Despite the high unemployment rate - people are buying more. The retail sales report released by the Commerce Department today showed that sales actually rose 0.3% from January. These figures are seasonally adjusted, and when you take car and auto part sales out of the equation, the increase is actually 0.8% for month over month and 4.2% higher than the previous year.
All three of the Treasury auctions this week were successful. Yesterday's 30-year auction was met with strong demand. The week finishes up with key economic reports on retail sales, consumer confidence, and business inventories.
While Quicken Loans provides the personable customer service similar to that of your local family-owned shops, we are proud to say that 2009 was a record breaking year with $25 billion in originated loans last year.
The weekly jobless claims were released this morning. Initial claims were expected to be lower at 460,000 compared to 469,000 the previous week.
Have housing values reached the bottom yet? And how do you know if now is a good time to buy a home? Our CEO Bill Emerson was featured on CNN Money to discuss the conditions of the housing industry, as well as to answer some questions on adjustable rate mortgages (ARMs). Emerson also explained that home buyers are finding security in the incredibly low mortgage rates right now, making 30-year fixed loans an ideal choice for many families. Check out the video for the full story and answers to many of the common questions home buyers are asking.
Tuesday's $40 billion 3-year Treasury auction was well received as investors were attracted to the relative safety of shorter-term debt.
The Treasury will begin this week's $74 billion auction today by selling $40 billion in 3-year T-notes. On Wednesday, $21 billion in 10-year notes will be sold and the auctions will conclude on Thursday with the sale of $13 billion in 30-year T-bonds.
There isn't much in terms of economic data this week, however some of the key reports include Thursday's unemployment claims report, Thursday's trade balance report, Friday's February retail sales report and consumer confidence report.
The Greek Prime Minister announced early this morning a set of deficit cuts that includes lower wages and increased taxes to try to tame their huge budget gap. In terms of economic data today, the MBA Mortgage application report showed that applications rose almost 15%.
Treasuries and mortgages held mostly flat Monday, as equities rose on expectations of a Greek bailout. This morning Treasuries and mortgage bonds are down slightly as the European Union said it expects Greece to announce new deficit measures.