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Alan "AJ" Nisen My goal is to build lifetime relationships with every client!
Bank of America Mortgage
Direct: 1.925.963.5836
Work: 1.925.688.3820
Fax: 1.925.688.3829
aj.nisen@bankofamerica.com
www.nowville.com/aj.nisen
Last Week's Economic Retrospective.
Fed Chairman Ben Bernanke has patiently waited for inflation to settle into the target range (1% to 2%) since he and the Feds halted a long string of rate hikes. While this has been good to bonds so far, all that may change. Last week, the Core Personal Consumption Expenditure (PCE) Index came in higher than expected for February. The PCE rate rose to 2.4% from the previous reading of 2.3%. This was the largest monthly spike since August 2006. Also last week, the Personal Savings Rate remained negative at -1.2%. Americans are finding it very hard to save in this economic climate. As a result, Mortgage Bonds worsened during the week, causing Home Loan Rates to increase modestly.
This Week's Economic Forecast.
This week, there are several economic reports that are market movers, with the high-impact Employment Report leading the way on Friday. The early estimates call for 140,000 new jobs to be created in March, which is up substantially from February's reported 97,000 new jobs. Any large surprise in the number of new jobs or any heavy revisions on previous reports could trigger a major move in bond prices and home loan rates.
Mortgage Bonds have been in a slump since the middle of March, causing home loan rates to trend slightly higher. A weak Employment Report should help Bonds rally and help home loan rates improve, but a strong jobs number may cause home loan rates to worsen and could also signal that another Fed rate hike may be on deck at the next Fed Meeting.
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Best Regards
AJ Nisen
Thank you for your interest in starting a mortgage a conversation with me. Remember, Bank of America has Industry leading low rates and is a full service bank. Bring me any mortgage offer to compete with to see what we can do for you. I look forward to serving you in the future!
Alan "AJ" Nisen, MBA, Notary
Lafayette Chamber of Commerce Board
Orinda Chamber of Commerce Board
Alamo Merchants Professional Association Board
Danville Chamber of Commerce
Lafayette Rotary
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