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Market Commentary – 5/30/15

Posted on May 29, 2015 by Conrad Juliá

U.S. Bond yields drifted fractionally lower this week based on continued concerns about the overall lack of growth in the global economy. Supporting this claim was the revised gross domestic product(GDP) reading Friday morning. The revised GDP came in at -.7% lower than the -.2% originally reported. This revision was widely expected so the bond market was not caught off guard by this revision. Both Canada and Europe also reported anemic GDP numbers this month.

Greece was front page news this week as it is struggling to make its June debt payments. Should a resolution come to pass, bonds may see a sell-off. However, should Greece default, things may become chaotic, which will benefit U.S. bond yields.

U.S. housing data continues to remain positive with favorable numbers this week out of the Case-Shiller Home Price Index. Solid housing data has driven home prices to new highs for 2015.

With so many unknowns in the world, we continue to float interest rates with a bias toward locking.

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These are the opinions of the author. For financial advice, please talk to your CPA or financial professional.

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(2) Disclosures

(1) Minimum FICO, reserve, and other requirements apply. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change without notice. Actual closing times will vary based on borrower qualiﬁcations and loan terms. All loans are subject to credit approval. (2) “Loan to Cost” (LTC) is defined as the acquisition price of the property plus the cost to build as determined by a bank appraisal. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. (3) With an interest-only mortgage payment, you will not pay down the loan's principal balance during the interest-only period. Once the interest-only period ends, your payments will increase to pay back the principal and interest. Rates are subject to increase over the life of the loan. Contact your Insignia Mortgage, Inc. loan officer to determine what your payments might be once the interest-only period ends. (4) With an adjustable rate mortgage (ARM), the loan payment will adjust after an initial period and then adjust on a regular basis as set forth in the loan documents. For example, a “3/1” loan will have an interest adjustment 3 years after the loan closes and every 12 months thereafter. Also, the loan will be subject to annual and lifetime adjustment caps. Contact your Insignia Mortgage loan officer to determine what your payments might be once the fixed rate period of the loan ends. (5) Insignia Mortgage, Inc., is a real estate broker licensed by the CA Bureau of Real Estate, DRE #01969620, NMLS #1277691.