September 2012 San Diego Events

September 8
Grape Day 5K, Parade, and Festival
This is Escondido’s oldest and longest running event. It starts off with a 5K fun run and continues with a short parade on Grand Avenue. In celebration of its heritage, the Escondido Grape Day Festival features grape stomping, free grapes, an entertainment stage, vendor booths, fun zone, and more! This is a free event.

Time: 5K: 7:30 am / Parade: 9:30 am / Festival: 9:30 am – 4:00 pm
Location: Grape Day Park, 321 N. Broadway, Escondido

For more information visit www.escondidohistory.org

September 8 – 9
34th Annual Greek Festival 2012
For two days, church grounds are transformed into a quaint Greek village atmosphere where you can

Freddie Mac Mortgage Rates

http://www.freddiemac.com/

Financial Market Update


This Week; after little in the way of economic reports last week the economic calendar has a number of key data points. Last week was better for MBSs than treasuries; mortgage prices declined just 25 basis points from last Friday while the 10 yr note price fell 78 basis points. The yield on the 10 yr note increased 9 basis points in rate. Treasury sold $72B in notes and bonds this week in three auctions, all three were with less demand; demand for US debt has declined on generally increased optimism that someday in the near future the Debt crisis in Europe may be eased----not eliminated. On the week the DJIA +612, NASDAQ +53, S&P +15. Gold +$16.00 crude oil +$2.07.

There are no reports out on Monday; Tuesday July retail sales; PPI on Tuesday and CPI on Wed. The key report of the week hits on Thursday with the August Philly Fed business index, expected at -5.0 frm -12.0 in July. Through the week there are other reports that will give some sense of where the economy is and whether it is weak enough to confirm another Fed easing in Sept. Presently the US bond and mortgage markets are technically negative, suggesting rates may edge a little higher. That aid, we still are not expecting interest rates will increase much more than where they are now.

The debt crisis in Europe is in momentary limbo with most of Europe on vacation. Most recently there has been some relaxation of conflict between the ECB and Germany’s resistance to the ECB buying some of the debt from countries like Spain and Italy. Over the last few weeks the safety moves to US bonds on concerns over debt problems in the EU has ebbed a little, sending rates up as some of the fear factor lessened.


TBWS