May, 2010 | Texas Mortgage - Texas Mortgage Rates - Leaman Team

Lenders and borrowers expecting to close USDA loans the first week of June might be too optimistic

Just a couple of things pertaining to USDA. The bill has moved on to the Senate. Bill #3266 has received 5 additional co-sponsors, bipartisan support for the bill. The trouble here is that the Senate moves at their own pace (not that of Super Saver). So far, the bill has yet to be put on the calendar for committee vote. Given the slow turning wheels and then the IT time to set up the changes in their system, this could take time. Lenders and borrowers expecting to close USDA loans the first week of June might be too optimistic.

May 10, 2010|Austin Mortgage Market|

A tug of war for Austin mortgage interest rates seems in the cards

Austin mortgage rates and pricing can go one way or the other in short order but most likely hold steady at current levels. Best to stay on defense as stocks certainly look better, Europe looks better, and the Federal Reserve Chairman hints of Fed Funds rate hikes sooner than later. Personally, we like the chart (better chance of lower Austin mortgage rates/better pricing) but the fundamentals (economic data) points to a steady recovery. A tug of war for Austin mortgage interest rates seems in the cards.

May 10, 2010|Austin Mortgage Market|

Austin Mortgage Market Update – For the week of May 10, 2010

Last Tuesday the National Association of Realtors reported pending home sales were UP 5.3% in March over February, and UP 21.1% over March of last year. This gain in contracts on existing homes, following February's 8.3% rise, indicates a nice boost should be coming in existing home sales for April. Buyers who signed contracts before the end of March now have till the end of June to qualify for their homebuyer tax credit.

May 10, 2010|Inside Lending Newsletter|

Greek Troubles Overshadow Strong Data

Despite stronger than expected economic data, the financial situation in Greece held the greatest influence on mortgage rates this week. A flight to quality and prospects of slower economic growth in Europe were favorable for mortgage markets and negative for the stock market, and Austin mortgage rates ended the week lower.

May 7, 2010|MBS Quoteline Newsletter|

Let me try to explain what happened yesterday when stocks traveled to the down 1000 point abyss

Before we get into the Employment Report, let me try to explain what happened yesterday when stocks traveled to the down 1000 point abyss. On the NYSE we have circuit breakers, a system that is on individual stocks to slow down trading for 30 to 90 seconds, letting bid and offer imbalances catch up. This makes for a “true valued” market, not one that is lop sided.

May 7, 2010|Austin Mortgage Market|

Employment report over 250K should give stocks a lift and punish our pricing for about .25 to .50. Anything less than 50K would hold Austin mortgage rates steady and probably put another whippin’ on stocks

Over 250K should give stocks a lift and punish our pricing for about .25 to .50. Anything less than 50K would hold Austin mortgage rates steady and probably put another whippin’ on stocks. With all that is moving markets these days, only the almighty know where we’ll be this time tomorrow. Best bet for borrowers is to lock your interest rate NOW and buckle up! Should be a wild ride.

May 6, 2010|Austin Mortgage Market|

Constant streaming of riots, bank burning, and chaos in Greece have ripped the Dow for over 800 points

A funny thing happened on the way to the poor house, the 401K poor house that is. Constant streaming of riots, bank burning, and chaos in Greece have ripped the Dow for over 800 points. This market is a loose cannon with panic buying coming from all across the globe.

May 6, 2010|Austin Mortgage Market|

Today’s early trade pushed treasuries to higher yields and worsened mortgage pricing, but only slightly

oday’s early trade pushed treasuries to higher yields and worsened mortgage pricing, but only slightly. That occurred on a flat to slightly higher open for the Dow. Currently, the big board is off 68 points as sellers are still looking for any strength to get out. Reasons being that as Greece is on the edge of the cliff, global slowing will occur or even worse, a default in the Euro zone that could really put a pinch on global credit and stock earnings.

May 6, 2010|Austin Mortgage Market|

Greece is the word

When something happens to change the dynamics of the Euro fiasco, we will see a reversal of fortune in mortgage pricing. The economic fundaments of our country just don’t support lower Austin mortgage rates.

May 5, 2010|Austin Mortgage Market|

With stochastics and moving average crosses, odds are good we’ll push to lower yields and better Austin mortgage pricing

With stochastics and moving average crosses, odds are good we’ll push to lower yields and better Austin mortgage pricing. Improving economic conditions being trumped by a country one fifth the size of Texas. Go figure.

May 4, 2010|Austin Mortgage Market|