This entry was posted on Monday, April 30th, 2007 at 8:32 pm 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
The conforming 30 year fixed rate mortgage dipped slightly last week and came to rest around 6.16 at one half point. However, tomorrow morning’s rates should be a bit better.
What’s Going On?
Recent economic reports show weakness in retail sales, consumer spending, and GDP, all perhaps a reflection of the housing slow down. Because consumption is 71% of GDP, there is reason to be concerned about a changing consumer mood in response evaporating home equity. But the Fed continues to worry more about inflation, and the bond market continues to trade sideways keeping rates stable.
Today’s PCE number—the Fed’s preferred inflation gauge showed—was flat, giving the Fed a Maalox for its nervous tummy, while consumer spending rose less than expected and construction spending slowed. The next big news comes with April’s non-farm payrolls due out Friday morning..
May 5th, 2007 at 9:30 am
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