Spain's increasing bond yields help US yields drop
Posted April 5, 2012
Uncertainty in Spain’s bond market helped mortgage rates Thursday, putting downward pressure on the rate market in early trading, and moving the 10-year yield back to 2.16 just as the markets opened.
Jobless claims dropped by 6,000 this week to a seasonally adjusted figure of 357,000. The data has been in a narrow range over the past few weeks, and puts us at a low that we haven’t seen since April 2008. All eyes are on the employment number Friday, which is expected to show that the economy added 201,000 jobs and remains at an 8.3 percent level in March. The delivered number could provide fuel for significant market movement if it strays greatly in either direction from economists’ consensus estimate.
According to the North Carolina Department of Commerce, the Triangle unemployment rate fell to 8.2 percent in February. This figure is down from 8.4 percent in January, and from 8.7 percent a year ago.
According to an inventory report from Metrostudy which is a firm that measures Triangle housing trends, Triangle housing new home inventories hit a 13-year low over the past two fiscal quarters. New home sales are off to a good start this year, but many builders are still cautious about their supply and demand ratios.