Sunday, May 27, 2018
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Phil Joseph
Branch Manager
Sr. Mortgage Loan Originator
Over 20 Years Experience
Sierra Pacific Mortgage
Rancho Bernardo Branch
11770 Bernardo Plaza Court #451
San Diego California 92128

Direct: 619.507.3558
Fax: 858.430.2557
Email: Phil@PhilJoseph.com
Website: www.PhilJoseph.com
NMLS# 249549
Branch NMLS# 279118
Company NMLS# 1788
 
Licensed in California by the Department  of Business
Oversight under the Residential Mortgage Lending Act 417-0015 
Not Licensed in the state of New York.
 
Sierra Pacific Mortgage may not be the lender for all products offered on this website. Some loans may be made by a lender with whom Sierra Pacific has a business relationship.


 
Phil Joseph
Branch Manager
Sr. Mortgage Loan Originator
Over 20 Years Experience
Sierra Pacific Mortgage
Rancho Bernardo Branch
11770 Bernardo Plaza Court #451
San Diego California 92128

Direct: 619.507.3558
Fax: 858.430.2557
Email: Phil@PhilJoseph.com
Website: www.PhilJoseph.com
NMLS# 249549
Branch NMLS# 279118
Company NMLS# 1788
 
Licensed in California by the Department  of Business
Oversight under the Residential Mortgage Lending Act 417-0015 
Not Licensed in the state of New York.
 
Sierra Pacific Mortgage may not be the lender for all products offered on this website. Some loans may be made by a lender with whom Sierra Pacific has a business relationship.


Market Commentary

Updated on May 25, 2018 10:37:26 AM EDT

Aprils Durable Goods Orders was the first of today’s two relevant economic reports. The Commerce Department announced a 1.7% decline in new orders at U.S. factories for big-ticket products such as airplanes, appliances and electronics. That nearly matched expectations of a 1.6% decline. Since this data is known to be volatile from month to month, the 0.1% variance from forecasts is the same as pegging forecasts in other reports. A secondary reading that excludes orders for airplanes and other transportation-related products came in a bit stronger than predicted. However, it wasn’t enough to offset the positive momentum in bonds.

Also posted this morning the University of Michigan’s revised Index of Consumer Sentiment for May. It showed a reading of 98.0 that was below expectations of 98.8. This means surveyed consumers were less optimistic about their own financial situations than many had thought. Because waning confidence usually means consumers are less likely to make a large purchase in the near future that fuels economic growth, we can consider this data favorable for bonds and mortgage rates.

Next week has plenty of important economic data set for release, some of which is considered to be extremely important. The financial and mortgage markets will be closed Monday in observance of the Memorial Day holiday, but there is relevant data scheduled for all the remaining days. Look for details on next week’s calendar in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2018

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