eased off to close at 4.829.