Economic Report – April 27, 2009
►A LOOK BACK – Last week had a light round of economic releases so the mortgage market took its cue from trading activity in the stock market. The stock market activity was high due to a significant number of earning reports from many blue-chippers. Several of the big banks reported better than expected earnings for the first quarter due to accounting rules changes. Two economic releases of note – claims for first-time jobless benefits climbed 27,000 for the week ended 4/18 and March Existing Home Sales was weaker than expected.
►WHAT’S AHEAD – This week is action packed with reports, auctions and an FOMC meeting. On Wed. the 1Q GDP report will draw investors eyes and on Thurs. the Personal Consumption Index (a key measure of inflation pressure at the consumer level) will be scrutinized. The FOMC meets on Tues. and Wed. and no change in short-term rates is expected and the post-meeting statement will be reviewed for a glimpse of future Fed actions. The Treasury Dept. has Treasury auctions of $101 billion – $40 billion of 2-year notes on Mon., $35 billion of 5-year notes on Tues. and $26 billion of 7-year notes on Wed. The activity in the stock market will continue to influence the mortgage market as well.
Greg Burkett
Preferred Home Loan, Ltd.
281/657-0472 x 301 (Office)
713/906-2883 (Cell)
For more information about real estate issues in Katy or West Houston contact Steve Reddell. He is a licensed REMAX real estate agent in Katy, Texas you can trust. You can contact him directly at 281-994-5173 or visit him on the web at Katy Family Homes.
Filed under: Economy/Market, Katy Family Homes
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