With my usual go-to lending gal, Kristi Collins, on hiatus this week, I'm turning to my other go-to lenders, Aimee & Shailesh Ghimire of CTX Mortgage, and Larry Cappalletti of the local company Capp Mortgage. The text below is taken directly from an email report I receive regularly from Shailesh & Aimee. Want to get this in your IN box too? Email them at email@example.com
- 30 Yr Fixed, Conventional - 6.000% with 0 points
- Same - 5.750% with 1 point
- 5.625% - 5/1 Jumbo ARM with 0 points and No Fee
- 5.875% - 7/1 Jumbo ARM with 0 points and No Fee
Market Report - The Dow ended the week at 12,325.42, down 2.3%. The broader S&P 500 sank a similar 2.7%, to 1332.83. The NASDAQ, which last week rose the most, this week sank the most, down 3.4%, to 2290.24.
With oil prices hitting a new $112 high on Wednesday, there was more yak about inflation, but that didn't seem to hurt the Treasury market. The yield on the benchmark 10-year Treasury ended Friday at 3.460%, actually a smidge down from where it began the week. Mortgage rates should continue to be in a good range.
INFO JUNKIES, THIS WEEK'S FOR YOU... Last week, a few corporate earnings reports had a big market impact, so things should be super interesting this week, as 200 companies reveal their Q1 numbers. With the financial sector a big focus for the last few months, pay special attention to reports from Bear Stearns rescuers JPMorgan Chase, plus Wells Fargo, Merrill Lynch, Citigroup, and US Bancorp.
Adding to the corporate noise will be a host of economic indicators. March PPI and CPI indexes will give us a read on inflation. (Heather's post publishing note - the PPI numbers came out today and were downright dismal. PPI shot up to 3 times expected levels, which is bound to add fuel to the flames for those arguing that inflation is a big worry and therefore the Fed should stop slashing interest rates.) March retail sales, housing starts, and building permits will measure our economic health, along with a leading indicators reading and the Philadelphia Fed Index. Initial Jobless Claims will be watched for any creep toward recession levels, which hasn't happened yet.
Current Fed Funds Rate: 2.25%