Today there will be a vote in the House on the Fair Trade Act which basically will designate China as a currency manipulator. The next step is for the bill to be sent to the Senate. It is not expected to pass in the Senate, at least before the November 2 elections and the November G-20 meeting (Korea Nov 11-12).
The following Austin mortgage "Do's" and "Don'ts" are essential to closing your loan on-time, without problems. Please read carefully and call or email Max Leaman if you have questions: (512) 293-1239. If another lender has you in a bind, Max Leaman can fix the situation quickly. Max Leaman provides residential mortgage loans in most states.
Interesting article by Zillow Mortgage Marketplace today stating that 29% of potential borrows do not qualify for a home loan. Biggest reason, ficos below 620.
FHA will make the premium fee changes on all new case numbers effective October 4, 2010. (In order to avoid the Annual MIP increase, your buyers will need an FHA case number assigned before October 4th.)
Halloween in Austin 2010 - Family Fun, Pumpkin Patches, Ghost Tours, Hayrides, Costume Contests and more in the greater Austin, Georgetown, Round Rock, Lake Travis, Westlake, TX area! Evergreen Farms Pumpkin Hunt, Ausin Ghost Tours, Austin Ghost Tours, Halloween Symphony Concert, Round Rock Fall Fun Festival, Boo at the Austin Zoo, Ladybird Wildflower Center Halloween Fun, Murder Mystery on Cedar Park TX Bertram Flyer, Harvest of Fall Fun at Sweet Berry Farms in Marble Falls TX, and the Jersey Barnyard pumpkin fun!
Overall, we see the stock market as moving away from any notion of a double dip, instead feeling a little giddy about taking on more risk. Reason being is that traders view one of two scenarios playing out, both good for stock prices.
As promised, last week's reports gave us a complete picture of the housing market in August. Housing Starts rose 10.5% month-over-month to a 598,000 annual rate, well ahead of the expected 550,000 number. Building Permits, which reflect builder sentiment further out, grew a more modest 1.8% month-over-month to a slightly smaller 569,000 annual rate. Thursday, Existing Home Sales came in UP 7.6% over July, at a 4.13 million annual rate. But let's remember, July was a record low, so this gain still left sales down 19% from August a year ago. The median price for Existing Homes, however, ticked up 0.8% year-over-year, as reported by the National Association of Realtors.
Overall, we see the fixed income market as “soft” but not in a hurry to head towards higher Austin mortgage rates. Just like I mentioned earlier today, the trade is one of consolidation and near good support.
The chance for additional Treasury purchases by the Fed helped Austin mortgage rates improve early this week. Stronger than expected economic growth data trimmed the gains later in the week. The net result was that Austin mortgage rates ended the week a little lower.
Austin mortgage borrowers are encouraged to take advantage of any rallies. Too many cross currents leads to high levels of volatility. Play it safe and take advantage of your opportunities!
