Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021. Where will the Formula 1 Track be built in Austin, TX? A track site is not disclosed at this time.
Just a heads up as the market is on the move. Into the close, stocks (Dow and Naz) on the big board are making a comeback, down 87 points. Naz is off 18 points, cutting its losses in half. With the Dow down nearly 300 at one time, the reversal seems to have legs. We also have 45 minutes to go so anything can happen. More importantly, the 10 year note and mortgage backed securities are starting to dip. The 10 year note has cut its gains in half on the day.
This market is hard to handicap. On one hand, Europe will not get out of the dog house anytime soon. On the other hand, our economy is stable, maybe not growing very fast but stable. We expect Austin mortgage rates to stay low into the foreseeable future with current levels being the top of the range (best levels we could see).
Notes, bonds, and mortgage backs have slipped as we go into the last hour and a half of trading. Stocks have been pinched as well, down 75 points on the big board.
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Just a quick note to update you on the status of USDA. There are currently 3 versions of the bill in the Senate. All are very close in structure. One of the bills have been attached to a supplemental spending bill that needs to get done to fund the armed services and war effort in Iraq. If all goes well, a vote should happen sometime next week. If not, our legislators will be on Memorial break from 5/31 until 6/7 which would push the process back to the end of June best case
Last Tuesday April Housing Starts were UP 5.8% at an annual rate of 672,000 units. This puts them UP 40.9% over a year ago, with single-family starts UP 10.2% for the month. April New Building Permits were off 11.5%, at an annual rate of 606,000. Some said these stats reflect builders' response to the expiration of the homebuyer tax credit. Nevertheless, housing has turned the corner....
This week, uncertainty about the pace of the economic recovery caused investors to shift to relatively safer assets, including government insured mortgage-backed securities (MBS). Also positive for mortgage markets, the economic data released this week showed that inflation remains extremely low. As a result, mortgage rates declined during the week, reaching the lowest levels of the year.
With Austin mortgage rates/pricing at the best levels of the year and the 10 year note hitting 2010 low yields, the time is right for borrowers to lock in their Austin mortgage rates. Perfect time for Austin borrowers to use the exclusive float down program offered by Max Leaman at PrimeLending Austin. Call Max at (512) 293-1239.
Post-FOMC meeting release: Market is quiet with the 10 year note slipping a little, now up 3/32’s to yield 3.37%. Mortgage backs are still at plus 1/32nd, holding their own. Stocks making a comeback with the Dow down 55 points and the Naz off 13. Markets are as nervous as cat so be careful out there.
