“Supply always comes on the heels of demand” – Robert Collier

Happy Monday!

REAL ESTATE
In May, home purchases soared to a 369,000 annual rate and the results were 7.6% higher than the previous year. In San Diego, home prices rose 3.2% and sales were up 21.5% from last May. Nationally the housing inventory is at a record year low. In San Diego, we have a 3-3.5 month supply of housing inventory.

MARKET
As Europe continues to struggle in its attempts to subdue the ongoing financial crisis, steep stock losses showing low confidence in the European markets continues to drop. Rising borrowing costs for Spain and a 3.7% decline in stocks increase concern that Spain may be unable to rescue its banking system possibly causing a full freeze of Europe’s financial markets.

REPORTS
There will be six pieces of economic data and two Treasury auctions this week that may influence mortgage rates. If the auctions show a strong demand, Wednesday's 5-year Note sale and Thursday's 7-year Note auction specifically, we could see lower mortgage rates as a result.

1. May’s New Home Sales report, Tuesday – This report provides insight as to how well sales of newly constructed homes performed last month and an increase in sales is expected.

2. June's Consumer Confidence Index (CCI), Tuesday - Measuring consumer willingness to spend, this report is influential on the markets. A reading of 64.0, down from last month's 64.9 reading, is expected and lower readings may improved mortgage pricing.

3. May's Durable Goods Orders, Wednesday – Providing insight into manufacturing sector strength, this report tracks orders at U.S. factories for products that are expected to last three or more. An increase of 0.5% new orders from April to May is expected.

4. 1st Quarter Revision of the Gross Domestic Product (GDP), Thursday – Measuring economic growth or contraction, a 1.9% rise in GDP is expected.

5. May's Personal Income and Outlays data, Friday – Comprising two-thirds of the economy and indicating consumer ability to spend and current spending activity, an increase of 0.1% in income and a 0.1% rise in spending is expected.

6. The University of Michigan’s May Consumer Sentiment, Friday morning - Measuring consumer willingness to spend. No change from this month's preliminary reading of 74.1 is expected.

I am a loan officer with San Diego Funding and I work around the schedule of my clients including evening and weekends. If you or anyone you know has financing needs or questions, please give me a call. It would be my pleasure!
 

Welcome to Deja Correia of San Diego Funding's website...



I am a loan officer with San Diego Funding and I work around the schedule of my clients including evening and weekends. If you or anyone you know has financing needs or questions, please give me a call. It would be my pleasure!    

 

New Home Loans

 

We work conforming and non-conforming real estate loans.  To get started click here

 

Refinancing

 

We can help you lock in a long term fixed rate or refinance and get cash out . To get started click below

 

Today's Rates

TermRateAPR
30 Yr Fxd4.25%4.472%
15 Yr Fxd3.375%3.777%
5 Yr ARM2.99%3.078%
 

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