East Bay Mortgage & Market Update for 11.04.2011
By Doug Anderson, Bay Area Real Estate Views
(Tucker Associates Real Estate Services)
Mortgage and Market Update for November 4th Economic News: Once again news out of Europe on the progress of handling their sovereign debt crisis is having a major effect on our markets. Last week stocks rallied on the news that the situation in Greece may be under control only to be unwound by the Greek Prime Minister. This has produced a nice rally in our mortgage rates this week with the stock market under pressure. As far as US economic news is concerned there was nothing really earth shattering. The Federal Open Market Committee announcement on Wednesday reiterated that interest rates will stay at low levels through mid 2013 and the economy still has “significant downside risk”. The unemployment rate slid to 9% from 9.1% and 80,000 jobs were added which was less than expected.Mortga...
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