Generated by All in One SEO v4.9.9, this is an llms.txt file, used by LLMs to index the site. # Texas Mortgage - Texas Mortgage Rates - Leaman Team Austin Mortgage - Texas Mortgage - Dallas Mortgage - Houston Mortgage ## Sitemaps - [XML Sitemap](https://www.maxleaman.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [TALCB Assists Law Enforcement in Combating Mortgage Fraud](https://www.maxleaman.com/talcb-assists-law-enforcement-in-combating-mortgage-fraud/) - The TALCB Enforcement Division regularly assists outside law enforcement and most recently provided assistance and information to the Collin County District Attorney’s Office and the FBI in connection with real estate appraisers connected to a major East Texas mortgage fraud scheme - [Where to See Fourth of July Fireworks in Austin 2010](https://www.maxleaman.com/where-to-see-fourth-of-july-fireworks-in-austin-2010/) - Places to View 4th of July, 2010 Fireworks in Austin, TX - fireworks displays in Downtown Austin, TX, city of Round Rock fireworks, Lake Travis fireworks in Lakeway, Volente Beach Fireworks, fireworks for the 4th of July at Carlos and Charlie's, and info about 4th of July events at The Backyard for Willie Nelson's Picnic. - [Leaman Team - Now Hiring 2 Experienced Loan Processors](https://www.maxleaman.com/leaman-team-now-hiring-2-experienced-loan-processors/) - Leaman Team Hiring Mortgage Processors - Austin Loan Processor Job - PrimeLending Now Hiring - Great communication, fun, tight-nit Austin mortgage team and an incredible work environment. Team's Set-Up Specialist ensures files are complete and ready for our loan processors. Our team is extremely organized with efficient processes. Expert lending team - loan officers are experienced, knowledgeable, and friendly. - [FHA Increases MIP April 2012](https://www.maxleaman.com/fha-increases-mip-april-2012-texas-fha-lender-mip-for-fha-increasing/) - FHA Increases MIP April 2012 - The Federal Housing Administration (FHA) has announced that a new premium structure for FHA-insured single family mortgage loans will go into effect April 1st and June 1st. The new premium structure was developed to bolster capital reserves and protect FHA’s Mutual Mortgage Insurance (MMI) Fund. - [Housing Affordability Hovers Near Highest Level In 18 Years](https://www.maxleaman.com/housing-affordability-hovers-near-highest-level-in-18-years/) - Housing Affordability Hovers Near Highest Level In 18 Years - Houses are the cheapest they've been since 1991. Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders (Aug. 19, 2009). You have the financial opportunity of a lifetime. - [Texas Mortgage Market Update - For the week of November 11, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-november-11-2013/) - Texas Mortgage Market Update - For the week of November 11, 2013 - People who don't believe in the housing recovery will no doubt ignore the latest proof of its strength. The National Association of Realtors (NAR) reported that most metro areas saw solid year-over-year price gains in the third quarter. The national median price posted its strongest annual growth in almost eight years. For existing single-family homes, the median price rose in 88% of the markets measured, based on Q3 closings, compared to last year. - [Dallas & Forth Worth (DWF) Zip Code Maps on MaxLeaman.com](https://www.maxleaman.com/dallas-forth-worth-dwf-zip-code-maps-on-maxleaman-com/) - Texas Zip Code Maps (PDF) - FREE Austin, Dallas, Ft. Worth, DFW, and Travis County Zipcode Maps and Neighborhoods. Cities including but not limited to: Austin, Dallas, Fort Worth, Arlington, Cedar Park, Leander, Georgetown, Round Rock, Westlake, Lake Travis, Lago Vista, Bastrop, Wimberley, Lockart, Coupland, Taylor, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson, Grapevine, Crowley and more! - [2011 Central Texas Homestead Exemption Forms](https://www.maxleaman.com/2011-central-texas-homestead-exemption-forms/) - Here, you will find the Texas Homestead exemption form you need to fill out and mail to the County Tax Assessor’s Office. - [New! Houston Zip Code Map - Houston, Texas](https://www.maxleaman.com/new-houston-zip-code-map-houston-texas/) - Click here for a new zip code map for Houston, Texas. Houston Zip Codes: 77001, 77002, 77003, 77004, 77005, 77006, 77007, 77008, 77009, 77010, 77011, 77012, 77013, 77014, 77015, 77016, 77017, 77018, 77019, 77020, 77021, 77022, 77023, 77024, 77025, 77026, 77027, 77028, 77029, 77030, 77031, 77032, 77033, 77034, 77035, 77036, 77037, 77038, 77039, 77040, 77041, 77042, 77043, 77044, 77045, 77046, 77047, 77048, 77049, 77050, 77051, 77052, 77053, 77054, 77055, 77056, 77057, 77058, 77059, 77060, 77061, 77062, 77063, 77064, 77065, 77066, 77067, 77068, 77069, 77070, 77071, 77072, 77073, 77074, 77075, 77076, 77077, 77078, 77079, 77080, 77081, 77082, 77083, 77084, 77085, 77086, 77087, 77088, 77089, 77090, 77091, 77092, 77093, 77094, 77095, 77096, 77097, 77098, 77099, 77201, 77202, 77203, 77204, 77205, 77206, 77207, 77208, 77209, 77210, 77212, 77213, 77215, 77216, 77217, 77218, 77219, 77220, 77221, 77222, 77223, 77224, 77225, 77226, 77227, 77228, 77229, 77230, 77231, 77233, 77234, 77235, 77236, 77237, 77238, 77240, 77241, 77242, 77243, 77244, 77245, 77248, 77249, 77251, 77252, 77253, 77254, 77255, 77256, 77257, 77258, 77259, 77261, 77262, 77263, 77265, 77266, 77267, 77268, 77269, 77270, 77271, 77272, 77273, 77274, 77275, 77277, 77279, 77280, 77281, 77282, 77284, 77287, 77288, 77289, 77290, 77291, 77292, 77293, 77297, 77298, 77299. - [VA Loans Texas](https://www.maxleaman.com/va-loans-texas/) - July 2018, Austin was named the location for the Army Futures Command, a new division dedicated to modernizing the military branch. VA loans offer 100% Financing up to $453,100 for military personnel and veterans. With a down payment, VA loan amount may exceed $453,100. #ArmyFuturesCommandAustin #VALoans #VALenderAustin #LeamanTeam - [Halloween in Austin 2018 - Things to Do](https://www.maxleaman.com/halloween-in-austin-2018-things-to-do/) - Halloween in Austin 2018 - 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! - [Texas Mortgage Market Update - For the week of July 30, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-july-30-2012/) - Texas Mortgage Market Update - For the week of July 30, 2012 - Last week's housing reports weren't quite the head shot Apple's co-founder referred to, but they still required us to keep the faith. June New Home Sales were down 8.4%, coming in at a 350,000 annual rate. But the trend of a gradual recovery is still there, with new home sales UP 15.1% versus a year ago. The new home median price is down 3.2% versus a year ago, yet the average price is UP 0.3% and the inventory of completed new homes is at the lowest level on record, a 4.9 month supply. - [Spyglass Realty & Investment - Preferred Lender - Max Leaman](https://www.maxleaman.com/spyglass-leaman-interview/) - Spyglass Realty broker, Ryan Rodenbeck interviews Max Leaman with Prime Lending. Max is the number one volume producer of Austin real estate loans. In this interview, we go over the factors that contribute to rising and falling interest rates, the difference in a condo loan vs a house loan, how jumbo loans are structured and renovation loans are structured. - [Texas Mortgage Market Update - For the week of November 4, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-november-4-2013/) - Texas Mortgage Market Update - For the week of November 4, 2013 - This week we'll have to be the candle that spreads light on the housing recovery, as the September Pending Home Sales Index didn't shine too brightly. This measure of contracts signed on existing homes fell 5.6% from August to September, suggesting a dip in closings for that type of property during Q4. The September drop was put to a lower level of consumer confidence, plus higher mortgage rates and home prices, although home price gains also reassure buyers that they're making an appreciating investment. - [Texas Mortgage Market Update - For the week of August 12, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-august-12-2013/) - Texas Mortgage Market Update - For the week of August 12, 2013 - We're definitely working our way through the housing recovery, with the latest data showing strong year-over-year gains in prices and sales. The National Association of Realtors (NAR) reported the national median existing home price increasing at an annual rate of 12.2% in Q2, from $181,300 to $203,500. That's the biggest yearly price boost since Q4 of 2005. Sales didn't do too badly either, up 12.3% annually in Q2 versus a year ago. The 5.06 million annual rate for the quarter was the highest reached since Q2 of 2007. - [ Texas Mortgage Market Update - For the week of August 5, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-august-5-2013/) - Texas Mortgage Market Update - For the week of August 5, 2013 - Many people were not very content with last week's Pending Home Sales report. This measure of contracts signed to buy existing homes fell 0.4% in June. For some observers, that raised concerns about future Existing Home Sales. However, the prior month's report measured Pending Home Sales up 5.8%, so one could reasonably expect a rebound in existing home closings come July. We'll see. - [Texas Mortgage Market Update - For the week of July 29, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-july-29-2013/) - Texas Mortgage Market Update - For the week of July 29, 2013 - It was certainly important to understand the details of last week's Existing Home Sales report. The headline numbers showed June Existing Home Sales were down a disappointing 1.2%, to a 5.08 million annual rate. But other details were encouraging. Existing Home Sales are up 15.2% over a year ago. The median price of an existing home rose and is now up 13.5% from a year ago. Sales are near their highest levels since November 2009, when they were spiked by the big home buyer tax credit. Existing home sales remain above the 5 million a year threshold, a very decent place to be. - [Texas Mortgage Market Update - For the week of July 15, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-july-15-2013/) - Texas Mortgage Market Update - For the week of July 15, 2013 - Some see the recent rise in mortgage rates as a difficulty, but the latest Fannie Mae National Housing Survey posits a different point of view. Their chief economist says: "The spike in mortgage rate expectations this month...may increase housing activity in the near term by driving urgency to buy." He explains: "Consumers may recognize that today's still favorable mortgage rates and homeownership affordability levels will recede over time.... More prospective homebuyers may be deciding that now is the time to get off the fence." - [Texas Mortgage Market Update - For the week of June 24, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-june-24-2013/) - Texas Mortgage Market Update - For the week of June 24, 2013 - There appears to be plenty of real estate people who believe they can succeed, as last week saw more housing numbers go through the roof. Existing Home Sales were up 4.2% in May to a 5.18 million unit annual rate, up 12.9% over a year ago. The median price climbed to $208,000, up 15.4% over a year ago, while average prices are up 11.2% over last year. The months' supply dipped to 5.1, all due to the faster sales pace, as inventories were up 7,000, increasing four months in a row. And the median time on the market for all homes was 41 days, down from 72 days a year ago. - [Texas Mortgage Market Update - For the week of June 17, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-june-17-2013/) - Texas Mortgage Market Update - For the week of June 17, 2013 - Here are two thoughts that should relieve some stress for those of us working in the housing market. Fannie Mae's May 2013 National Housing Survey reported that the share of American's who think now is a good time to sell and the share of those who think now is a good time to buy spiked sharply from April to May. 40% of respondents think it's a good time to sell, up from 30% the month before, the largest gain in the survey's 3-year history. And 76% of respondents think it's a good time to buy! - [Texas Mortgage Market Update - For the week of June 3, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-june-3-2013/) - Texas Mortgage Market Update - For the week of June 3, 2013 - Last week, Pending Home Sales took their place at the top, hitting their highest level since April 2010, when folks were rushing to close before the homebuyer tax credit expired. April Pending Home Sales, based on signed contracts for existing homes, were up 0.3% over March and up 10.3% over last year, according to the National Association of Realtors (NAR). Their chief economist predicts, "Total existing home sales are expected to rise just over 7%, to about 5 million this year." - [Texas Mortgage Market Update - For the week of May 20, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-may-20-2013/) - Texas Mortgage Market Update - For the week of May 20, 2013 - It definitely takes guts to remain optimistic in the face of some of the housing data coming at us these days. Last week, for example, we were greeted with a 16.5% drop in Housing Starts for April. It helps to dig into these reports. The dip was mostly due to multi-family starts, which are very volatile month to month, and were down 38.9%. Turns out, single-family starts were off just 2.1%. Taking a long-term view helps even more. Starts overall are up 13.1% versus a year ago, with single-family starts up a healthy 20.8%. So there. - [Texas Mortgage Market Update - For the week of May 13, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-may-13-2013/) - Texas Mortgage Market Update - For the week of May 13, 2013 - Home prices also keep on going, and in a decidedly upward direction. The National Association of Realtors (NAR) reported that for Q1 of this year, the median existing home price jumped 11.3% over last year, the largest annual gain since Q4 of 2005. But Q1 inventory was down 16.8%. The NAR's chief economist expounded: "Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation." - [Texas Mortgage Market Update - For the week of May 6, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-may-6-2013/) - Texas Mortgage Market Update - For the week of May 6, 2013 - Both taking opportunities and making them have driven the housing market recovery to new accomplishments. For Q1 this year, existing home sales were at their highest level since Q4 of 2009 and new homes sales were the highest since Q3 of 2008. Last week, the National Association of Realtors (NAR) reported Pending Homes Sales were up 1.5% in March and up 7.0% compared to March a year ago. In fact, this measure of contracts signed on existing homes has now been above year-ago readings for 23 months in a row! - [Texas Mortgage Market Update - For the week of April 29, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-29-2013/) - Texas Mortgage Market Update - For the week of April 29, 2013 - Even though the housing recovery is well underway, there still is evidence that more hard work needs to be done. Last week began with March Existing Home Sales off 0.6%, dropping to an annual rate of 4.92 million units. In addition, the months' supply of existing homes edged up to 4.7 from 4.6 in February. But even though existing home sales seem to have leveled off in the last few months, they're actually UP 10.3% versus a year ago. It's also encouraging to note that the median existing home price, at $184,300, is up 11.8% over last year. - [Texas Mortgage Market Update - For the week of April 22, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-22-2013/) - Texas Mortgage Market Update - For the week of April 22, 2013 - Last week Housing Starts were reported UP 7.0% for March to a 1.036 million unit annual rate, 46.7% higher than a year ago and the highest they've been since 2008. But wait. The boost was all due to multi-family units, up 31.1% for the month. Single-family starts were down 4.8%, although they actually are UP a very healthy 28.7% from a year ago. Analysts tell us the multi-family sector is super volatile from month to month, but they expect large gains for home building overall for at least two years. - [Texas Mortgage Market Update - For the week of April 15, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-15-2013/) - Texas Mortgage Market Update - For the week of April 15, 2013 - Last week gave us more evidence that this housing recovery, though growing slowly, will in fact endure. According to a major online real estate portal, listing inventory rose 3.5% from January to March. This beat the gains going into the 2012 Spring selling season, although inventories are still 15% off last year's levels, with only nine of 146 metros showing annual increases. Not surprisingly, the median age of inventory in March dipped to 78 days, down 12.3% from last year, and median asking prices were up 0.5% from February, gaining in 29 of the top 30 metro areas. - [Texas Mortgage Market Update - For the week of April 8, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-8-2013/) - Texas Mortgage Market Update - For the week of April 8, 2013 - Patience may not quite be genius in the housing market, but it certainly is paying off. A report by a major real estate search and marketing site said home asking prices in March rose 7.2% annually, while rents on single-family homes were up just 0.1% for the year. Their chief economist explained: "Rising prices and flattening rents change the math. Investors will decide to sell units they've been renting, which would create new, desperately needed for-sale inventory. On the other hand, some renters watching prices rise will rush to buy before they rise further." - [Texas Mortgage Market Update - For the week of April 1, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-1-2013/) - Texas Mortgage Market Update - For the week of April 1, 2013 - Today being April 1, it's timely to note that fewer and fewer people are being fooled into thinking housing remains in the doldrums. Yes, the housing recovery has a distance to go, but there's mounting evidence it's well on its way. New Home Sales were up 12.3% in February compared to a year ago. After a super big hike in January, new home sales fell slightly in February, but they're still at a 411,000 annual rate. Plus, the median price of new homes sold was up 2.9% versus a year ago, with the average price up an impressive 14.5%! - [Texas Mortgage Market Update - For the week of March 25, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-march-25-2013/) - Texas Mortgage Market Update - For the week of March 25, 2013 - The U.S. real estate market is certainly putting some boldness into its recovery, as indicated by recent reports. February Existing Home Sales shot up 10.2% from a year ago, the fastest sales pace since the homebuyer tax credit boost in November 2009. The median existing home price is UP 11.6% versus a year ago and has now posted year-over-year increases 12 months in a row! And the FHFA index of prices for homes financed with conforming mortgages is UP 6.5% the past year. - [Texas Mortgage Market Update - For the week of March 18, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-march-18-2013/) - Texas Mortgage Market Update - For the week of March 18, 2013 - Americans currently have bright and happy expectations about housing, according to Fannie Mae's latest National Housing Survey. Their chief economist commented, "Despite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength." Specifically, 48% of survey respondents believe home prices will go up in the next 12 months, a high for the survey begun in June 2010. Only 10% of respondents believe home prices will go down, a survey low. - [Texas Mortgage Market Update - For the week of March 11, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-march-11-2013/) - Texas Mortgage Market Update - For the week of March 11, 2013 - Those of us who haven't been discouraged by the housing market these past few years, can now see the progress we helped to achieve. Last week, more good news came regarding home prices. A leading data aggregator reported national home prices were UP 9.7% in January versus a year ago, the biggest annual increase since April 2006. And the 0.7% monthly advance they posted was their 11th in a row. Many observers feel these price gains will likely boost home sales during the first half of the year. - [Texas Mortgage Market Update - For the week of February 18, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-february-18-2013/) - Texas Mortgage Market Update - For the week of February 18, 2013 - There is more and more evidence that the door of opportunity is opening in the housing market. On Valentine's Day Freddie Mac showed us some love in their Housing Market Outlook, which projected starts UP 22% this year, to a 950,000 unit annual rate. Their chief economist commented, "Across the nation, most local housing markets have room for sustainable growth.... As the broader economy heals, expect to see more good news, with house prices continuing their recent upward trend, and home sales and housing starts continuing to post strong growth rates." - [Texas Mortgage Market Update - For the week of February 11, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-february-11-2013/) - Texas Mortgage Market Update - For the week of February 11, 2013 - People who are putting their homes on the market appear to be feeling pretty good these days. An online real estate portal reports that the asking prices of homes listed with them were up 5.9% in January from a year ago, in 86 of the 100 largest metros. Those asking prices grew by a seasonally adjusted 0.9% from December, the largest month-over-month boost since March last year. - [Texas Mortgage Market Update - For the week of January 28, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-28-2013/) - Texas Mortgage Market Update - For the week of January 28, 2013 - There's not much that's stopping the housing market from steadily moving forward. For 2012, the National Association of Realtors reported existing home sales UP 9.2% to 4.65 million units, flirting with levels not seen since 2007's 5.03 million homes. The median existing home price is UP 11.5% from December a year ago, the tenth month in a row of year-over-year gains. For 2012, the median price was UP 6.3%, the largest annual price gain since 2005! Completing the picture, although down in December, New Home Sales posted a 19.9% annual gain, their first in 7 years. The median sales price for 2012 was UP 7.2% over 2011, while the FHFA index of prices for homes financed with conforming mortgages is UP 5.6% in the past year. - [Texas Mortgage Market Update - For the week of January 21, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-21-2013/) - Texas Mortgage Market Update - For the week of January 21, 2013 - INFO THAT HITS US WHERE WE LIVE... What's doing pretty well is the housing market. Last Monday, Fed Chairman Ben Bernanke called housing one positive factor "that's going to help us have, I hope, a better year in 2013 and 2014." Evidence for that came Thursday with an unexpected 12.1% bump in December Housing Starts, to a 954,000 annual rate. Single family starts are up 8.1% for the month and 18.5% over a year ago. New Building permits were up to a 903,000 annual rate, up 27.3% for single-family homes versus a year ago. - [5 Things You (Probably) Didn't Know About Westlake](https://www.maxleaman.com/5-things-you-probably-didnt-know-about-westlake/) - 5 Things You (Probably) Didn't Know About Westlake - Austin's premiere neighborhood for expansive estates, hill top views, lakeside access, and a high median income is well known around town. More often than not, the stigma of Westlake's snooty-ness acts as a deterring prelude to the neighborhood's warm and exquisite lifestyle. Not that Westlake needs any name clearing on their behalf, but there's a lot more to Westlake than expensive houses and Italian sports cars. Here's what you've been missing out on. - [Texas Mortgage Market Update - For the week of January 14, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-14-2013/) - Texas Mortgage Market Update - For the week of January 14, 2013 - That's a good thought as we watch the housing market, once doomed to failure, turn into a more successful enterprise. A national online real estate site surveyed more than 100 professional forecasters -- economists, real estate experts, and investment and market strategists. They see growing optimism in the housing market, expecting home prices to rise 3.1% in 2013, after ending 2012 UP more than 4.6%. The site's chief economist commented, "An organic recovery in the housing market really took hold in the latter half of 2012." - [Texas Mortgage Market Update - For the week of January 7, 2013](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-7-2013/) - Texas Mortgage Market Update - For the week of January 7, 2013 - Our leaders in Washington aren't telling if they've truly resolved to put our fiscal house in order, but at least last week's deal to avert the fiscal cliff left housing a winner on most issues. First, they extended mortgage forgiveness debt relief through 2013. If they hadn't done this, principal balances written off by lenders to help homeowners with underwater mortgages would have been treated as ordinary taxable income. The bill also re-established the deduction for mortgage insurance premiums for 2012 and 2013 for people with adjusted gross income below $110,000. - [Austin Mortgage Market Update - For the week of December 31, 2012](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-31-2012/) - Austin Mortgage Market Update - For the week of December 31, 2012 - If you need some encouragement to follow the advice of the inventor of the automobile starter motor, look to last week's November New Home Sales, UP 4.4% to a 377,000 annual rate, and now UP 15.3% versus a year ago. The new home median price of $246,000 is UP 14.9% over a year ago. And the months' supply of new homes is now down to 4.7, equal to the lowest level since 2005. Economists say new home sales are usually the last part of the housing market to recover, so this is truly encouraging news. - [TEXAS MORTGAGE MARKET UPDATE - For the week of December 17, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-december-17-2012/) - TEXAS MORTGAGE MARKET UPDATE - For the week of December 17, 2012 - There are just two weeks to go for politicians to broker a deal to stop the country from going over a fiscal cliff of draconian tax hikes and spending cuts. Unfortunately, Washington isn't proceeding with much urgency. Investors reacted poorly to the uncertainty as all three major stock indexes slipped for the week. Not helping things, the economic data was mixed, as inflation cooled and Industrial Production beat expectations, but Retail Sales missed consensus targets. - [Texas Mortgage Market Update - For the week of December 10, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-december-10-2012/) - Texas Mortgage Market Update - For the week of December 10, 2012 - What are rising now are asking prices for homes. A major Web real estate portal reports prices for homes listed there were up 3.8% in November versus a year ago. This is the largest year-over-year gain since the housing downturn began. In addition, the listing prices for the three months ending in November were up 0.8% from the prior three months. And the good news was widespread: annual gains were reported in 76 of the 100 largest metros. Finally, asking price gains are now beating rent price gains in the 25 largest rental markets. - [Texas Mortgage Market Update - For the week of December 3, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-december-3-2012/) - Texas Mortgage Market Update - For the week of December 3, 2012 - We who toil in the housing market must surely be very strong by now, having overcome some powerful forces, not the least of which has been the downward pressure on home prices. The latest evidence that pressure is letting up came with the Case-Shiller home price index, UP 0.4% for September and UP 3% versus a year ago. Nineteen of 20 metros reported higher prices not just for the month, but for the past three months! The FHFA index of prices for homes financed by conforming mortgages was UP 0.2% for September and UP 4.4% over a year ago. - [Texas Mortgage Market Update - For the week of November 26, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-november-26-2012/) - Texas Mortgage Market Update - For the week of November 26, 2012 - We may not be standing in the middle of a fully recovered housing market, but we're clearly moving in that direction. Existing Home Sales were UP 2.1% in October, staying right near their highest level in over two years. Sales are up 10.9% from a year ago. The median price is now $178,600, up 11.1% over a year ago. And the supply of existing homes dropped from 5.6 to 5.4 months. The inventory of existing homes is down to 2.14 million, the lowest level since December 2002. - [Texas Mortgage Market Update - For the week of November 5, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-november-5-2012/) - Texas Mortgage Market Update - For the week of November 5, 2012 - We hope that in the face of the tragedy of superstorm Sandy, those affected will find joy: in neighbors coming together showing strength in community; in the armies of emergency workers, both professionals and volunteers, toiling around the clock; in the heartfelt support of people across the country, expressed on social networks, via emails, on radio and TV. Our thoughts and prayers go out to all those now struggling to recover. If you'd like to contribute to the relief effort, a good place to start is the American Red Cross at http://www.redcross.org/charitable-donations. - [Texas Mortgage Market Update - For the week of October 29, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-october-29-2012/) - Texas Mortgage Market Update - For the week of October 29, 2012 - The rest of the economy may be barely moving forward, but there's clearly some action in the housing market. New single-family home sales were up 5.7% for September and up 27.1% over a year ago. The seasonally adjusted annual rate of 389,000 units is the strongest sales pace since April 2010. The median sales price was $242,400, up almost 12% versus a year ago. 145,000 new homes were on the market, a 4.5 months' supply at the current sales rate, down from a record 12.1 months in January 2009. - [Texas Mortgage Market Update - For the week of October 22, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-october-22-2012/) - Texas Mortgage Market Update - For the week of October 22, 2012 - If Apollinaire were alive today (he died in 1918), he might suggest we pause now and be happy, given that September Housing Starts were up 15% (11% for single-family starts) to an 872,000 annual rate. From a year ago, starts are up 34.8%, as builders are starting homes at the fastest pace since July 2008. Building permits for future construction were up 11.6% in September to an 894,000 annual rate. The total number of homes under construction is up 21% over a year ago, gaining 13 months in a row, which hasn't happened since the building boom of 2003–2004. - [8 Ways to Secure Your Computer on Public WiFi Connections](https://www.maxleaman.com/8-ways-to-secure-your-computer-on-public-wifi-connections/) - 8 Ways to Secure Your Computer on Public WiFi Connections - Business today is fast moving and most of us work in a mobile environment. We love the proliferation of public Wi-Fi hotspots that let us check emails and go on the internet at coffee shops and other locations outside the home and office. But the truth is, when you're on these public networks, your laptop could become an open book to a hacker sitting out in the parking lot. - [Simple Tricks to Make Your Home More Energy Efficient](https://www.maxleaman.com/simple-tricks-to-make-your-home-more-energy-efficient/) - Simple Tricks to Make Your Home More Energy Efficient - As a homeowner, you’re always looking for ways to cut energy costs. Other than a mortgage or rent, your electricity, gas, water, and trash are your most expensive house payment. Not only that, but you’ve got to content with the fact that the more energy you use, the more strain and stress your putting on the environment. So greening and making your abode more energy efficient will help your pocket book and help create a more sustainable way of life. - [Texas Mortgage Market Update - For the week of October 15, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-october-15-2012/) - Texas Mortgage Market Update - For the week of October 15, 2012 - Opportunity is finally popping up all over the U.S. housing market. Confirmation of that fact came last week in the Federal Reserve's Beige Book, which contains anecdotal findings on the state of the economy in the Fed's 12 districts across the country. The Beige Book noted that even though economic activity has only modestly improved in recent months, the housing market has shown "widespread improvement." - [Texas Mortgage Market Update - For the week of October 8, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-october-8-2012/) - Texas Mortgage Market Update - For the week of October 8, 2012 - Many observers feel we should be totally prepared for the housing recovery to continue. A major real estate portal reports list prices UP 2.5% in September versus a year ago, the biggest year-over-year boost since the housing recession started. Excluding foreclosures, list prices were UP 3.5% from a year ago. From July to August, those prices were UP 0.5%, their eighth straight month of gains. These numbers are causing experts to predict that 2012 will likely record the first calendar year list price increase since 2006, as gains were seen in 74 of the top 100 U.S. metros. - [Texas Mortgage Market Update - For the week of October 1, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-october-1-2012/) - Texas Mortgage Market Update - For the week of October 1, 2012 - You could say New Home Sales fell on its face in August, as it was down 0.3% to a 373,000 annual rate. But confirming the sentiment of the above quote, New Home Sales are in fact moving forward--UP a nice 27.7% from a year ago and remaining near a two-year high, with every region up in the last year. Even better, the months' supply of new homes is at 4.5 and the median price of new homes sold hit $256,900, UP 11.2% for August, the largest monthly increase since 1963! - [Texas Mortgage Market Update - For the week of September 24, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-september-24-2012/) - Texas Mortgage Market Update - For the week of September 24, 2012 - People indeed are astonished at how the housing market has started to recover and last week's data just kept the ball rolling. Builders are busier as housing starts are up 2.3% from July to August. They're now at a 750,000 annual rate, UP 24.5% over August 2011. Housing starts have been rising on an annual basis for the last 11 months and they're now UP 57% from their April 2009 bottom. No wonder builder confidence in September was up for the fifth month in a row, hitting its highest level since 2006. - [Texas Mortgage Market Update - For the week of September 17, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-september-17-2012/) - Texas Mortgage Market Update - For the week of September 17, 2012 - Today's home buyers seem to be in the right place at the right time, as our already super low mortgage rates may go even lower. The impetus for this comes from the Fed's announcement last Thursday that they will purchase $40 billion a month of mortgage backed securities guaranteed by Fannie Mae and Freddie Mac. This is to keep downward pressure on interest rates to help boost the housing recovery. One observer expects to see "the lowest 30-year rates ever." Smart buyers will no doubt do something about that. - [Texas Mortgage Market Update - For the week of September 10, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-september-10-2012/) - Texas Mortgage Market Update - For the week of September 10, 2012 - One of the key things remaining to be done to achieve a housing market recovery is a return to appreciating prices. Many observers feel prices have stabilized nationally and now we're seeing the first signs of some increases. A national real estate website reports the asking prices for homes for sale were up in August for the seventh month in a row. This put them UP 2.3% versus a year ago, the largest year-over-year gain since the housing downturn began. - [Texas Mortgage Market Update - For the week of September 3, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-september-3-2012/) - Texas Mortgage Market Update - For the week of September 3, 2012 - It wasn't that long ago when some pundits were saying hope was all we had in the housing market. But now our hope is being justified by some solid facts. Last Tuesday, the Case-Shiller S&P 500 index of home prices in the 20 largest metros posted a 0.9% gain (seasonally-adjusted) for June. For the month, 18 of the 20 metro areas showed gains; in the last three months, prices were up in all 20. Overall, prices are UP 0.5% compared to a year ago. - [Texas Mortgage Market Update - For the week of August 27, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-august-27-2012/) - Texas Mortgage Market Update - For the week of August 27, 2012 - Home prices have certainly been marked down from their highs of a few years ago, and buyers seem to be finally realizing there are some very nice homes out there at some very nice prices. The latest evidence came when Existing Home Sales shot UP 2.3% in July to a 4.47 million unit annual rate. Sales of these homes are now UP 10.4% from a year ago. But those contemplating a purchase should not dally. The median price of an existing home is UP 9.4% over a year ago, the largest gain since the peak in early 2006! - [Texas Mortgage Market Update - For the week of August 20, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-august-20-2012/) - Texas Mortgage Market Update - For the week of August 20, 2012 - Home builders last week showed plenty of evidence they are both hopeful and confident. July new Building Permits came in UP 6.8%, to an 812,000 annual rate. In fact, July saw the most single-family building permits filed since August 2008, the month before the Lehman collapse and the financial market meltdown. Versus a year ago, permits for single-family homes are now UP 23.0%. - [Texas Mortgage Market Update - For the week of August 13, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-august-13-2012/) - Texas Mortgage Market Update - For the week of August 13, 2012 - Some of the actions we're seeing in the housing market should lead us to a better destiny. The National Association of Realtors (NAR) reported median sale prices for single-family homes posted year-over-year gains in Q2 in 110 of 147 markets. This is up from 74 markets showing annual price appreciation in Q1. The national median sale price of existing single-family homes in Q2 was up 7.3% over a year ago, the biggest annual increase in six years! - [Texas Mortgage Market Update - For the week of July 23, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-july-23-2012/) - Texas Mortgage Market Update - For the week of July 23, 2012 - The famed British statesman's advice certainly applies to the housing market. Indeed, those who haven't given up are starting to see positive signs. Wednesday, June Housing Starts were UP 6.9% for the month, UP 23.4% compared to a year ago and at their highest annual rate since October 2008.The total number of homes under construction (started but not finished) gained for the tenth month in a row, the first time that's happened since 2003-2004. No wonder Home Builder Confidence had its biggest monthly jump in almost 10 years. - [Texas Mortgage Market Update - For the week of July 16, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-july-16-2012/) - Texas Mortgage Market Update - For the week of July 16, 2012 - Everyone working in the housing market certainly has shown perseverance and it seems to be paying off. While the overall economy slows, there are signs of the start of a housing recovery. Bloomberg reports all major home price indexes registered modest national increases. Almost 10% more existing homes were sold in May than a year earlier. The inventory of existing homes has dropped close to a normal level of six months, key to sustaining spring home price gains. Housing starts were up 26% in May over the prior year and the inventory of new homes is back at 2005 levels. - [Texas Mortgage Market Update - For the week of July 2, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-july-2-2012/) - Texas Mortgage Market Update - For the week of July 2, 2012 - Getting ready to celebrate our nation's independence, it's appropriate to note this sage advice from a founding father, as we see more signs that our energy and persistence are finally paying off in the housing market. New home sales were expected to be the last to recover, yet they were UP 7.6% in May to a 369,000 annual rate and are UP almost 20% over a year ago! Plus, the median price was up 5.6% from a year ago and the supply dropped to 4.7 months! - [Texas Mortgage Market Update - For the week of June 25, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-june-25-2012/) - Texas Mortgage Market Update - For the week of June 25, 2012 - Those of us who toil in the U.S. housing market have certainly stayed with our problems a long time. But you don't have to be Einstein to see light at the end of the tunnel. Housing starts were down slightly in May but are UP 28.5% over a year ago. Single-family starts were actually up 3.2% for the month and are UP 26.2% versus a year ago. New Building Permits went up 7.9% for the month and are UP 25% versus a year ago. Total number of homes under construction gained for the ninth month in a row, which hasn't happened since 2003-2004! - [Austin Father's Day Fun Things To Do](https://www.maxleaman.com/austin-fathers-day-things-to-do-2012/) - Austin, Texas Father's Day - Fun things to do in Austin, Texas for Father's Day on Sunday, June 17. K1 Speed Track, Lake Travis Zipline, Austin Symphonic Band Father’s Day Concert, Lakeside Live at The Rooftop and more Father's Day things to do in Austin, Texas! - [Austin Mortgage Market Update - For the week of June 11, 2012 ](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-11-2012/) - Austin Mortgage Market Update - For the week of June 11, 2012 - Forward is where the housing recovery appears to be going, though some advances are bigger than others. According to a leading data aggregator, home prices rose in April for the second month in a row, UP 2.2% over March and UP 1.1% versus a year ago. Taking out distressed sales, prices were UP 2.6% for the month and UP 1.9% year over year. These price gains are at a rate not seen since late 2006 and better than 2010, when sales jumped thanks to the federal tax credit. - [Texas Mortgage Market Update - For the week of June 4, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-june-4-2012/) - Texas Mortgage Market Update - For the week of June 4, 2012 - Those looking for healing in the housing market needed to see past April's 5.5% dip in Pending Home Sales and focus on the 14.4% gain in the index compared to a year ago. The small drop ended a three month run of monthly gains, but we've now had annual gains for 12 months straight! The National Association of Realtors' chief economist stated, "Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007." - [Texas Mortgage Market Update - For the week of May 21, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-may-21-2012/) - Texas Mortgage Market Update - For the week of May 21, 2012 - Home builders are doing plenty with what they have, as Housing Starts rose 2.6% in April to a 717,000 annual rate. Single-family units were up 2.3% for the month and are up 18.8% from a year ago. Multi-family starts were up 3.2% for the month and are up a whopping 63.0% from a year ago. This reflects interest in the condo market, attractive to first time buyers and downsizers, as well as to investors in rental units. Building Permits were down 7.0% in April to a 715,000 annual rate, although permits for single-unit homes are up 18.5% versus a year ago. - [Texas Mortgage Market Update - For the week of May 14, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-may-14-2012/) - Texas Mortgage Market Update - For the week of May 14, 2012 - There are more and more opportunities to grab in the housing market. After almost six years of price declines, we're finally seeing signs of stability, as home prices rose in the first quarter in more than half the U.S. metro areas tracked by the National Association of Realtors (NAR). The median price for existing homes sold was higher than a year ago in 51% of the areas -- 74 of 146 metros. - [Texas Mortgage Market Update - For the week of May 7, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-may-7-2012/) - Texas Mortgage Market Update - For the week of May 7, 2012 - Happily, it's becoming easier to believe the housing market is turning around, although in fits and starts. For example, the Q1 Advanced GDP report showed that home building increased for the period at a 19% annual rate, its fourth consecutive quarterly gain. In line with this, several home builders have recently reported higher sales and orders. The National Association of Realtors (NAR) projects new home sales UP 31.6% for 2012. - [Texas Mortgage Market Update - For the week of April 30, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-30-2012/) - Texas Mortgage Market Update - For the week of April 30, 2012 - Those who continue to work the housing market are in fact seeing more opportunity. Thursday's Pending Home Sales rose in March to their highest level in almost two years when the looming expiration of the homebuyer tax credit was boosting sales. This National Association of Realtors (NAR) index is a measure of contracts signed for existing homes, which typically close a month or two out. It was UP a seasonally adjusted 4.1% for the month and UP a non-seasonally adjusted 10.8% from a year ago. - [Getting Back to a Seller’s Market in Austin](https://www.maxleaman.com/sellers-market-in-austin-texas/) - Getting Back to a Seller’s Market in Austin - Unless you have been hiding under a rock the last few months you may have noticed we have entered into a seller’s market in Austin, Texas. Properties within 5 miles of downtown Austin are selling for more money and in less time than they have in years. However, this is not true for ALL of the properties on the market. It comes down to two separate factors: price and presentation. - [The Top 3 Family Neighborhoods in San Antonio](https://www.maxleaman.com/the-top-3-family-neighborhoods-in-san-antonio/) - The Top 3 Family Neighborhoods in San Antonio - San Antonio Mortgage - Thinking of buying a new home in San Antonio, Texas? If you’ve ever purchased a home you know that the process requires careful research and a long checklist of requirements. Finding a good neighborhood for you and your family requires you to ask important questions about whether your kids will attend quality schools, what activities are offered near home, and how long your daily commute would be. - [Texas Mortgage Market Update - For the week of April 23, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-23-2012/) - Texas Mortgage Market Update - For the week of April 23, 2012 - People say home building can't recover any time soon. Yet the signs continue to mount that a recovery is underway. Off 5.8% for March, Housing Starts are up 10.3% from a year ago, to a 654,000 unit annual rate. The monthly drop came from volatile multi-family starts, while single-family units were down only 0.2%. And the number of homes under construction was up for the seventh month in a row! Even Building Permits are up 30.1% versus a year ago. It's early in the home building recovery, but some are saying we could get to 1.5 million units by 2016. - [Texas Mortgage Market Update - For the week of April 16, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-16-2012/) - Texas Mortgage Market Update - For the week of April 16, 2012 - When people tell you the housing market isn't showing many positive signs, here are some facts that may change their minds. As of January, the National Association of Realtors (NAR) reported the housing inventory of for-sale homes has fallen to its lowest level since March 2005 -- 2.3 million homes, about a six-month supply. Meanwhile, total home sales rose 13% in the last six months, according to another industry survey. - [Tips for Getting Started in Real Estate Investing](https://www.maxleaman.com/tips-for-getting-started-in-real-estate-investing/) - Tips for Getting Started in Real Estate Investing - Austin - New to the world of real estate investing? You'll be amazed at how much there is to learn. Start with these absolute fundamentals and try to grow from here. Invest, Don't Just Gather, Your Name Is Your Bond, Know Your Loans, Be Prompt, But Thorough, and The Seven-Digit Stretch. - [Texas Mortgage Market Update - For the week of April 9, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-9-2012/) - Texas Mortgage Market Update - For the week of April 9, 2012 - Hopefully, more people will be taking a shot at buying a home, with home ownership regaining its appeal as rents head higher. A real estate research firm reported average apartment rents UP 2.7% last year, while the national vacancy rate went below 5% for the first time since 2001. Increasing rents, plus very affordable home prices and near record low mortgage rates, have made home buying cheaper than renting in most areas, spurring on first-time buyers. - [Texas Mortgage Market Update - For the week of April 2, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-april-2-2012/) - Texas Mortgage Market Update - For the week of April 2, 2012 - Last week's housing reports supported the fact there are great opportunities in today's real estate market, as long as you don't look at just part of the data and jump to conclusions. For example, February Pending Home Sales, measuring contracts on existing homes, were off 0.5% for the month. But wait a second, Pending Home Sales are now UP 13.9% over a year ago! - [Texas Mortgage Market Update - For the week of March 26, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-march-26-2012/) - Texas Mortgage Market Update - For the week of March 26, 2012 - The renowned French fashion designer certainly would have appreciated that while February's Housing Starts were down 1.1% for the month, Building Permits bumped UP 5.1%, to their highest level since 2008. The housing recovery is full of opposites. In spite of that monthly dip, starts are UP almost 35% from a year ago. And before their February slip, single-family starts went up four months in a row to an 18-month high. - [Texas Mortgage Market Update - For the week of March 19, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-march-19-2012/) - Texas Mortgage Market Update - For the week of March 19, 2012 - The Polish physicist and chemist, famous for her pioneering work on radioactivity, could have been describing the U.S. housing market. But we are making progress. Realtor.com reported that the U.S. median list price of homes they track was almost 7% higher in February than a year ago. The web site of the National Association of Realtors (NAR) also reported that the inventory of U.S. for-sale housing is 22% lower than a year ago. Additional progress was seen in the median age of inventory of homes on the site dropping almost 10%, year over year. - [Dallas Zip Code Map - Fort Worth Zipcode Map - DFW Zip Code Maps](https://www.maxleaman.com/dallas-zip-code-map-fort-worth-zipcode-map-dfw-zip-code-maps/) - Texas Zip Code Maps (PDF) - FREE Austin, Dallas, Ft. Worth, DFW, and Travis County Zipcode Maps and Neighborhoods. Cities including but not limited to: Austin, Dallas, Fort Worth, Arlington, Cedar Park, Leander, Georgetown, Round Rock, Westlake, Lake Travis, Lago Vista, Bastrop, Wimberley, Lockart, Coupland, Taylor, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson, Grapevine, Crowley and more - [Warren Buffet Says Single-Family Homes Are Best Investment 2012](https://www.maxleaman.com/warren-buffet-says-single-family-homes-are-best-investment-2012/) - Warren Buffet Says Single-Family Homes Are Best Investment 2012 - Warren Buffett, chairman and CEO of Berkshire Hathaway, is widely regarded as one of the world's most successful investors. He recently appeared live on CNBC's Squawk Box program, Monday, February 27, 2012, for his annual "Ask Warren" three-hour marathon. Among the many topics covered was the housing market. Here is Warren's latest advice on investing in that area. - [Texas Mortgage Market Update - For the week of March 5, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-march-5-2012/) - Texas Mortgage Market Update - For the week of March 5, 2012 - BULLETIN... HUD is set to increase FHA up-front mortgage insurance premiums April 1. This is a significant change -- please relay this to your buyers immediately: waiting will be costly. Call or email us for further information. - [Texas Mortgage Market Update - For the week of February 27, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-february-27-2012/) - Texas Mortgage Market Update - For the week of February 27, 2012 - January New Home Sales dipped slightly, but only because the past month's sales were revised higher. Together, December and January new home sales were the best they've been in a year, up 3.5% in that time frame. The median sale price squeaked up $1,000 for the month, to $217,500. Best of all, the supply of new homes dropped to 5.6 months, the lowest in six years, with a record low 151,000 new homes for sale. - [Austin Mortgage Market Update - For the week of February 13, 2012](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-13-2012/) - Austin Mortgage Market Update - For the week of February 13, 2012 - People's attitudes should surely be altered by new data from the National Association of Home Builders (NAHB). Their survey released on Thursday revealed four record highs hit by home building in 2011. The average size of new homes bumped up to a record 2,522 square feet, a record-high 42% of new homes had at least four bedrooms, 28% had at least three bathrooms and 30% included finished basements, all numbers up substantially over 2010. Countering this, there were a record low 429,000 single-family housing starts for the year. - [Austin Mortgage Market Update - For the week of February 6, 2012](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-6-2012/) - Austin Mortgage Market Update - For the week of February 6, 2012 - "The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at their current low levels until the end of 2014," according to the Mortgage Bankers Association chief economist. He added, "Longer-term Treasury rates dropped... and mortgage rates for the week were down slightly." - [Texas Mortgage Market Update - For the week of January 30, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-30-2012/) - Texas Mortgage Market Update - For the week of January 30, 2012 - Getting ready for a recovery could be the theme of last week's housing reports. Pending Home Sales, after hitting a 19-month high in November, dipped a bit for December, yet came in 5.6% above where they were a year ago. The National Association of Realtors chief economist observed, "Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period." - [Austin Mortgage Market Update - For the week of January 23, 2012](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-23-2012/) - Austin Mortgage Market Update - For the week of January 23, 2012 - Well, we can all make our way with a bit of a smile on our faces, courtesy of the latest Housing Starts numbers. At first blush, the December report seemed disappointing, down 4% for the month. But starts overall are UP 24.9% from a year ago and December's drop was all from multi-family starts, very volatile month-to-month. Single-family starts were UP 4.4% for the month and UP 11.6% for the year. No wonder the National Association of Home Builders confidence index went to 25, its highest reading since 2007. - [Texas Mortgage Market Update - For the week of January 16, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-16-2012/) - Texas Mortgage Market Update - For the week of January 16, 2012 - Economist Fiedler, Assistant Treasury Secretary under Presidents Nixon and Ford, knew that wise forecasters give themselves lots of opportunities for revisions. This time of year, the focus is on forecasts and even though many will soon be revised, some are worth considering. The chairman of the Fisher Center for Real Estate at the University of California, Berkeley, feels home prices have bottomed and are increasing, though not rebounding, where there's strong job growth. But other economists anticipate a 5% decline in home prices over the next two years. - [Texas Mortgage Market Update - For the week of January 9, 2012](https://www.maxleaman.com/texas-mortgage-market-update-for-the-week-of-january-9-2012/) - Texas Mortgage Market Update - For the week of January 9, 2012 - The latest opportunity in real estate came December 28, when the Federal Housing Administration extended the waiver of its "anti-flipping" rule through the end of 2012. This lets homebuyers, who need FHA-insured financing, purchase homes that were bought by the seller in the last 90 days. And it gives investors looking to rehab and flip properties an expanded market, including first-time homebuyers and others without large down payments, who need FHA-backed loans. - [Austin Mortgage Market Update - For the week of January 2, 2012](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-2-2012/) - It's good to show your best face to the world as the new year begins (see Business Tip of the Week, below) and that just got easier to do. Last week's Pending Home Sales index from the National Association of Realtors (NAR) went UP 7.3% in November, hitting its highest level since April 2010! And that earlier reading was artificially boosted, as buyers rushed to beat the deadline for last year's home buyer tax credit. - [Austin Mortgage Market Update - For the week of December 27, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-27-2011/) - Wisely, the National Association of Realtors (NAR) did not follow the diminutive Emperor's advice last week, admitting they uncovered some mistakes in the statistical model used to estimate national Existing Home Sales the past few years. They therefore had to revise those sales down 14%, to a 4.42 million annual rate in November. Nevertheless, Existing Home sales were UP 4% for the month and UP 12% versus a year ago. And the inventory is down 18% versus last year, now at a 7 months' supply! - [Austin Mortgage Market Update - For the week of December 19, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-19-2011/) - Austin Mortgage Market Update - For the week of December 19, 2011 - The famous President's sage advice from a century ago is still the appropriate approach to today's housing market. In the midst of all the media noise, it's always good to check what we do have and where we really are. For example, the Census Bureau reported that although the median sale price of new homes in October was down 15% over the last five years, it's actually up 26% over the last ten. More evidence that housing still is a good investment over the long term. - [Austin Mortgage Market Update - For the week of December 12, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-12-2011/) - The housing recovery may be proceeding slowly, but things are definitely not at a standstill. Earlier this year, an industry rent vs. buy index found it is more affordable to buy than rent a two-bedroom home in 72% of America's 50 biggest cities. In fact, renting was less expensive than buying only in New York, Kansas City, San Francisco and Seattle. And in 10 of the cities where renting was relatively affordable versus ownership, people felt buying may still be a financially sound long-term decision. - [Austin Mortgage Market Update - For the week of December 5, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-5-2011/) - Austin Mortgage Market Update - For the week of December 5, 2011 - Enough people were motivated to buy new homes in October to push monthly sales up 1.3% to a 307,000 annual rate. Even better, the motivation was strong enough to send the median price to $212,300, UP 4% over a year ago. Going forward, what should motivate everyone is that the supply of new homes fell to 6.3 months. Nonetheless, new home sales need to get to an annual rate around 950,000 and some observers say that will take another few years. - [Austin Mortgage Market Update - For the week of November 28, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-28-2011/) - Austin Mortgage Market Update - For the week of November 28, 2011 - The patient approach advocated by the 1st Marquess of Halifax is proving to be the right tactic for mastering today's housing market. Last week, October Existing Home Sales inched up to an annual rate just under 5 million units. And although things appear to be improving only slowly, existing home sales are actually UP 13.5% from a year ago. - [Austin Mortgage Market Update - For the week of November 14, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-14-2011/) - Austin Mortgage Market Update - For the week of November 14, 2011 - Like life, the situation in the housing market depends on what we make of it. Last week, both options were covered in the latest quarterly report from the National Association of Realtors (NAR). The good option: home sales in Q3 rose in all 50 states and Washington, D.C. The negative: the median existing single-family home price rose in only 39 of 150 metro areas, declining in 111 of them. Yet the NAR chief economist pointed out that the sales data was encouraging, because "Home sales need to recover first--only then can prices stabilize." - [Austin Mortgage Market Update - For the week of October 31, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-31-2011/) - Austin Mortgage Market Update - For the week of October 31, 2011 - Last week's housing news did give all of us in the industry a few more things to hang onto. First, we saw new single-family home sales go up 5.7% in September, to a 313,000 annual rate. Next, it was nice to see the supply of new homes drop to 6.2 months. The inventory is now at the lowest level on record. - [Austin Mortgage Market Update - For the week of October 24, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-24-2011/) - What didn't make sense last week was the way the media reported the latest housing data. Housing Starts were UP a strong 15% in September, hitting a 658,000 annual rate. But the media chose to emphasize that the gain was mostly from multi-family starts which shows a big trend toward renting. Actually, multi-family units also include condominiums, which do make sense for first time buyers who don't have to deal with selling. The media also skimmed over the data that single-family starts were UP almost 2% for the month and starts overall are UP over 10% versus a year ago. - [Austin Mortgage Market Update - For the week of October 17, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-17-2011/) - One dream that, happily, doesn't seem to be going away is the one we Americans have of owning our own home. In fact, in spite of all the negative news we hear about housing, the percentage of Americans who own their home is still the second highest on record, according to the Census Bureau. Even better, new research reveals that up to two million people are planning to jump into the housing market in the next two years. - [Austin Mortgage Market Update - For the week of September 19, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-september-19-2011/) - We did see some right results for housing last week, and hopefully we've been working joyfully and peacefully to bring them about. Realtor.com reported that inventories of homes, condos, townhouses and co-ops shrank in August for the fourth month in a row. They're now down 19% from a year ago, and rest at 2.27 million units. Dropping inventories do keep home prices from falling and, supporting this, the national median list price was unchanged from June and July and up about 0.5% from a year ago, at $189,900. - [Austin Mortgage Market Update - For the week of September 12, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-september-12-2011/) - The great opportunity now is for home buyers to get a mortgage at an historically low rate. Freddie Mac reported national average mortgage rates set new record lows last week. But according to most observers, buyers shouldn't expect further rate dips. Lenders are seeing plenty of loan volume, so they don't have to lower pricing to get more activity. - [Austin Mortgage Market Update - For the week of September 5, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-september-5-2011/) - Major progress has yet to be made in the housing recovery, but we can keep believing in it, since the data isn't all negative. For example, Pending Homes Sales (contracts on existing homes) were down 1.3% in July, but were UP 2.4% in June, so Existing Home Sales should be up for August. In addition, July's reading was UP 14.4% over last year. The National Association of Realtors chief economist said, "rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge" bode well for real estate. - [Austin Mortgage Market Update - For the week of August 29, 2011](https://www.maxleaman.com/austin-mortgage-update-for-the-week-of-august-29-2011/) - Last week's "difficulty" for the housing market came from the news that New Home Sales dropped 0.7% for July, to a 298,000 annual rate. They've been in this low range since May of last year, competing with existing homes selling at discounts. But there is opportunity. The inventory of new homes dropped to its lowest level on record. Equally encouraging, the new home median price is up 4.7% over a year ago and the average price is up 8.0%. - [Austin Mortgage Market Update - For the week of August 22, 2011](https://www.maxleaman.com/austin-mortgage-market-updatefor-the-week-of-august-22-2011/) - Ms. Schucman was the Columbia University clinical psychologist who "scripted" A Course in Miracles. Many are hoping for a miracle to send the housing market into recovery, but Ms. Schucman says we only need to look at a situation properly to find an opportunity. A proper look at the housing market shows there's plenty of opportunity, in the form of unbelievable affordability, tremendous values and historic mortgage rates. These opportunities are there for those who take a long view and close their ears to the naysayers, who have been noisy of late. - [Austin Mortgage Market Update - For the week of August 15, 2011](https://www.maxleaman.com/austin-mortgage-market-update-august-15-201/) - It certainly was a volatile week for stocks (see below), but mortgage rates just calmly headed lower. This of course was directly related to the turbulent stock market, which sent investors to the relative safety of bonds, pushing mortgage bond prices up and interest rates down. Last week, rates on 30-year fixed-rate mortgages hit a new low for the year, while rates on 15-year fixed-rate mortgages, 5-year adjustable-rate mortgages (ARMs) and 1-year ARMs all registered new all-time lows. Small wonder purchase loan demand was up a bit over a year ago. - [Austin Mortgage Market Update - For the week of August 8, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-august-8-2011/) - Last week's silver lining for housing came in the form of mortgage rates, pushed lower by the cloud of financial market turmoil. The average 30-year fixed rate stayed near historic lows, while the average 15-year fixed rate hit a new low for records back to 1991. The average rate for 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) also made a new low for records since 2005. The Mortgage Bankers Association (MBA) reported purchase loan applications UP 5.1% over the week before and UP 5.9% over a year ago. - [Austin Mortgage Market Update - For the week of August 1, 2011](https://www.maxleaman.com/austin-mortgage-update-august-2011/) - Maybe the famous actress liked the slow approach, but it sure would be nice if our housing recovery were moving faster than a snail's pace. Last week's most positive note came with Pending Sales of Existing Homes, UP 2.4% for June. This was especially gratifying coming on the heels of the 8.2% gain for May. These figures bode well for Existing Home Sales a few months out. - [Austin Mortgage Market Update - For the week of July 25, 2011](https://www.maxleaman.com/austin-mortgage-update-july/) - Last week included both problems and progress in the housing market. Getting the probs out of the way, June Existing Home Sales came in down 0.8% versus May, to an annual rate still below 5 million units, lifting the months' supply to 9.5. But all the sales decline was from condos and coops, single-family sales staying the same. We appear to be bouncing along a bottom, as the median price of an existing home rose for the month and is now up 0.8% from last year. Average prices are up 2.7% versus a year ago. - [Austin Mortgage Market Update - For the week of July 18, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-18-2011/) - Increasingly, the wrong thing for consumers to do is to stay out of the housing market. In many locales, owning a home is now less expensive than renting. Rents are rising and vacancies falling, according to a report that tracked leasing data across the country. For the second quarter, rents rose in all but two of 82 markets, while vacancies dropped in 72 of them, sending the vacancy rate to 6%, its lowest level since 2008. Another report showed rental listing prices up 6.7% nationally in June versus a year ago. - [Condos Round Rock, TX - The Retreat at Towne Centre](https://www.maxleaman.com/condos-round-rock-tx-the-retreat-at-towne-centre/) - Condos Round Rock, Texas - Introducing The Retreat at Town Centre offers all the benefits and amenities of an urban, high-end condo in a peaceful setting. Within walking distance to Dell, shops, and businesses, The Retreat is close to everywhere you want to be. - [Austin Mortgage Market Update - For the week of July 11, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-11-2011/) - It finally appears seeds are being planted for a housing recovery. Fannie Mae's monthly survey reported that Americans expect home prices to drop just 0.5% in the next year. Some reported this as a negative because a 0.7% price gain was expected last month. But other analysts see this as a bottom, and those surveyed agree, as the majority (69%) believe it's a good time to buy a home. - [Austin Mortgage Market Update - For the week of July 4, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-4-2011/) - Last week's housing market facts were so good, it was hard for commentators to distort them into the negative picture many like to paint. Wednesday's Pending Home Sales for May came in 8.2% ahead of April, the biggest monthly gain since November and 13.4% higher than May a year ago! This annual hike was the first in over a year, while the monthly gain points to sales increases come June and July. All regions were up, the Midwest leading with a 17.2% annual bump! - [Austin Mortgage Market Update - For the week of June 27, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-27-2011/) - It certainly takes plenty of determination to find the opportunities in today's housing market. Last week the National Association of Realtors (NAR) reported Existing Home Sales down 3.8% in May to an annual rate of 4.81 million units, a six-month low. The median price was up for the month, though down 4.6% from a year ago. Inventories declined, but the months' supply increased to 9.3 because of the slower sales rate. Nevertheless, the NAR's economist opined, "...sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year." - [Austin Mortgage Market Update - For the week of June 20, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-20-2011/) - What was gaining on us last week were May Housing Starts, up 3.5% for the month to a higher-than-expected 560,000 unit annual rate. The gain included a 29% increase in multi-family starts, which are now up 17.5% over a year ago. New building permits were also up in May, by 8.7%, to a 612,000 annual rate. Permits indicate the level of starts a short time out, so some economists see the beginning of an upward trend. With the number of homes under construction at the lowest levels on record back to 1970, and as inventories continue to come down, home building will certainly need to grow considerably. - [2011 Austin July 4th Fireworks - Canceled](https://www.maxleaman.com/2011-austin-july-4th-fireworks-canceled/) - 2011 Places to View 4th of July Fireworks in Austin Texas - Downtown Austin, Texas, City of Round Rock, Lake Travis fireworks in Lakeway, Volente Beach Fireworks, fireworks for the fourth of July at Carlos and Charlie's, and information about fourth of July events at The Backyard for Willie nelson's Picnic. - [Austin Mortgage Market Update - For the week of June 13, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-13-2011/) - There are those who think the housing market is in bad shape, with the start of a second dip in home prices. Then there are those who see something better -- a bumpy bottoming of home prices, which will soon head back up. Those of us in the second camp were given more ammunition last week by real estate data company Altos Research. Their evidence shows prices bottomed out in March and achieved seasonal rises in April and May. Their VP of market analytics said in a recent webcast: "We're pretty confident that means there is going to be a rebound.... There's still plenty of movement upside and we're going to probably move...back into positive ground." - [Austin Mortgage Market Update - For the week of June 6, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-6-2011/) - Last Tuesday another housing market obstacle appeared in the form of Standard & Poor's Case-Shiller Home Price Index for March. Prices for 20 major metro areas dropped 0.8% for the month and were down 3.6% from a year ago. These numbers had some folks claiming the double dip in housing prices had arrived. But Case-Shiller's longer term data reveals that in their 20 measured metros, home prices are still UP 38.2% since January 2000. - [Austin Mortgage Market Update - For the week of May 30, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-30-2011/) - Hopefully, we won't need the patience of a Michelangelo waiting for the housing market to achieve normalcy, but most of today's economic geniuses say we'll have to hang in there a bit longer. On the plus side, new single-family home sales for April were UP 7.3%, beating expectations two months in a row. For the first time in nearly four years, sales were up in every region. Inventory fell to 6.5 months, its lowest level since 1963 and the median price was UP 4.6% from a year ago. On the minus side, the Pending Home Sales index was down 11.6% for April after two months of gains. April wasn't the greatest home shopping month, with widespread severe weather, the heaviest rain in 20 years and rising oil prices slowing things down. - [Austin Mortgage Market Update - For the week of May 23, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-23-2011/) - People wonder if housing is moving in the right direction, especially after April Housing Starts fell 10.6% to an annual rate of 523,000 units. But a closer look reveals the decline was due mostly to multi-family units, which are volatile month to month and actually up 6.6% from a year ago. Also, the biggest drop was in the South, which had been hit with severe tornados. Outside that region, starts were UP 5.5%! Homes under construction are at their lowest level since 1970, so some areas may rebound from shortages in the next few months. Following a March rise, Existing Home Sales were down just 0.8% in April and the seasonally adjusted annual rate is still above 5 million. Total inventory edged up to 9.2 months. - [Austin Mortgage Market Update - For the week of May 16, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-16-2011/) - Our resolution to succeed in the real estate market was given a bit of a boost with the National Association of Realtors (NAR) report that existing home sales were up 8.3% in the first quarter over the fourth quarter of last year. Plus, on a quarter-to-quarter basis, sales rose in every region of the country. Year-over-year, sales were virtually flat, slipping just 0.8% to a seasonally adjusted annual rate of 5.14 million homes. - [Austin Mortgage Market Update - For the week of May 9, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-9-2011/) - For those of us with a strong will to succeed in this housing recovery, the way appears to be by focusing on the extraordinary affordability of today's residential market. Part of this affordability lies in the fact that mortgage rates fell again for the third week in a row, according to Freddie Mac's weekly survey of national average rates for conforming mortgages. This drop took them to their lowest point of the year. The Mortgage Bankers Association (MBA) weekly survey reported demand for purchase loans was UP a seasonally adjusted 0.3% from the prior week. - [Austin Mortgage Market Update - For the week of May 2, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-2-2011/) - Last week's reports showed the progress of the housing market recovery is definitely on a zigzag trajectory. Zigging upward were new home sales, UP a strong 11.1% in March, hitting the 300,000 threshold annual rate. The supply of new homes dropped to 7.3 months and the inventory fell again, to its lowest level since 1967. Also zigging UP 5.1% were March Pending Home Sales, which measure contracts on existing homes and point to continued gains in existing home sales come April and May. - [Austin Mortgage Market Update - For the week of April 25, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-25-2011/) - The housing recovery isn't yet a success, but last week gave us a few good reasons to keep plugging along. First came March Housing Starts, bursting UP 7.2% to a 549,000 unit annual rate. February starts were also revised UP 6.9%. Then we found out new Building Permits surged 11.2% in March to a 594,000 annual rate and were revised UP 3.3% for February. Starts and permits are still down over 13% from a year ago, as residential construction has dropped to only 2.3% of GDP, its lowest level on record. But economists say it won't go much lower, and that's what these latest numbers are signaling. - [New FHA Annual (monthly) MIP Increases](https://www.maxleaman.com/new-fha-annual-monthly-mip-increases/) - These changes were effective April 18, 2011 ?(for case numbers assigned on or after this date). The Upfront Mortgage Insurance remains at 1.00%. The Annual Insurance Premium will increase from .90% to 1.15% for LTV's greater than 95% on 30 yr loans. The Annual Insurance Premium will increase from .85% to 1.10% for LTV's less than or equal to 95% on 30 yr loans. The Annual Insurance Premium will increase from .25% to .50% for LTV's greater than 90% on 15 yr loans. The Annual Insurance Premium will increase from 0% to .25% for LTV's less than or equal to 90% on 15 yr loans. In other words: on a $100,000 FHA 30 year fixed this equals a $21 higher monthly payment for homebuyers. - [Austin Mortgage Market Update - For the week of April 18, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-18-2011/) - Optimists received some encouragement from data aggregator CoreLogic, who reported that home prices fell again in February, but the price drops appeared mostly with distressed sales--short sales and bank-owned homes, otherwise known as REO properties. Excluding these, the CoreLogic index was essentially flat, down just 0.1% versus a year ago. Their Chief Economist commented, "When you remove distressed properties from the equation, we're seeing a significantly reduced pace of depreciation and greater stability in many markets." During the month, 6 out of 10 of the country's biggest markets saw home price APPRECIATION in non-distressed sales. - [Austin Mortgage Market Update - For the week of April 11, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-11-2011/) - Those of us who think we can participate in a housing market recovery sooner rather than later just got welcome support from some industry experts. As reported by Fortune on CNNMoney.com, "After four years of plunging home prices, the most attractive asset class in America is housing." Research firm Metrostudy, which tracks new-home inventories for 65% of the U.S. market, reports that the steep drop in construction over the last few years has reversed the supply glut, with starts now well below closings. The firm believes the low inventory should eventually lead to higher prices. - [Austin Mortgage Market Update - For the week of April 4, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-4-2011/) - Patience has certainly been needed to weather the ups and downs of the current U.S. housing market. But as we await strong recovery, we can take heart in positive signs when they show up. Last week we had the report that Pending Home Sales were up 2.1% in February. This measure of contracts on existing homes indicates sales should rebound in March following February's drop. - [Austin Mortgage Market Update - For the week of March 28, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-28-2011/) - The famously successful Chairman of Berkshire Hathaway made his observation a month ago in his annual letter to shareholders. The Oracle of Omaha is certainly aware of the state of the housing market and added: "A housing recovery will probably begin within a year or so." These encouraging words play nicely against last week's news that Existing Home Sales dipped 9% in February, to just under 5 million annually. But this follows three months of substantial increases in existing home sales and experts still expect us to get back to the long-term trend of 5.5 million units annually, despite monthly fluctuations. - [3 Ways to Prepare for a House Fire](https://www.maxleaman.com/3-ways-to-prepare-for-a-house-fire/) - According to the U.S. Fire Administration, a home fire is reported to a fire department once every minute. Each year, and average of 2,600 people lose their lives and 13,000 are injured in home fires. - [Austin Mortgage Market Update - For the week of March 21, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-21-2011/) - Well, journalists had plenty of their kind of news to write about with last week's housing reports. The bad stuff began with February Housing Starts dropping 22.5% to a level close to the April 2009 low, which was the lowest on record. Most of the drop was from multi-family starts, which are volatile on a monthly basis. Single-family starts were down 11.8%. New Building Permits fell 8.2% for February. This gauges activity a few months out, indicating starts in the Spring ought to be up a bit from now. - [Austin Mortgage Market Update - For the week of March 14, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-14-2011/) - Last week there was no guessing involved in the Mortgage Bankers Association (MBA) report that applications for purchase mortgages hit their highest level of the year. The MBA credited this to the improving job market and mortgage rates remaining at super low levels. This demand for purchase mortgages was up 12.5% from the week before and at its highest level since last May. Freddie Mac's weekly survey of conforming mortgages showed Texas mortgage rates pretty much unchanged, at historically low levels for the third week in a row. - [Austin Mortgage Market Update - For the week of March 7, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-7-2011/) - We should be especially careful to not erect barriers to our progress just because of a minor setback, like the one we had with last week's Pending Home Sales. The National Association of Realtors (NAR) index of signed contracts on existing homes slipped in January for the second month in a row. But the drop wasn't as bad as expected and, as the NAR's chief economist said: "We should not expect the recovery to be in a straight upward path--it will zig-zag at times." - [Austin Mortgage Market Update - For the week of February 28, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-28-2011/) - hings do keep changing, but we all hope that by and large those changes mean progress. We certainly saw evidence of that in the housing market last week, as Existing Home Sales headed up in January for the third month in a row. They've now reached a 5.36 million annual rate, close to the long-term trend of 5.5 million and up over 5% from a year ago. This, as Martha Stewart says, is "a good thing," since the supply of existing homes has now dropped to 7.6 months, close to the 6-month ideal, which favors neither buyers nor sellers. - [Austin Mortgage Market Update - For the week of February 21, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-21-2011/) - We who work in the real estate and mortgage industries know exactly how Elvis felt. The same people who unfairly blamed us totally for the recession now look to us alone for signs the economic recovery has taken hold. They might want to remember the health of the housing market is directly dependent on the health of the jobs market, which is not under our control. In any case, everyone felt better last week when January Housing Starts were UP a surprising 14.6%. Even though starts are down 2.6% from a year ago, this still shows builders are more hopeful going forward. The boost came from multi-family units, though single-family starts were off a mere 1% for the month. - [City of Austin Requires Energy Audit Before Property Sale ](https://www.maxleaman.com/city-of-austin-requires-energy-audit-before-property-sale/) - Austin Energy Conservation Audit and Disclosure Ordinance, Frequently Asked Questions. What is the Austin Energy Ordinance? What properties are effected by the new Austin Energy Audit Ordinance? Why was the new Austin Energy Ordinance passed? When does the Energy Ordinance take effect in Austin, TX? What do Austin homeowners need to do to meet the Austin Energy Ordinance requirements? Are there exemptions to the Austin Energy requirement? - [Texas mortgage rates improve a little the week of February 18](https://www.maxleaman.com/texas-mortgage-rates-improve-a-little-the-week-of-february-18/) - After rising for several weeks, Texas mortgage rates improved a little this week. The news on inflation was not as negative as investors may have feared, and the economic growth data was mixed. The most significant reports on growth, Retail Sales and Industrial Production, both fell short of expectations, which helped Texas mortgage rates. - [HUD will increase the Annual Mortgage Insurance Premium by 25 basis points](https://www.maxleaman.com/hud-will-increase-the-annual-mortgage-insurance-premium-by-25-basis-points/) - On April 18, 2011 HUD will increase the Annual Mortgage Insurance Premium by 25 basis points. This will increase the monthly payment of FHA borrowers whose case numbers are assigned on or after April 18, 2011. - [Austin Mortgage Market Update - For the week of February 14, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-14-2011/) - Last Thursday the National Association of Realtors (NAR) came through with the encouraging report that sales of existing single-family homes and condominiums in Q4 of 2010 increased over Q3 in 49 out of 50 states -- a 15.4% rise for the three-month period. However, sales were down 4.78% for the year, to an estimated 4.91 million, from their 5.16 million level the year before. Fueled by the homebuyer tax credit, that higher 2009 sales rate was deemed "unsustainable" in 2010 by the NAR. - [Texas Mortgage Rates Increase Week of Feb. 11](https://www.maxleaman.com/texas-mortgage-rates-increase-week-of-feb-11/) - Inflation concerns and a higher than expected January budget deficit caused Texas mortgage rates to move a little higher during the week. Solid demand for this week's longer-term Treasury auctions helped prevent a larger increase in Texas mortgage rates. Investors hoping for inflation relief from the Fed were disappointed. In testimony on Wednesday, Fed Chief Ben Bernanke suggested that Fed officials view overall inflation levels as low and have no near-term plans to tighten monetary policy to fight rising inflation. - [Ways To Make Your Home Energy Efficient](https://www.maxleaman.com/ways-to-make-your-home-energy-efficient/) - The financial situation that the world is facing these days many people are trying to find a way to save, save, save. To save more money it is a great idea to make your home energy efficient. Your monthly hydro bill will be decreased if you make your home energy efficient. - [Austin Mortgage Market Update - For the week of February 7, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-7-2011/) - There's good news in the latest housing market forecast for 2011 from the National Association of Realtors (NAR). After dipping 4.8% last year, sales of existing homes are predicted to grow 7.9% this year, to 5.3 million. The gain for 2012 is forecast to be a little less, up 4.5%, to 5.53 million. The existing home median price went up 0.3% in 2010, a nice recovery from the 12.9% price drop of 2009. For 2011, the NAR sees it rising 0.5%, to $173,000, then another 2.4%, to $177,900, in 2012. - [Texas Mortgage Rates Moved Higher This Week](https://www.maxleaman.com/texas-mortgage-rates-moved-higher-this-week/) - US Inflation concerns hit bond markets this week. Despite soothing comments from Fed Reserve Chief Bernanke, stronger than expected economic growth and higher commodity prices raised investor fears that future inflation may increase. As a result, Texas mortgage rates moved higher during the week. - [Austin Mortgage Market Update - For the week of January 31, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-31-2011/) - Last week was packed with housing market data and the news does keep getting better even though the media hasn't caught on quite yet. Wednesday saw December New Home Sales UP 17.5%, blowing away forecasts with a 329,000 annual rate. The supply of new homes dropped to 6.9 months and the new homes inventory slid to 190,000, down 66.8% from its 2006 peak and at the lowest level since 1968. More good news came with an 8.5% boost in the median home price versus a year ago, to $241,500, its highest level since April 2008. The average home price registered a 4.7% gain compared to a year ago. - [How President Obama’s State of the Union Address will Impact Economy and Mortgage Markets](https://www.maxleaman.com/how-president-obama’s-state-of-the-union-address-will-impact-economy-and-mortgage-markets/) - The focus this week will be directed at President Obama’s State of the Union Address on Tuesday, the first FOMC meeting of 2011 on Wednesday, and the first release of fourth quarter GDP results on Friday. - [Austin Mortgage Market Update - For the week of January 24, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-24-2011/) - Thursday saw Existing Home Sales shoot up 12.3% in December, to an annual rate of 5.28 million, well ahead of the 4.87 million rate the consensus expected. Overall, existing home sales are off 2.9% compared to a year ago, but that's when sales were artificially boosted by the homebuyer tax credits. All regions showed sales gains in single family homes, condos and coops. - [Austin mortgage rates move a little lower last week](https://www.maxleaman.com/austin-mortgage-rates-move-a-little-lower-last-week/) - Favorable conditions helped Austin mortgage rates move a little lower last week. The inflation data released during the week showed that inflation continued to remain at very low levels. In addition, demand for longer-term Treasury securities was strong. - [Austin Mortgage Market Update - For the week of January 17, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-17-2011/) - Down in Orlando, Florida, last week there were more housing market forecasts for the year just begun. Bottom line? Housing economists are cautiously optimistic about a recovery during 2011. These economists were presenting their views at the annual meeting of the National Association of Home Builders (NAHB). None of the experts see a robust upturn for housing. But they do feel that home sales, which have been in a bit of a stall, may start to recover soon. - [Austin Mortgage Market Update - For the week of January 10, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-10-2011/) - Last week's housing market news featured forecasts for the year. With the factors affecting home affordability at their best levels in years, many expect increased home sales in 2011, spurred on by the expected improvements in the job situation. The National Association of Realtors (NAR) reported existing homes sales up for November, returning to growth after hitting bottom in July. Existing homes are now at their strongest sales pace since the home buyer tax credit expired in April. - [Where do we begin on this first trading day of the new year? How about at the beginning. Before we can do that, let’s review 2010 ](https://www.maxleaman.com/where-do-we-begin-on-this-first-trading-day-of-the-new-year-how-about-at-the-beginning-before-we-can-do-that-let’s-review-2010/) - Texas mortgage rates dropped into the high 3’s to low 4’s and everyone and their brother wanted to refinance Austin mortgages. So what’s ahead in 2011? No one knows for sure. We do know that treasury and mortgage pricing will be looking for clues. Clues as to whether or not the economy is really expanding or needs more time to clear the mine fields. - [Austin Mortgage Market Update - For the week of January 3, 2011](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-3-2011/) - Last week saw the year finish on a high note for the housing market with Pending Home Sales for November coming in UP 3.5%, after this figure was expected to be down slightly for the month. This reading measures homes under contract, and therefore should point to an increase in closings in the January-February time frame. - [Austin Mortgage Market Update - For the week of December 27, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-27-2010/) - Housing was more affordable in November than at any time in the last 40 years. So it should come as no surprise that Existing Home Sales were UP 5.6% for November, bringing them to an annual rate of 4.68 million, a tad above the expected 4.65 million rate. Sales were up for single-family homes, although down for condos and coops, and all regions of the country registered gains. - [Austin mortgage rates ended the week nearly unchanged from last week](https://www.maxleaman.com/austin-mortgage-rates-ended-the-week-nearly-unchanged-from-last-week/) - There were few surprises from the economic news released this week. The U.S. economic data generally was very close to the consensus forecasts, and activity levels were low during the holiday season. While daily volatility remained high, Austin mortgage rates ended the week nearly unchanged from last week. - [Mortgage Insurance (MI) Tax Deductible Through 2011](https://www.maxleaman.com/mortgage-insurance-mi-tax-deductible-through-2011/) - The government extended mortgage Insurance (MI) tax deductibility through December 31, 2011. As a result, you can deduct MI premiums from your income taxes. What's more, MI can be canceled once you build enough equity in your home. - [Austin Mortgage Market Update - For the week of December 20, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-20-2010/) - Last Thursday it was good to see that Housing Starts picked up for November, rising 3.9% for the month to an annual rate of 555,000 units. This beat expectations and was especially gratifying because all the gain came from a 6.9% increase in single-family starts. These have now been up three out of the last four months. - [FHA Condominium Project Approvals Expiration Dates Extended](https://www.maxleaman.com/fha-condominium-project-approvals-expiration-dates-extended/) - FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. - [Austin Mortgage Market Update - For the week of December 13, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-13-2010/) - There wasn't a ton of news impacting the housing market last week, but we did get more talk about the move up in Austin mortgage rates. Freddie Mac's weekly survey of conforming mortgages showed the average rate on a 30-year fixed-rate mortgage back at the level it was last June. That still puts Austin mortgage rates below where they were a year ago when everyone was happy to get in on those bargains. So none of this is bad news in the absolute sense but the trend should be noted. People who want to buy or refinance should not drag their feet! - [Austin Mortgage Market Update - For the week of December 6, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-6-2010/) - Last Thursday the National Association of Realtors (NAR) reported Pending Home Sales for October UP 10.4% over the month before. This index is a measure of signed purchase contracts, which bodes well for Existing Home Sales a couple of months out. The NAR's chief economist commented, "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011." - [Homeowner's fall & winter maintenance checklist](https://www.maxleaman.com/homeowners-fall-winter-maintenance-checklist/) - The best way to avoid expensive home repairs is to consistently keep up with home maintenance. Check the items below that apply to your home and locale! - [Take time to create a home inventory before disaster strikes!](https://www.maxleaman.com/take-time-to-create-a-home-inventory-before-disaster-strikes/) - We all hope we'll never have a theft, fire, flood or other weather-related disaster happen to our homes. But if one of these things should occur, you don't want to rack your brain trying to figure out what you've lost in order to file your insurance claim. The answer is to create an inventory of everything that's in your home. But the time to do it is now – before the loss occurs. - [Austin Mortgage Market Update - For the week of November 22, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-22-2010/) - Last Wednesday, the Commerce Department reported that Housing Starts dropped 11.7% in October. This drop put Housing Starts at a seasonally adjusted annual rate of 519,000, their lowest level in 18 months. But most of the fall off came from a 43.5% decline in multifamily construction, a volatile part of the market. Single-family building, accounting for more than 80% of all starts, was off just 1.1%, to 436,000 units. And September single-family starts were revised UP to a 2.1% gain. Meanwhile, Building Permits, which reflect builders' views of the future, were UP 0.5% to 550,000, another hopeful sign. - [The Austin Business Journal Ranks PlainsCapital Bank Fourth in SBA 7(A) Lending](https://www.maxleaman.com/the-austin-business-journal-ranks-plainscapital-bank-fourth-in-sba-7a-lending/) - The November 12 edition of the Austin Business Journal ranked PlainsCapital Bank as the fourth largest SBA 7(A) lender. The rankings are based on dollar amount of 7(A) loans approved, Oct. 2009-Sept. 2010, to businesses in Austin-area counties including Travis, Williamson, Hays, Bastrop and Caldwell. - [What's Going On With Texas Mortgage Rates?](https://www.maxleaman.com/whats-going-on-with-texas-mortgage-rates/) - After reaching the lowest levels in history, Texas mortgage rates have shot higher over the past two weeks. There is not a simple explanation for why this increase in Texas mortgage rates occurred, but looking at the many factors which are influencing Texas mortgage rates right now will help to understand what's going on. - [We feel that near term price action will focus on further downside (higher Austin mortgage rates/worse pricing) as we have yet to find a bottom](https://www.maxleaman.com/we-feel-that-near-term-price-action-will-focus-on-further-downside-higher-austin-mortgage-ratesworse-pricing-as-we-have-yet-to-find-a-bottom/) - We feel that near term price action will focus on further downside (higher Austin mortgage rates/worse pricing) as we have yet to find a bottom. If there is a ray of hope, it will be that the 10 year note can hold at or below 2.95% (currently 2.93%). Best bet for Texas mortgage borrowers is to stay defensive. Before the market picks your pocket, lock your mortgage loans with the float down option ("option to lower your interest rate one time")! - [Market is Slipping Again; Best bet for Austin mortgage borrowers is to use the float down option](https://www.maxleaman.com/market-is-slipping-again-best-bet-for-austin-mortgage-borrowers-is-to-use-the-float-down-option/) - Given the economic backdrop (high unemployment, etc.) we feel this move is close to a bottom. Trouble is, picking bottoms are like catching falling knifes, hard to do without some pain. Best bet for Austin mortgage borrowers is to use the float down option ("option to lower your interest rate one time") to guard against a reversal (rally). - [Currency wars is what this is all about and the Fed is getting exactly what it hoped for, consumer expectations of rising inflation to shut the door on deflation](https://www.maxleaman.com/currency-wars-is-what-this-is-all-about-and-the-fed-is-getting-exactly-what-it-hoped-for-consumer-expectations-of-rising-inflation-to-shut-the-door-on-deflation/) - Currency wars is what this is all about and the Fed is getting exactly what it hoped for, consumer expectations of rising inflation to shut the door on deflation. This was evidenced in last week’s Michigan Sentiment Survey. With QE2 priced in “before” it happened and the negative connotations mentioned above, treasuries have continued to be slaughtered, sending credit costs higher, doing nothing to stimulate the economy. Look for the Fed to try and talk rates back down. - [ Austin Mortgage Market Update – For the week of November 15, 2010](https://www.maxleaman.com/austin-mortgage-market-update-–-for-the-week-of-november-15-2010/) - The National Association of Realtors (NAR) reported that home prices stayed essentially flat in the third quarter compared to the same time frame a year ago. This price stabilization is encouraging, given that sales of existing homes in the period did drop compared to both the prior quarter this year and to the same quarter a year ago. Of course, both those time periods saw buyers rushing in to take advantage of the federal tax credits. - [HomePath Mortgage - Frequently Asked Questions](https://www.maxleaman.com/homepath-mortgage-frequently-asked-questions/) - HomePath Mortgage - Frequently Asked Questions - The real estate industry is buzzing about HomePath Fannie Mae acquires homes through foreclosure. Buyers can finance these properties with only 3% down. HomePath rates are excellent. No appraisal required, nor is mortgage insurance! - [Austin mortgage rates to stay low into yearend and beyond](https://www.maxleaman.com/austin-mortgage-rates-to-stay-low-into-yearend-and-beyond/) - This country needs to see jobs growth of at least 250K per month just to break even. That will take time allowing Austin mortgage rates to stay low into yearend and beyond. - [Market reaction favors steady to slightly worsening Austin mortgage pricing](https://www.maxleaman.com/market-reaction-favors-steady-to-slightly-worsening-austin-mortgage-pricing/) - Market reaction favors steady to slightly worsening Austin mortgage pricing. With the rally over the past few days, risk reward in not in your favor, Austin mortgage borrowers, unless the print reflects negative jobs growth. - [With the Employment Report for October due out at 7:30 am cst tomorrow, the prudent thing for Austin mortgage borrowers is to lock their Austin mortgage rates now](https://www.maxleaman.com/with-the-employment-report-for-october-due-out-at-730-am-cst-tomorrow-the-prudent-thing-for-austin-mortgage-borrowers-is-to-lock-their-austin-mortgage-rates-now/) - Given that we are at the best levels in a month, your timing couldn’t be better in front of such a high profile release. We’ll preview the Employment Report early this afternoon. - [Best bet for Austin mortgage borrowers is to be conservative/cautious with locking your interest rates as the political news will be tomorrow morning's early trade](https://www.maxleaman.com/best-bet-for-austin-mortgage-borrowers-is-to-be-conservativecautious-with-locking-your-interest-rates-as-the-political-news-will-be-tomorrow-mornings-early-trade/) - Best bet for Austin mortgage borrowers is to be conservative/cautious with locking your interest rates as the political news will be tomorrow morning's early trade - [Next few days could be high volatility, market moving affairs with the mid-term elections, FOMC meeting, and a boat load economic data culminating with the Employment Report on Friday](https://www.maxleaman.com/next-few-days-could-be-high-volatility-market-moving-affairs-with-the-mid-term-elections-fomc-meeting-and-a-boat-load-economic-data-culminating-with-the-employment-report-on-friday/) - Mortgage backs have slipped into the red. As I mentioned last week, the next few days could be high volatility, market moving affairs with the mid-term elections, FOMC meeting, and a boat load economic data culminating with the Employment Report on Friday. - [Austin Mortgage Market Update - For the week of November 1, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-1-2010/) - Last week's big rush of housing news began on Monday with Existing Home Sales for September UP 10% from the month before. The annual rate hit 4.53 million. This was the second straight monthly gain after July's record low following the expiration of the tax credits. The national median price for existing homes is now at $171,700, down 2.4% from a year ago. Unsold inventory dropped 1.9% from the prior month to a 10.7 months' supply. - [Signs of strong demand for 7 year notes](https://www.maxleaman.com/signs-of-strong-demand-for-7-year-notes/) - Demand was very good as 50% of the issue was taken by Indirect Bidders. Bid to cover ratios came in at 3.06 to 1. Both of those measures were above average. The issue was also “bid through the screen”, meaning that some got shut out even if they had at the money bids in. That is a sign of strong demand. - [Austin mortgage borrowers are advised to take advantage of rate improvement we see as the skies have yet to clear](https://www.maxleaman.com/austin-mortgage-borrowers-are-advised-to-take-advantage-of-rate-improvement-we-see-as-the-skies-have-yet-to-clear/) - With the elections and the Fed meeting next week to hopefully clarify QE2, things could get wild. We also have the Employment report for October a week from tomorrow. Austin mortgage borrowers are advised to take advantage of any rate improvement we see as the skies have yet to clear. - [Twelve keys to exceptional email campaigns](https://www.maxleaman.com/twelve-keys-to-exceptional-email-campaigns/) - Twelve keys to exceptional email campaigns: 1. Get permission. 2. Keep the frequency reasonable. 3. Respect people's privacy. 4. Design for deliverability. 5. Check to see that it's all getting through. 6. Test. 7. Define your value proposition. 8. Segment your list. 9. Personalize if you can. 10. Get mobile, get social. 11. Survey your readers. 12. Stand out from the crowd. - [Sellers are in control of the market with additional downside (higher yield/worsening Austin mortgage pricing ) a high probability](https://www.maxleaman.com/sellers-are-in-control-of-the-market-with-additional-downside-higher-yieldworsening-austin-mortgage-pricing-a-high-probability/) - Sellers are in control of the market with additional downside (higher yield/worsening Austin mortgage pricing ) a high probability. - [Caution is advised to Austin mortgage borrowers!](https://www.maxleaman.com/caution-is-advised-to-austin-mortgage-borrowers/) - Overall, we do not see that the fundamental economic picture has changes much at all. Technically, we are in an intermediate term bear market correction. One that could push the market to yields on the 10 year of 2.75%/2.78% (currently 2.70%). If correct, we should see good support from the 62% Fibonacci level (comes in around 2.75%). - [Austin Mortgage Market Update - For the week of October 25, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-25-2010/) - Last week saw September Housing Starts UP 0.3% to an annual rate of 610,000 units, well ahead of the expected 580,000 unit pace. Even better, starts are UP 4.1% over a year ago. Interestingly, the September gain was totally driven by a healthy 4.4% rise in single family starts, while multi-family starts dropped 9.7%. But multi-family starts are volatile month to month, and are actually up 100.0% compared to a year ago, while single family starts are off 10.8% during the same time frame. - [About QE2 - interesting how much it will cost the tax payers to keep the doors open at Fannie/Freddie](https://www.maxleaman.com/about-qe2-interesting-how-much-it-will-cost-the-tax-payers-to-keep-the-doors-open-at-fanniefreddie/) - About QE2 - interesting how much it will cost the tax payers to keep the doors open at Fannie/Freddie. I’ll try to make some sense of it all this afternoon. - [Austin Mortgage Rates Improve Modestly](https://www.maxleaman.com/austin-mortgage-rates-improve-modestly/) - Uncertainty about an expected new Fed stimulus program created a lot of movement in Austin mortgage rates during the week. Fed officials offered few details about the program, though. In the end, despite the volatility, the result was just a small decline in Austin mortgage rates for the week. - [Austin mortgage borrowers are advised to be defensive](https://www.maxleaman.com/austin-mortgage-borrowers-are-advised-to-be-defensive/) - Austin mortgage borrowers are advised to be defensive. Stocks will be the key. If they slip, we’ll do better. Overall, QE2 will keep a floor under the market. Just the same, we’ll need to deal with the volatility. - [New York Federal Reserve are seeking ways to force B of A to buy back mortgage backed securities to the tune of 47 billion](https://www.maxleaman.com/new-york-federal-reserve-are-seeking-ways-to-force-b-of-a-to-buy-back-mortgage-backed-securities-to-the-tune-of-47-billion/) - According to a Bloomberg news story, PIMCO (bond fund), Blackrock (hedge fund), and the New York Federal Reserve are seeking ways to force B of A to buy back mortgage backed securities to the tune of 47 billion. Reason given; due to credit quality and the failure by Countrywide to properly service loans, they have lost value – “soured.” What else is new. - [Expecting mortgage pricing to hold steady is a pretty good bet](https://www.maxleaman.com/expecting-mortgage-pricing-to-hold-steady-is-a-pretty-good-bet/) - Overall, trading today has been a range-bound affair with prices above yesterday’s lows and below yesterday’s highs. Traders call this an “inside day” which is simply a neutral pattern. Expecting mortgage pricing to hold steady is a pretty good bet. - [Throw all the factors together and you can make a good case for the market and Austin mortgage pricing to stall unit early November’s elections and FOMC meeting](https://www.maxleaman.com/throw-all-the-factors-together-and-you-can-make-a-good-case-for-the-market-and-austin-mortgage-pricing-to-stall-unit-early-november’s-elections-and-fomc-meeting/) - We see the set up as neutral, given a multitude of bearish divergences on one side and Fed Chief Bernanke and his dollar printing press on the other. Throw all the factors together and you can make a good case for the market and Austin mortgage pricing to stall unit early November’s elections and FOMC meeting. - [Austin Mortgage Market Update - For the week of October 18, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-18-2010/) - Austin mortgage rates, already at historically low levels, have been sliding even further the last few weeks. Nonetheless, the Mortgage Bankers Association's Weekly Mortgage Applications Survey showed purchase applications down a bit from the week before. - [Austin mortgage rates ended the week with little change](https://www.maxleaman.com/austin-mortgage-rates-ended-the-week-with-little-change/) - The economic data released during the week continued to show low inflation and modest economic growth. As a result of no real surprises, Austin mortgage rates ended the week with little change. - [Call it neutral/bearish and not a market to throw caution to the wind](https://www.maxleaman.com/call-it-neutralbearish-and-not-a-market-to-throw-caution-to-the-wind/) - Next week will be the true test, one that we would expect will see the market trade sideways to a little better (slightly improving mortgage pricing). Overall, we think this is the low probability trade as QE2, even though it is fully priced in, is a force to be reckoned with. When the Government is the buyer of choice, most follow the ant age, “Don’t fight the Fed.” - [Play defense, Austin mortgage borrowers, as the light at the end of the tunnel is not the other side](https://www.maxleaman.com/play-defense-austin-mortgage-borrowers-as-the-light-at-the-end-of-the-tunnel-is-not-the-other-side/) - Text book trading here as this baby is tracking the down trend line like a hunting dog. Good news is that we are at good support mentioned this morning. Play defense, Austin mortgage borrowers, as the light at the end of the tunnel is not the other side. - [ As we have preached all week, defense is your friend, Austin mortgage borrowers, and the exclusive float down option from Max Leaman is a no brainer](https://www.maxleaman.com/as-we-have-preached-all-week-defense-is-your-friend-austin-mortgage-borrowers-and-the-exclusive-float-down-option-from-max-leaman-is-a-no-brainer/) - Call the market neutral/bearish with good support nearby. As we have preached all week, defense is your friend, Austin mortgage borrowers, and the exclusive float down option from Max Leaman is a no brainer. - [Overall, this 30 year bond auction was not a dog but a pack of them](https://www.maxleaman.com/overall-this-30-year-bond-auction-was-not-a-dog-but-a-pack-of-them/) - 13 billion of 30 year bonds just hit the tape. Yield 3.852% with a whopping 3.2 bps tail. Indirect Bidders and Direct Bidders took 41% of the auction, leaving the street to mop up nearly 60%. Bid to cover stunk at 2.47 to 1. Overall, this was not a dog but a pack of them. Give it a D just because we hate to fail anybody. Bonds, notes, and mortgage backs are trading fast market conditions with the 10 year off ½ point and the bond down over 1 point. MBS now off 5 to 7/32’s. - [Austin mortgage borrowers: best to take a conservative approach given the amount of volatility we expect](https://www.maxleaman.com/austin-mortgage-borrowers-best-to-take-a-conservative-approach-given-the-amount-of-volatility-we-expect/) - Austin mortgage borrowers: best to take a conservative approach given the amount of volatility we expect. - [We’ll give the 10 year note auction a B, not to hot, not to cold, but just right considering yesterday’s disaster](https://www.maxleaman.com/we’ll-give-the-10-year-note-auction-a-b-not-to-hot-not-to-cold-but-just-right-considering-yesterday’s-disaster/) - We’ll give the auction a B, not to hot, not to cold, but just right considering yesterday’s disaster and the tough hedging environment that fixed income investors are in today. - [Best bet for Austin mortgage borrowers is to take a defensive posture](https://www.maxleaman.com/best-bet-for-austin-mortgage-borrowers-is-to-take-a-defensive-posture/) - Best bet for Austin mortgage borrowers is to take a defensive posture. With so much bond-friendly news priced in, the risk reward for better mortgage pricing is just not there, folks. - [Markets didn’t flinch on the FOMC minutes release, content on staying at the low end of today’s trade (highest yield/worse Austin mortgage levels)](https://www.maxleaman.com/markets-didn’t-flinch-on-the-fomc-minutes-release-content-on-staying-at-the-low-end-of-today’s-trade-highest-yieldworse-austin-mortgage-levels/) - Markets didn’t flinch on the FOMC minutes release, content on staying at the low end of today’s trade (highest yield/worse Austin mortgage levels). - [Best bet for Austin mortgage borrowers: don’t take historic low Austin mortgage rates for granted](https://www.maxleaman.com/best-bet-for-austin-mortgage-borrowers-don’t-take-historic-low-austin-mortgage-rates-for-granted/) - Currently, the best bet for Austin mortgage borrowers: don’t take historic low Austin mortgage rates for granted. - [Austin Mortgage Market Update - For the week of October 11, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-11-2010/) - With all the conflicting opinions about the housing market, we found this recently published article in the Wall Street Journal to be quite helpful. It's title says it all, "10 Reasons to Buy a Home." - [Austin Mortgage Rates Helped by Weak Jobs Data](https://www.maxleaman.com/austin-mortgage-rates-helped-by-weak-jobs-data/) - Weak Employment data and increased expectations for Fed monetary easing were favorable for Austin mortgage rates this week. Investors have priced in a high likelihood of additional Treasury security purchases by the Fed, which would increase demand for mortgage-backed securities (MBS). As a result, Austin mortgage rates declined to a new record low. - [Tactical bias is to be flat going into tomorrow’s employment numbers, which is a good thing, especially given the fact that we are at historic low yields and Austin mortgage rates](https://www.maxleaman.com/tactical-bias-is-to-be-flat-going-into-tomorrow’s-employment-numbers-which-is-a-good-thing-especially-given-the-fact-that-we-are-at-historic-low-yields-and-austin-mortgage-rates/) - Tactical bias is to be flat going into tomorrow’s number. That’s always a good thing, especially given the fact that we are at historic low yields and Austin mortgage rates. - [Tomorrow will be “square up day” where trading is typically quiet before a big release like Friday’s Employment Report](https://www.maxleaman.com/tomorrow-will-be-“square-up-day”-where-trading-is-typically-quiet-before-a-big-release-like-friday’s-employment-report/) - Keep in mind that tomorrow will be “square up day” where trading is typically quiet before a big release like Friday’s Employment Report. More on that tomorrow. - [Given the “juice” provided by QE2 (rumor or real), we may be set up for a blow off top and hard reversal](https://www.maxleaman.com/given-the-“juice”-provided-by-qe2-rumor-or-real-we-may-be-set-up-for-a-blow-off-top-and-hard-reversal/) - Given the “juice” provided by QE2 (rumor or real), we may be set up for a blow off top and hard reversal - [Just the thought of Quantitative Easing 2 has put a floor under Austin interest rates](https://www.maxleaman.com/just-the-thought-of-quantitative-easing-2-has-put-a-floor-under-austin-interest-rates/) - Just the thought of Quantitative Easing 2 has put a floor under Austin interest rates. Why many expect the Fed to move in that direction (November meeting), nothing has yet to happen. Fed Chief Bernanke is leading the QE2 charge, talking about “additional purchases” and how it was an “effective program” earlier in the year. - [Austin Mortgage Market Update - For the week of October 4, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-4-2010/) - Last week's housing market data centered on Standard & Poor's S&P/Case-Shiller Home Price Index. This showed home prices UP in July for the fourth month in a row, but the pace of their gain had slowed from prior months. With the expiration of the government's home buyer tax incentives, some observers wonder if the S&P/Case-Shiller will keep moving up. The composite 20-city index, a broad measure of U.S. home prices, showed a 3.2% increase year over year, the sixth month in a row it posted an annual gain. - [Today, much like yesterday morning, we had the release of several economic numbers](https://www.maxleaman.com/today-much-like-yesterday-morning-we-had-the-release-of-several-economic-numbers/) - Today, much like yesterday morning, we had the release of several economic numbers, some volatility, and a bond market that settled into neutral territory before pricing went out. - [Austin mortgage rates ended the week nearly unchanged](https://www.maxleaman.com/austin-mortgage-rates-ended-the-week-nearly-unchanged/) - Although daily volatility was high this week, Austin mortgage rates ended the week nearly unchanged. A steady stream of economic news was roughly neutral for Austin mortgage rates, as stronger than expected economic data was offset by solid demand for the week's Treasury auctions. - [3304 Clawson Rd, Austin, TX 78704 - MLS# 3888927 - Treehouse living in 78704](https://www.maxleaman.com/3304-clawson-rd-austin-tx-78704-mls-3888927-treehouse-living-in-78704/) - Property pictures, virtual tour, Austin mortgage information, schools, city demographics and more for 3304 Clawson Rd, Austin, TX 78704, MLS# 3888927. - [USDA Rural Housing program will operate under Continuing Resolution authorization until the Agricultural Appropriations budget is finalized](https://www.maxleaman.com/usda-rural-housing-program-will-operate-under-continuing-resolution-authorization-until-the-agricultural-appropriations-budget-is-finalized/) - At the start of the new fiscal year(tomorrow), it appears the USDA Rural Housing program will operate under Continuing Resolution authorization until the Agricultural Appropriations budget is finalized. This frequently happens at the start of the new fiscal year when the House and Senate don't finalize the budget prior to year end. - [4401 Speedway #100 - MLS# 9117013 - Cozy Condo for Sale in Austin!! Austin, TX 78751](https://www.maxleaman.com/4401-speedway-100-mls-9117013-cozy-condo-for-sale-in-austin-austin-tx-78751/) - Property pictures, virtual tour, Austin mortgage information, schools, city demographics and more for 4401 Speedway #100, Austin, TX 78751 MLS# 9117013. - [How to Grow Your Business - Find One Extra Hour a Day](https://www.maxleaman.com/how-to-grow-your-business-find-one-extra-hour-a-day/) - Summer's over, so it's back to school for the kids and back to business for the rest of us. As you take a look at what lies ahead, it's easy to come to the conclusion there simply isn't enough time to get everything you want accomplished. You can't squeeze one more day out of the week or one more week out of the year, but you can find an extra hour each day without much trouble at all. - [Auction Update: 7-yr note auction draws 1.890%](https://www.maxleaman.com/auction-update-7-yr-note-auction-draws-1-890/) - Auction Update: 7-yr note auction draws 1.890%. Sees a 3.04 bid to cover (10-auction average of 2.84) and indirect bidders taking down 50.2%. Best bid to cover since 7-yr was brought back in Q1 2009. Pretty solid auction -Treasuries and mortgages are regaining some of the ground lost during the morning trading. - [2105 Glendale Place, Austin, Tx 78704 - MLS# 2285673](https://www.maxleaman.com/2105-glendale-place-austin-tx-78704-mls-2285673/) - Property pictures, virtual tour, Austin mortgage information, schools, city demographics and more for 2105 Glendale Place, Austin, Tx 78704, MLS# 2285673. - [Today there will be a vote in the House on the Fair Trade Act which basically will designate China as a currency manipulator](https://www.maxleaman.com/today-there-will-be-a-vote-in-the-house-on-the-fair-trade-act-which-basically-will-designate-china-as-a-currency-manipulator/) - 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). - [Austin Mortgage - Do's and Don'ts During the Mortgage Process](https://www.maxleaman.com/austin-mortgage-dos-and-donts-during-the-mortgage-process/) - 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. - [Article by Zillow Mortgage Marketplace states 29% of potential borrows do not qualify for a home loan due to FICO score below 620](https://www.maxleaman.com/article-by-zillow-mortgage-marketplace-states-29-of-potential-borrows-do-not-qualify-for-a-home-loan-due-to-fico-score-below-620/) - 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. - [New FHA MIP Fee Changes Take Effect October 4th](https://www.maxleaman.com/new-fha-mip-fee-changes-take-effect-october-4th/) - 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](https://www.maxleaman.com/halloween-in-austin-2010/) - 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! - [Austin Mortgage Market Update – For the week of September 27, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-september-27-2010/) - 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 stock market as moving away from any notion of a double dip, instead feeling a little giddy about taking on more risk](https://www.maxleaman.com/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/) - 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. - [Overall, we see the fixed income market as “soft” but not in a hurry to head towards higher Austin mortgage rates](https://www.maxleaman.com/overall-we-see-the-fixed-income-market-as-“soft”-but-not-in-a-hurry-to-head-towards-higher-austin-mortgage-rates/) - 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. - [Austin mortgage rates ended the week a little lower](https://www.maxleaman.com/austin-mortgage-rates-ended-the-week-a-little-lower/) - 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](https://www.maxleaman.com/austin-mortgage-borrowers-are-encouraged-to-take-advantage-of-any-rallies/) - 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! - [Worsening Austin mortgage rates are a NY minute away](https://www.maxleaman.com/worsening-austin-mortgage-rates-are-a-ny-minute-away/) - Wanted to let this fly as current level mortgage pricing is now off 8/32’s as stocks continue to improve. Worsening Austin mortgage rates are a NY minute away. - [Stocks aren’t the problem as the big board just closed off 22 points for the session](https://www.maxleaman.com/stocks-aren’t-the-problem-as-the-big-board-just-closed-off-22-points-for-the-session/) - Just a quick note as the market is fading into the sunset. Stocks aren’t the problem as the big board just closed off 22 points for the session. We see this as a rejection from the overhead resistance that we’ve been bumping into given the rally of the past two days. Nothing huge here. Just a little profit taking after a nice run. - [Street talk is that the Fed will have to step on the gas, keeping Austin mortgage rates low for an extended period of time “no matter what it takes”](https://www.maxleaman.com/street-talk-is-that-the-fed-will-have-to-step-on-the-gas-keeping-austin-mortgage-rates-low-for-an-extended-period-of-time-“no-matter-what-it-takes”/) - The market has stabilized and buyers are stepping in. Street talk is that the Fed will have to step on the gas, keeping Austin mortgage rates low for an extended period of time “no matter what it takes.” - [Keep your guard up, Austin mortgage borrowers - the volatility is huge](https://www.maxleaman.com/keep-your-guard-up-austin-mortgage-borrowers-the-volatility-is-huge/) - The quick trade was to sell bonds, notes and MBS. We have since came off the sell side, to flatten out and recover. Keep your guard up, Austin mortgage borrowers - the volatility is huge. - [Austin mortgage rates were better this morning](https://www.maxleaman.com/austin-mortgage-rates-were-better-this-morning/) - Austin mortgage rates were better this morning and the 10 year is up 10/32s for the day. FOMC statement will be released at 1:15PM Central, and we will follow up with more news afterward. - [Austin Mortgage Market Update - For the week of September 20, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-september-20-2010/) - Fannie Mae released a housing survey showing 70% of those polled in June and July feel now is a good time to buy a home. This is up from a 64% reading in January. At the same time, 83% of those people surveyed think it's a bad time to sell, which isn't such a terrible thing, since there's still plenty of inventory for buyers to choose from. - [Data Turns Austin Mortgage Rates Higher](https://www.maxleaman.com/data-turns-austin-mortgage-rates-higher/) - After falling for several weeks, stronger than expected economic data caused Austin mortgage rates to turn a little higher late this week. Upside surprises in important labor market, housing, and manufacturing reports were negative for the Austin mortgage market and positive for stocks. - [Take advantage of any rally the market gives you and get on the bus before it leaves the station](https://www.maxleaman.com/take-advantage-of-any-rally-the-market-gives-you-and-get-on-the-bus-before-it-leaves-the-station/) - This is a time for Austin mortgage borrowers to be careful. Take advantage of any rally the market gives you and get on the bus before it leaves the station. - [Best bet for Austin mortgage borrowers is to lock in their interest rate](https://www.maxleaman.com/best-bet-for-austin-mortgage-borrowers-is-to-lock-in-their-interest-rate/) - Best bet for Austin mortgage borrowers is to lock in their interest rate. It just makes cents (and dollars too). Expect the day to be one of “squaring up” for traders in both bonds and stocks, with not much movement seen from current levels. - [Time for Austin mortgage borrowers to get a little defensive, looking to Friday’s employment report for a little more economic clarity](https://www.maxleaman.com/time-for-austin-mortgage-borrowers-to-get-a-little-defensive-looking-to-friday’s-employment-report-for-a-little-more-economic-clarity/) - One report doesn’t turn the trend but at the same time, we have been warning about topping action and poor risk reward in gambling with this market. Time for Austin mortgage borrowers to get a little defensive, looking to Friday’s employment report for a little more economic clarity. - [Austin Continues to Lead Country Out of the Recession ](https://www.maxleaman.com/austin-continues-to-lead-country-out-of-the-recession/) - Commercial real estate within the Austin metro statistical area is growing rapidly and has taken the top position in three out of six of the categories included in the Equity REITS/Commercial Real Estate MSA Tracker during the second quarter of 2010. - [There will come a day, one when a report comes out of the blue with good economic news. That will be when the market turns. That day is not today](https://www.maxleaman.com/there-will-come-a-day-one-when-a-report-comes-out-of-the-blue-with-good-economic-news-that-will-be-when-the-market-turns-that-day-is-not-today/) - With yields at or approaching historic yields, Austin mortgage borrowers are advised to lock their interest rates with our float down feature. Doing so has treated Austin mortgage borrowers very well the past few months. - [Austin Mortgage Market Update - For the week of August 30, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-august-30-2010/) - The Mortgage Bankers Association's weekly survey showed purchase loan applications UP 1% from the week before, refinance applications UP 6%, and Austin mortgage rates at record low levels - [For today, when stocks go tick, bonds go tock](https://www.maxleaman.com/for-today-when-stocks-go-tick-bonds-go-tock/) - For today, when stocks go tick, bonds go tock. Dangerous price action so be careful Austin mortgage borrowers! As we speak, the 10 year note is off 40/32’s and 30 year bond down nearly 3 points. - [Use the live dog instead of the dead lion school of deciding when to lock in your Austin mortgage rate](https://www.maxleaman.com/use-the-live-dog-instead-of-the-dead-lion-school-of-deciding-when-to-lock-in-your-austin-mortgage-rate/) - We see this as an early warning sign that risk reward is not in your favor, Austin mortgage borrowers. Overall sentiment and economic fundamentals will continue to support a low interest rate environment but not without corrections and volatile conditions. - [Weak Economic Data Supports Lower Austin Mortgage Rates](https://www.maxleaman.com/weak-economic-data-supports-lower-austin-mortgage-rates/) - Generally weaker than expected economic data again pushed Austin mortgage rates to new lows this week. The current Fed outlook is for below average economic growth with low inflation, which is a favorable environment for low Austin mortgage rates. - [With the GDP release tomorrow, Austin mortgage borrowers are advised to lock their interest rates with the float down in preparation for a stress-free weekend](https://www.maxleaman.com/with-the-gdp-release-tomorrow-austin-mortgage-borrowers-are-advised-to-lock-their-interest-rates-with-the-float-down-in-preparation-for-a-stress-free-weekend/) - With the GDP release tomorrow, Austin mortgage borrowers are advised to lock their interest rates with the float down in preparation for a stress-free weekend. The treasury market has reacted favorably, but the MBS spreads are working against us… meaning that MBS pricing has not kept the pace with Treasuries. - [10 Money Moves That Will Always Pay Off](https://www.maxleaman.com/10-money-moves-that-will-always-pay-off/) - Few things in life are guaranteed. When it comes to money, even fewer. But these are nervous times. The stock market is swaying like a drunk debutante. The economy is wobbly. Who can trust anything any more? Most people are hard-pressed, nervous and unsure of what to do. - [Just a heads up as both the 10 year note and mortgage backs are negative on the day](https://www.maxleaman.com/just-a-heads-up-as-both-the-10-year-note-and-mortgage-backs-are-negative-on-the-day/) - Austin mortgage borrowers are advised to play defensive. Both the 10 year note and mortgage backs are negative on the day - [Austin mortgage borrowers are advised to lock their Austin mortgage rates and get out of the way as the risk reward is not in your favor](https://www.maxleaman.com/austin-mortgage-borrowers-are-advised-to-lock-their-austin-mortgage-rates-and-get-out-of-the-way-as-the-risk-reward-is-not-in-your-favor/) - Not advocating a new trend change to higher Austin mortgage rates, just a hold-steady type of market. When this kind of environment is at hand, Austin mortgage borrowers are advised to lock their Austin mortgage rates and get out of the way as the risk reward is not in your favor. - [Austin Mortgage Market Update - For the week of August 23, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-august-23-2010/) - Housing starts were UP 1.7% for July to a 546,000 annual pace, but this was below expectations and all the gain came from a big boost in multi-family starts. Single-family starts were off 4.2%, declining for the third straight month. Looking at the market further out, we saw new building permits down 3.1% for July to a 565,000 annual rate. - [Big picture still suggests low Austin mortgage rates will be with us for some time to come](https://www.maxleaman.com/big-picture-still-suggests-low-austin-mortgage-rates-will-be-with-us-for-some-time-to-come/) - Big picture still suggests low Austin mortgage rates will be with us for some time to come. Just get used to the volatility. - [Overall, we see continued low Austin interest rates on mortgages and historically low yields on treasuries well into the 4th quarter](https://www.maxleaman.com/overall-we-see-continued-low-austin-interest-rates-on-mortgages-and-historically-low-yields-on-treasuries-well-into-the-4th-quarter/) - Overall, we see continued low Austin interest rates on mortgages and historically low yields on treasuries well into the 4th quarter. The market is however forming a huge bond bubble that will someday create a massive correction. That day is not today or tomorrow. - [Austin Mortgage Rates Remain Low](https://www.maxleaman.com/austin-mortgage-rates-remain-low/) - The economic environment for Austin mortgage rates was little changed this week. Weaker than expected economic data and continued low inflation supported low Austin mortgage rates, and investor demand for bonds remained high. As a result, Austin mortgage rates again ended the week a little lower. - [MBS slide seems to be coming from traders reading the tea leaves of the Housing Summit](https://www.maxleaman.com/mbs-slide-seems-to-be-coming-from-traders-reading-the-tea-leaves-of-the-housing-summit/) - Part of the whip lash seems to be coming from traders reading the tea leaves of the Housing Summit. Comments by Bill Gross that Pimco wouldn’t buy a mortgage security unless the government backed it or if they did, they would require a minimum of 30% down payment. Other comments range from having FNMA/FHLMC reduce all current mortgages to 4.0% as a stimulus measure for the economy. How would you like to be invested in a few billion of 4.50% or 5.0% paper and take a hair cut to 4.0%? - [How to Make Direct Mail Effective and Drive Traffic to Your Website](https://www.maxleaman.com/how-to-make-direct-mail-effective-and-drive-traffic-to-your-website/) - People think the online and off-line worlds don't mix, when in fact they can work very well together. Research last year revealed that direct mail influenced 76% of Web users to buy a product or service online. And remember, direct mail offers dependable, direct access to almost everyone in your target audience. - [Risk-reward of borrowers waiting to lock their mortgage rates based on expectations of better mortgage pricing are at the present, fool’s gold](https://www.maxleaman.com/risk-reward-of-borrowers-waiting-to-lock-their-mortgage-rates-based-on-expectations-of-better-mortgage-pricing-are-at-the-present-fool’s-gold/) - Wanted to get this out quickly as a worsening Austin mortgage price change is right around the corner. As I mentioned yesterday, the risk reward of borrowers waiting to lock their mortgage rates based on expectations of better mortgage pricing are at the present, fool’s gold. - [A price change for the worse is probably moving to the front burner](https://www.maxleaman.com/a-price-change-for-the-worse-is-probably-moving-to-the-front-burner/) - Just a quick update. Stateside traders were greeted with bullish price action as Japan’s growth fell short of expectations, pushing the 10 year note up 1 point before the bell. The National Association of Home Builders Confidence Index didn’t help, falling to 13, its lowest level since March 2009. - [We’re in the 10th consecutive week of positive price action on the weekly chart -- something that is rare to see (8 weeks or more)](https://www.maxleaman.com/we’re-in-the-10th-consecutive-week-of-positive-price-action-on-the-weekly-chart-something-that-is-rare-to-see-8-weeks-or-more/) - Conditions favor continued bullish price action (Austin mortgage price improvement) but probably at a slower pace. Reason being is that we’re in the 10th consecutive week of positive price action on the weekly chart. Something that is rare to see (8 weeks or more). - [2010-2011 Austin Area School Calendars](https://www.maxleaman.com/2010-2011-austin-area-school-calendars/) - School district calendars for Austin, Bastrop, Del Valle, Dripping Springs, Eanes, Georgetown, Hays, Hutto, Lago Vista, Lake Travis, Leander, Liberty Hill, Lockhart, Luling, Manor, Marble Falls, Pflugerville, Round Rock, San Marcos, Taylor, and Wimberley! Click the links to open PDF calendars for Austin area school districts 2010-2011. - [Austin Mortgage Market Update - For the week of August 16, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-august-16-2010/) - Freddie Mac's weekly survey showed Austin mortgage rates staying at record low levels for conforming loans. But demand for purchase loans has dropped after the tax credit expiration, according to the Mortgage Bankers Association. - [Austin mortgage pricing to be slightly better or worse from today’s levels over the next week or so](https://www.maxleaman.com/austin-mortgage-pricing-to-be-slightly-better-or-worse-from-today’s-levels-over-the-next-week-or-so/) - Given the auction paper to digest and the soft economic background, we expect the market to trade in a small range with a bullish bias, allowing for Austin mortgage pricing to be slightly better or worse from today’s levels over the next week or so. - [Price action post auction has not done anything to help Austin mortgage pricing](https://www.maxleaman.com/price-action-post-auction-has-not-done-anything-to-help-austin-mortgage-pricing/) - Price action post auction has not done anything to help Austin mortgage pricing. Sell side orders are still on the heavy side with MBS still off 15/32’s. As I mentioned earlier, we don’t see this as a major trend change or a sentiment shift towards the bears. - [Avoid the Internet's prying eyes!](https://www.maxleaman.com/avoid-the-internets-prying-eyes/) - Virtually every major website you visit employs surveillance technology to track your activity online. But you can limit their ability to snoop with just a little effort. - [Bigger picture does not support a move to higher Austin interest rates](https://www.maxleaman.com/bigger-picture-does-not-support-a-move-to-higher-austin-interest-rates/) - Stocks visiting good support and bouncing have added pressure to the fixed income complex as well. Bigger picture does not support a move to higher Austin interest rates, just one that adjusts value to a more neutral level. - [In this market, best bet for Austin mortgage borrowers is to take advantage of the historic low levels of Austin mortgage rates](https://www.maxleaman.com/in-this-market-best-bet-for-austin-mortgage-borrowers-is-to-take-advantage-of-the-historic-low-levels-of-austin-mortgage-rates/) - In this market, best bet for Austin mortgage borrowers is to take advantage of the historic low levels of Austin mortgage rates - [FOMC made the statement to reinvest payments from MBS/Treasury into Treasury purchases, continuing to accommodate low interest rates](https://www.maxleaman.com/fomc-made-the-statement-to-reinvest-payments-from-mbstreasury-into-treasury-purchases-continuing-to-accommodate-low-interest-rates/) - Yesterday, post-release we saw a quick spike in our market (rally) and then the market backed off. FOMC made the statement to reinvest payments from MBS/Treasury into Treasury purchases, continuing to accommodate low interest rates. - [Austin interest rates too good so be careful in this market](https://www.maxleaman.com/austin-interest-rates-too-good-so-be-careful-in-this-market/) - What we do know is that the bond market is anticipating additional accommodation via treasury/MBS purchases or others forms of stimulus. We may, in fact, have gotten a little ahead of ourselves (Austin interest rates too good) so be careful. - [Given we’re trading at or near historic low yields, best bet is for Austin borrowers to lock in today’s great Austin mortgage rates](https://www.maxleaman.com/given-we’re-trading-at-or-near-historic-low-yields-best-bet-is-for-austin-borrowers-to-lock-in-today’s-great-austin-mortgage-rates/) - With that in mind and the fact we’re trading at or near historic low yields, best bet is for Austin borrowers to lock in today’s great Austin mortgage rates and move on down the road. - [Austin Mortgage Market Update - For the week of August 9, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-august-9-2010/) - Tuesday we had Pending Homes Sales, which after dropping 30% in May, fell just 2.6% in June, with the push to qualify for the tax credit no longer a factor. These figures indicate there should be a drop in Existing Home Sales come July and maybe again in August. But some analysts feel that after this post-tax-credit dip, housing will come back solidly, just like auto sales did after "cash for clunkers" expired last year. - [Current economic conditions supportive of low Austin mortgage rates](https://www.maxleaman.com/current-economic-conditions-supportive-of-low-austin-mortgage-rates/) - A slow economic recovery and the possibility of a Fed policy change helped Austin mortgage rates move a little lower again this week. As a result of recent weak economic data, the Fed is reportedly considering the purchase of additional mortgage-backed securities (MBS) to replace maturing securities. These factors, along with limited inflation, make current economic conditions supportive of low Austin mortgage rates. - [Today, HUD has announced their intention to make guideline changes for loan terms greater than 15 years](https://www.maxleaman.com/today-hud-has-announced-their-intention-to-make-guideline-changes-for-loan-terms-greater-than-15-years/) - Today, HUD has announced their intention to make the following guideline changes for loan terms greater than 15 years. How are HUD Guidelines Changing? When Do Policy Changes Take Effect? How Will These Changes Effect Borrowers? - [The labor market is not bleeding jobs at this time but the pace of growth needs to pick up to +200k to +300k to represent a change in the unemployment situation in the U.S. ](https://www.maxleaman.com/the-labor-market-is-not-bleeding-jobs-at-this-time-but-the-pace-of-growth-needs-to-pick-up-to-200k-to-300k-to-represent-a-change-in-the-unemployment-situation-in-the-u-s/) - The bottom line is that today’s report does nothing to encourage the markets that employment is in fact improving at a faster pace. It is acknowledged that the labor market is not bleeding jobs at this time but the pace of growth needs to pick up to +200k to +300k to represent a change in the unemployment situation in the U.S. - [We look to still be headed for better Austin mortgage rates](https://www.maxleaman.com/we-look-to-still-be-headed-for-better-austin-mortgage-rates/) - We look to still be headed for better Austin mortgage rates. With the bounce back today, these are very nice levels. - [Austin Mortgage Market Update - For the week of August 2, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-august-2-2010/) - Last week began nicely with June New Home Sales UP 23.6% to an annual rate of 330,000, well ahead of expectations. This was a sharp rebound from May when New Home Sales sank to record lows not seen since 1963. This volatility of course is all about the homebuyer tax credit (requiring a contract by April 30 and a closing by June 30, now extended to September 30). Consequently, new homes sold at a 422,000 pace in April, fell to a 267,000 pace in May, then went to 330,000 in June. - [Austin Mortgage Market Update - For the week of July 26, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-26-2010/) - Tuesday, June Housing Starts came in down 5.0% from May to a 549,000 annual rate. This was below expectations, but still up 15.1% from the low they hit in April 2009. Most of the drop came from volatile multi-family starts. Single-family starts were down a mere 0.7%. Most significantly, housing completions shot up 26.2% in June, the biggest monthly gain going back to the late 1960's. Builders clearly shifted focus from starting to finishing, as they pushed to close sales qualifying for the homebuyer tax credit. Finally, Building Permits were UP 2.1% for June, beating expectations, so things are looking up for the months ahead. - [For the sixth week in a row now, Austin mortgage rates have eased to all-time record lows](https://www.maxleaman.com/for-the-sixth-week-in-a-row-now-austin-mortgage-rates-have-eased-to-all-time-record-lows/) - For the sixth week in a row now, Austin mortgage rates have eased to all-time record lows, even during a week of pretty mixed housing data. Rates sit at the lowest point since Freddie began tracking it in 1971. - [Austin mortgage borrowers are advised to stay a little on the defensive side until we get further confirmation that the market is headed back to those July highs](https://www.maxleaman.com/austin-mortgage-borrowers-are-advised-to-stay-a-little-on-the-defensive-side-until-we-get-further-confirmation-that-the-market-is-headed-back-to-those-july-highs/) - Austin mortgage borrowers are advised to stay a little on the defensive side until we get further confirmation that the market is headed back to those July highs - [We might be in for a ride to even lower Austin mortgage rates](https://www.maxleaman.com/we-might-be-in-for-a-ride-to-even-lower-austin-mortgage-rates/) - Daily studies, however, are still a bit skeptical of the strength. If we see a strong move above 123-24, hold on, we might be in for a ride to even lower Austin mortgage rates. - [Austin mortgage borrowers are encouraged to lay a little defense until the dust settles Thursday afternoon](https://www.maxleaman.com/austin-mortgage-borrowers-are-encouraged-to-lay-a-little-defense-until-the-dust-settles-thursday-afternoon/) - Slow employment growth, soft housing, and weak consumer confidence, in our opinion, trump good earnings and future revenue growth on blue chip companies that continue to hoard cash. Austin mortgage borrowers are encouraged to lay a little defense until the dust settles Thursday afternoon. - [Short term, Austin mortgage borrowers are encouragerd to stay defensive](https://www.maxleaman.com/short-term-austin-mortgage-borrowers-are-encouragerd-to-stay-defensive/) - Short term, Austin mortgage borrowers are encouragerd to stay defensive. Fast money is selling the long end of the curve, dragging the 10 year note along with it. Not a lot of downside is expected from here. The week ahead will feature Case Shiller Home Prices, Consumer Confidence, Durable Goods, Weekly Claims, and GDP on Friday. - [Stock traders have put a positive spin on the Euro Bank stress tests](https://www.maxleaman.com/stock-traders-have-put-a-positive-spin-on-the-euro-bank-stress-tests/) - Just a heads up as stock traders have put a positive spin on the Euro Bank stress tests. Currently, the Dow is 90 points with financial equities having a pretty good day. - [Semiannual Monetary Policy Report to the Congress](https://www.maxleaman.com/semiannual-monetary-policy-report-to-the-congress/) - The Fed Chief is on the hill, still speaking about the state of our economy. I haven’t caught much of his speech, only been following the market reaction. Stocks don’t like it, down 120 on the Dow. Bonds like it, up 8/32’s on the 10 year note. - [7 of 91 Euro zone banks failed the stress test](https://www.maxleaman.com/7-of-91-euro-zone-banks-failed-the-stress-test/) - 7 of 91 Euro zone banks failed the stress test. As we expected, two of the Spanish banks didn’t make the grade along with one German institution, a couple of Greek banks, and an Irish bank. - [Austin Mortgage rates moved even lower during the week](https://www.maxleaman.com/austin-mortgage-rates-moved-even-lower-during-the-week/) - Austin Mortgage rates moved even lower during the week, as uncertainty about the pace of the economic recovery has increased investor demand for relatively safer assets such as government guaranteed mortgage-backed securities (MBS). - [Today’s “big deal” will be the results of European bank stress tests](https://www.maxleaman.com/today’s-“big-deal”-will-be-the-results-of-european-bank-stress-tests/) - Today’s “big deal” will be the results of European bank stress tests, due out at 11:00 am cst. Street talk has it that the tests will show a couple of Spanish banks failed portions of the test. Others are rumored to have done ok. - [With the market being so psycho and at historic lows in Austin mortgage rates, best to be careful](https://www.maxleaman.com/with-the-market-being-so-psycho-and-at-historic-lows-in-austin-mortgage-rates-best-to-be-careful/) - With the market being so psycho and at historic lows in Austin mortgage rates, best to be careful. You never know if tomorrow will be Dr Jekyll or Mr Hyde. - [Failure to rally isn’t bad, just paints the chart neutral which will cause Austin mortgage rates/pricing to stay close to current levels](https://www.maxleaman.com/failure-to-rally-isn’t-bad-just-paints-the-chart-neutral-which-will-cause-austin-mortgage-ratespricing-to-stay-close-to-current-levels/) - Failure to rally isn’t bad, just paints the chart neutral which will cause Austin mortgage rates/pricing to stay close to current levels. Kinda like being all dressed up and no place to go. - [Make yourself newsworthy and get more media coverage!](https://www.maxleaman.com/make-yourself-newsworthy-and-get-more-media-coverage/) - Publicity can heighten awareness and "buzz" about you, giving your business a real boost. Media coverage gives you the kind of credibility you just can't get from ads and brochures. So how can you get the media interested in you? - [Good time for Austin mortgage borrowers to put both hands on the wheel](https://www.maxleaman.com/good-time-for-austin-mortgage-borrowers-to-put-both-hands-on-the-wheel/) - This typically will tell us that buyers of treasuries still have the advantage but will need a little giddy up go to stay at these levels. Good time for Austin mortgage borrowers to put both hands on the wheel. - [After a early morning rally due to stocks falling into the abyss, both stocks and bonds are reversing course](https://www.maxleaman.com/after-a-early-morning-rally-due-to-stocks-falling-into-the-abyss-both-stocks-and-bonds-are-reversing-course/) - After a early morning rally due to stocks falling into the abyss, both stocks and bonds are reversing course. The stock slide was the result of earnings and lack of top line revenues by the likes of J & J and Goldman Sachs. IBM posted the same type of results, hitting bottom line earnings but with a negative revenue bias going forward. - [Probability of a worsening Austin mortgage price change is gaining](https://www.maxleaman.com/probability-of-a-worsening-austin-mortgage-price-change-is-gaining/) - Probability of a worsening Austin mortgage price change is gaining. Nothing huge, just volatile. As I mention late last week, borrowers should be careful as the market continues to churn on headlines from out of the blue! - [Austin Mortgage Market Update - For the week of July 19, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-19-2010/) - Some analysts feel the homebuyer tax credits artificially boosted the housing market by pushing forward home sales that would have happened later. Others feel most buyers would have bought anyway. In any case, there's now concern about a coming drop in sales. Well, June sales figures should still benefit from activity spurred on by the tax credits. And tax credit sales should even help monthly reports through September, now that buyers in contract on April 30 have been given until September 30 to close. - [Great Austin mortgage rates should be with us well into the 3rd quarter or until you see strong hands get back into stocks or the employment picture start to improve](https://www.maxleaman.com/great-austin-mortgage-rates-should-be-with-us-well-into-the-3rd-quarter-or-until-you-see-strong-hands-get-back-into-stocks-or-the-employment-picture-start-to-improve/) - Great Austin mortgage rates should be with us well into the 3rd quarter or until you see strong hands get back into stocks or the employment picture start to improve. Neither seem to be next week’s story. - [Enjoy the historic low Austin mortgage rates](https://www.maxleaman.com/enjoy-the-historic-low-austin-mortgage-rates/) - Any where here, current mortgage pricing or a little better is a good place for borrowers to lock in their Austin mortgage interest rates. Any reversal in stocks will simple reverse our direction and take the market to the lower part of the range. Enjoy the historic low Austin mortgage rates. - [Slow U.S. Growth, Low Austin Mortgage Rates](https://www.maxleaman.com/slow-u-s-growth-low-austin-mortgage-rates/) - Weaker than expected economic data and continued low inflation helped Austin mortgage rates move a little lower from last week. In recent weeks, investors have modified their consensus outlook to reflect weaker economic growth during the second half of the year. - [Today we see a continuation of Wednesday’s improving bond prices](https://www.maxleaman.com/today-we-see-a-continuation-of-wednesday’s-improving-bond-prices/) - Today we see a continuation of Wednesday’s improving bond prices. Austin mortgage pricing followed this trend, with a combined two day price improvement. - [Time to get a little more defensive on the market](https://www.maxleaman.com/time-to-get-a-little-more-defensive-on-the-market/) - Although volume remains light, bond bulls seem to be losing their swagger. Time to get a little more defensive on the market. - [High probability of a worsening Austin mortgage price change](https://www.maxleaman.com/high-probability-of-a-worsening-austin-mortgage-price-change/) - High probability of a worsening Austin mortgage price change. We see the tactical bias as being defensive with conditions and chart work pointing to a more bearish outcome. Borrowers are advised to stay with this market and don’t let it put you to sleep. It could be costly. - [Austin mortgage rates remaining low well into the third quarter](https://www.maxleaman.com/austin-mortgage-rates-remaining-low-well-into-the-third-quarter/) - We will continue to trade the small range that has been with us for a couple weeks now, swinging from high to low, low to high depending on stocks and ‘headlines”. Nothing huge here as we see Austin mortgage rates remaining low well into the third quarter. - [Austin Mortgage Market Update - For the week of July 12, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-12-2010/) - Last week's Inside Lending reported that on Friday, the President signed into law a bill that extends to September 30 the closing deadline for claiming the federal homebuyer tax credit. We want to add he signed a second bill that retroactively reinstates the National Flood Insurance program, which expired May 31, until September 30. This news is important for home buyers who are shopping in areas where flood insurance is necessary to get a mortgage. It would obviously behoove these buyers to close before September 30. - [Kiplinger's Names Austin #1 Best City for the Next Decade](https://www.maxleaman.com/kiplingers-names-austin-1-best-city-for-the-next-decade/) - From Kiplinger's Personal Finance Magazine, July 2010. Kiplinger's Names Austin #1 Best City for the Next Decade. They're prosperous, innovative, and they'll generate plenty of jobs, too. - [Fed thinking projects a low Austin mortgage interest rate environment until sustainable employment growth materializes](https://www.maxleaman.com/fed-thinking-projects-a-low-austin-mortgage-interest-rate-environment-until-sustainable-employment-growth-materializes/) - Fed Governor Fisher (Texas) comments about no need for further asset purchases but with a slowing second half of the year in his forecast, low inflation and a weak economy seem to be in play. This follows the Fed thinking and projects a low Austin mortgage interest rate environment until sustainable employment growth materializes. - [Austin mortgage interest rates appear to be locked in a tight range, trading at or near the best levels we’ve seen in 14 months](https://www.maxleaman.com/austin-mortgage-interest-rates-appear-to-be-locked-in-a-tight-range-trading-at-or-near-the-best-levels-we’ve-seen-in-14-months/) - As we have mentioned in the past, Austin mortgage interest rates appear to be locked in a tight range, trading at or near the best levels we’ve seen in 14 months. Reasons being are the lack of employment growth in the US, soft housing, Europe feeling queasy, and China concerns over growth. Tough to find a reason for higher yields, worsening mortgage pricing well into the third quarter. - [Austin Mortgage Market Update - For the week of July 5, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-july-5-2010/) - Last Thursday pending home sales, a measure of contracts signed for existing homes, were reported off 30% in May compared to the prior month. This of course was simply the result of the end of the homebuyer tax credit, which required a signed contract by April 30. Common sense tells us many of those April contracts would have happened in May or even later if it weren't for the pressure to qualify for the tax credit. - [Weak Economic Growth Helps Austin Mortgage Rates](https://www.maxleaman.com/weak-economic-growth-helps-austin-mortgage-rates/) - After dropping to the lowest level in decades last week, Austin mortgage rates fell even further this week. Weak economic data from the United States, China and Europe caused investors to question the pace of the global economic recovery. - [Forecasting the June Employment Report will once again be tricky](https://www.maxleaman.com/forecasting-the-june-employment-report-will-once-again-be-tricky/) - With respect to Austin mortgage rates and pricing, we see little change unless the prints are major outliers, say -200K or plus 100K (Non-farm). Either one of those would start a major move. Odds are good that pricing will be pretty close to where it is right now in 24 hours. - [Austin borrowers are advised to lock in their Austin mortgage interest rates and step aside as we’re not sure whether the light in the tunnel is the end or a train](https://www.maxleaman.com/austin-borrowers-are-advised-to-lock-in-their-austin-mortgage-interest-rates-and-step-aside-as-we’re-not-sure-whether-the-light-in-the-tunnel-is-the-end-or-a-train/) - With risk reward not in your favor, Austin borrowers are advised to lock in their Austin mortgage interest rates and step aside as we’re not sure whether the light in the tunnel is the end or a train. - [Odds of a worsening Austin mortgage price change are starting to rise](https://www.maxleaman.com/odds-of-a-worsening-austin-mortgage-price-change-are-starting-to-rise/) - Overall supportive but just the same, the market has come a long way in short period of time. Some type of consolidation would not be a surprise at all. Currently, mortgage backs are off 6/32’s. Odds of a worsening Austin mortgage price change are starting to rise. Be careful out there. - [Austin Mortgage Market Update - For the week of June 28, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-28-2010/) - Last week May existing home sales came in UP 19.2% over a year ago. Nonetheless, after beating expectations three months in a row, monthly sales fell short of the gain expected, off 2.2%. But the months' supply of existing homes dropped from 8.4 to 8.3 months, as inventory slid to 3.89 million homes. And the median price is rebounding, UP 2.7% over last year. Finally, the April FHFA home price index was UP 0.8% for homes financed with conforming mortgages. - [Not to say we will not see lower Austin mortgage rates and better pricing but for that to come to fruition, we’ll need a major catalyst](https://www.maxleaman.com/not-to-say-we-will-not-see-lower-austin-mortgage-rates-and-better-pricing-but-for-that-to-come-to-fruition-we’ll-need-a-major-catalyst/) - Not to say we will not see lower Austin mortgage rates and better pricing but for that to come to fruition, we’ll need a major catalyst. Something like a stock market rout or collapse of Greece. In English, the smart money will bet against this, at least for a corrective trade that could take the 10 year note back to 3.25%. Pricing was struck with MBS unchanged, now down 5/32’s. Trigger fingers are getting twitchy. - [Stocks just can’t catch a break, slip slidding once again into negative territory](https://www.maxleaman.com/stocks-just-can’t-catch-a-break-slip-slidding-once-again-into-negative-territory/) - Stocks just can’t catch a break, slip slidding once again into negative territory. Bonds, notes, and Austin mortgage pricing are the benefactors, continuing to push to lower yields. - [Worries about European banks, UK austerity measures, US Housing, and the beginning of a two day FOMC meeting are all on today’s marquee](https://www.maxleaman.com/worries-about-european-banks-uk-austerity-measures-us-housing-and-the-beginning-of-a-two-day-fomc-meeting-are-all-on-today’s-marquee/) - Worries about European banks, UK austerity measures, US Housing, and the beginning of a two day FOMC meeting are all on today’s marquee. Stress tests and downgrades on banks across the pond got the early morning trade going. - [Austin Mortgage Market Update - For the week of June 21, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-21-2010/) - The big news of the week revealed housing starts down 10.0% in May to an annual rate of 593,000 units. Closer inspection of the report reveals that all the drop came from the South. In fact, housing starts were actually UP in all other regions of the country. The South suffered in May with the Gulf oil spill disaster and major flooding. It's understandable that these unfortunate occurrences would make everyone, including home builders, more risk averse than usual. In any case, starts are UP 24.3% above their low a year ago April, with single-family starts UP 15.3% in the last year. - [Analyst Meredith Whitney expects U.S. economy to have rough 2nd half - if true, expect Austin mortgage rates to stay low into 2011](https://www.maxleaman.com/analyst-meredith-whitney-expects-u-s-economy-to-have-rough-2nd-half-if-true-expect-austin-mortgage-rates-to-stay-low-into-2011/) - In the "for what it’s worth" department, top analyst Meredith Whitney has a bearish call on equities (stocks) and expects the U.S. economy to have a rough second half. If true, expect Austin mortgage rates to stay low into 2011. - [Low Inflation Helps Austin Mortgage Rates](https://www.maxleaman.com/low-inflation-helps-austin-mortgage-rates/) - Economic data moved Austin mortgage rates this week. Slower than expected economic growth data and low inflation figures were favorable for the Austin, TX mortgage market. As a result, Austin mortgage rates ended the week lower. - [Expect Austin mortgage rates to stay low for some time to come](https://www.maxleaman.com/expect-austin-mortgage-rates-to-stay-low-for-some-time-to-come/) - It will become more and more difficult to improve Austin mortgage pricing/ lower yields without new fuel (catalyst). At the same time, the economic fundaments do not support higher Austin mortgage rates or worsening mortgage pricing. So, expect Austin mortgage rates to stay low for some time to come. - [5 ways to make your website more effective](https://www.maxleaman.com/5-ways-to-make-your-website-more-effective/) - It's important for real estate agents and agencies to keep their Web sites fresh and updated. From Google's perspective, your website should be a growing resource, with accurate content. But what should you change to make your site work harder? Here are some things to do. - [Austin mortgage pricing worsening as deal has been made between President Obama and BP](https://www.maxleaman.com/austin-mortgage-pricing-worsening-as-deal-has-been-made-between-president-obama-and-bp/) - Treasuries and mortgage backs are starting to drift lower (higher yields/worsening Austin mortgage pricing) as an apparent deal has been made between the Prez and BP. Most likely something to do with an escrow account to pay the bills. - [Housing Starts fell to 19 year lows](https://www.maxleaman.com/housing-starts-fell-to-19-year-lows/) - Looks like builders got caught in one of those east coast “turn abouts” and couldn’t get off as Housing Starts fell to 19 year lows. PPI, inflation at the wholesale level, dipped .3% headline while the core (ex-food and energy) rose .2%. Nothing here to be scared of. - [Existing Home Sales posting sales up 6.5% to 4.74 million units](https://www.maxleaman.com/hello-world/) - Markets are mixed to start the week as stocks are positive and bonds/mortgage backs are not so positive. Early news on the economy was bearish as Caterpillar announced layoffs of 20K plus, Home Depot of 7K, and a few others pink slipped another 1K or more. Even McDonalds reported sales off 23% on a global - [Austin Mortgage Market Update - For the week of June 14, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-14-2010/) - The Mortgage Bankers Association reported demand for purchase mortgages was down 5.7% last week from the week before. Analysts felt the decline showed that the federal tax credits ending in April took away from future sales. - [Global Economic News Pushes Up Mortgage Rates](https://www.maxleaman.com/global-economic-news-pushes-up-mortgage-rates/) - Global economic news influenced United States mortgage markets this week. While the domestic data released during the week was mixed, an improved economic outlook in many other countries was unfavorable for bond markets. As a result, Austin mortgage rates ended the week a little higher. - [Improve your home, cut your energy bills, and reduce your income tax!](https://www.maxleaman.com/improve-your-home-cut-your-energy-bills-and-reduce-your-income-tax/) - The federal economic stimulus package signed into law last year included substantial tax credits for energy-saving home improvements. This means you can cut your monthly utility bills AND reduce your income taxes, while making your home more attractive and possibly more valuable when it's time to sell! - [Gold hit a new high this morning of $1254.50 on European currency and equity concerns](https://www.maxleaman.com/gold-hit-a-new-high-this-morning-of-1254-50-on-european-currency-and-equity-concerns/) - Gold hit a new high this morning of $1254.50 on European currency and equity concerns. Fed Chair Bernanke hit the wire as well, trying to assure the markets that the US will avoid slipping back into recession. Doesn’t seem as many are listening given another round of early stock gains followed by selling into strength. Stock bulls are doing their best to defend the 1040 level in S&P’s (currently 1046) but need to move higher or will most likely fall under their own weight with a new target of 980. - [Austin Mortgage Market Update - For the week of June 7, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-june-7-2010/) - The National Association of Realtors (NAR) reported the Pending Homes Sales index rose in April for the third month in a row, registering a 6% increase over the upwardly revised March figure. This index measures the number of homebuyers signing purchase contracts. April Pending Home Sales hit their highest level since October 2009 and are UP 22.4% year-over-year. Like Existing and New Home Sales the week before, a good part of the gain was put to the tax credit expiration that required a signed contract by April 30. The NAR also forecast new home sales will be UP 18.5% for the year. - [If there is a silver lining, you’ll find it in low Austin mortgage rates today, tomorrow, and well into the 3rd quarter](https://www.maxleaman.com/if-there-is-a-silver-lining-you’ll-find-it-in-low-austin-mortgage-rates-today-tomorrow-and-well-into-the-3rd-quarter/) - Overall, the report does nothing to instill confidence in economic growth. Matter of fact, it’s started a new group of traders and investors fanning the fires of a double dip recession. Bill Gross is now calling for unemployment to go over 10% in the coming months. If there is a silver lining, you’ll find it in low Austin mortgage rates today, tomorrow, and well into the 3rd quarter. - [Jobs Report Falls Short](https://www.maxleaman.com/jobs-report-falls-short/) - The big economic news this week was Friday's Employment data, which fell short of Wall Street forecasts and pushed mortgage rates lower. Investors continued to watch the situation in Europe, but there were no major market moving developments. Due to a rally on Friday, Austin mortgage rates ended the week lower. - [With yields near record lows and mortgage pricing at or near the best levels in some time, its fool’s gold not to lock in your Austin mortgage rates](https://www.maxleaman.com/with-yields-near-record-lows-and-mortgage-pricing-at-or-near-the-best-levels-in-some-time-its-fool’s-gold-not-to-lock-in-your-austin-mortgage-rates/) - With yields near record lows and mortgage pricing at or near the best levels in some time, its fool’s gold not to lock in your Austin mortgage rates. If traders jump the sell side, we see the trade to be shallow, say .50 bps worsening to mortgage pricing as cross currents from around the globe will still be there to support fixed income products. - [With Austinmortgage rates near their best levels, the prudent move is for Austin homebuyers and Austin refinances to lock in their interest rates](https://www.maxleaman.com/with-austinmortgage-rates-near-their-best-levels-the-prudent-move-is-for-austin-homebuyers-and-austin-refinances-to-lock-in-their-interest-rates/) - With Austinmortgage rates near their best levels, the prudent move is for Austin homebuyers and Austin refinances to lock in their interest rates. The employment report is the most volatile, highest profile piece of economic data in the field and with the market looking for a strong number, the probability that mortgage pricing will be worse this time tomorrow is high. - [Just a heads up as the 10 year note has taken a turn for the nurse, now off 13/32’s](https://www.maxleaman.com/just-a-heads-up-as-the-10-year-note-has-taken-a-turn-for-the-nurse-now-off-1332’s/) - Just a heads up as the 10 year note has taken a turn for the nurse, now off 13/32’s. The 30 year bond is down 23/32’s as well, both products of a stock market that’s revved it up a bit. The Dow is up 180 points while the Naz is plus 44 points. Mortgage backs are holding steady albeit off 2/32’s. Typically, if the 10 year note holds at current lower levels, mortgage backs are bound to “catch up.” - [ Friday’s Employment data will be huge; some are calling for as much as 600K new jobs created](https://www.maxleaman.com/friday’s-employment-data-will-be-huge-some-are-calling-for-as-much-as-600k-new-jobs-created/) - riday’s Employment data will be huge. Some are calling for as much as 600K new jobs created. Keep this in mind today and tomorrow as a print of that magnitude will raise holy H E double hockey sticks with Austin mortgage pricing. Be square or beware. We’ll handicap the report tomorrow. - [Quiet trading in both stocks and bonds has greeted the market](https://www.maxleaman.com/quiet-trading-in-both-stocks-and-bonds-has-greeted-the-market/) - Quiet trading in both stocks and bonds has greeted the market. Stocks opened on the soft side, down 80 or so on the Dow but have since recovered to go positive by 72 points. The 10 year note was up 10/32’s at one time but currently is trading plus 1/32nd to yield 3.30%. Mortgage back haven’t done much, trading plus 4/32’s at the highs and now are plus 2/32’s. We’re expecting more of the same until we start to set up (Thursday) for the May Employment report due out Friday at 7:30 am cst. - [USDA Update - Bill #4899 Passed the Sentate by vote 67 to 28](https://www.maxleaman.com/usda-update-bill-4899-passed-the-sentate-by-vote-67-to-28/) - Just to make your day or shall we say month, Bill #4899 which included funding for USDA PASSED THE SENATE May 27 by vote of 67 to 28. Looks like we’re back in business, folks. - [Austin Mortgage Market Update - For the week of May 31, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-31-2010/) - For the third month in a row, Existing Home Sales beat expectations, UP 7.6% for April and UP 22.8% over a year ago. A lot of the gain was put to the tax credit expiration that required a signed contract by April 30. But buyers have till June 30 to close, so observers feel sales will probably increase for the next couple of months, then take a short break before rising again. Inventories were up from 8.1 to 8.4 months, but this is similar to April gains in prior years, rather than evidence of some huge "shadow inventory" hitting the market. Meanwhile, the median price for an existing home went to $173,000, up 4.0% from a year ago. - [China Reassures about European Debt](https://www.maxleaman.com/china-reassures-about-european-debt/) - The economic data took a backseat to events in Europe again this week. Improved sentiment about the troubles in Europe influenced the willingness of investors to purchase riskier assets such as stocks, hurting bond markets. As a result, after dropping to the lowest levels of the year, Austin mortgage rates ended the week a little higher. - [Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021](https://www.maxleaman.com/austin-texas-to-serve-as-the-host-city-of-the-formula-1-united-states-grand-prix™-for-years-2012-through-2021/) - 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. - [Into the close, stocks (Dow and Naz) on the big board are making a comeback, down 87 points](https://www.maxleaman.com/into-the-close-stocks-dow-and-naz-on-the-big-board-are-making-a-comeback-down-87-points/) - 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. - [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)](https://www.maxleaman.com/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/) - 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](https://www.maxleaman.com/notes-bonds-and-mortgage-backs-have-slipped-as-we-go-into-the-last-hour-and-a-half-of-trading/) - 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. - [Watch stocks, they are in the driver’s seat](https://www.maxleaman.com/watch-stocks-they-are-in-the-driver’s-seat/) - Spain took over one of their banks today. The 146 year old institution had too much bad real estate debt. Hummmmm. Technically, the market is consolidating to relieve over-bought conditions and put the chart back into harmony. - [USDA Has 3 Versions of Bill in Senate](https://www.maxleaman.com/usda-has-3-versions-of-bill-in-senate/) - 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 - [Austin Mortgage Market Update - For the week of May 24, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-24-2010/) - 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.... - [Austin mortgage rates declined during the week, reaching the lowest levels of the year](https://www.maxleaman.com/austin-mortgage-rates-declined-during-the-week-reaching-the-lowest-levels-of-the-year/) - 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](https://www.maxleaman.com/with-austin-mortgage-ratespricing-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/) - 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](https://www.maxleaman.com/post-fomc-meeting-release/) - 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. - [Business Tools: Write that blog in 15 minutes!](https://www.maxleaman.com/business-tools-write-that-blog-in-15-minutes/) - Blogging doesn't have to be difficult or time-consuming and it can do a lot for your business. Try these tips and see for yourself. - [Euro is in the driver seat for every market](https://www.maxleaman.com/euro-is-in-the-driver-seat-for-every-market/) - Euro is in the driver seat for every market. It goes like this; as the Euro weakens, the dollar strengthens, stocks go lower, oil goes lower, gold goes higher, and 10 year note/mortgage backed security pricing gets better. Flip side is Euro strengthens and then you know the rest of the story. - [USDA UPDATE: In a nut shell, the USDA program is out of money (except for disaster funds in a few areas)](https://www.maxleaman.com/usda-update-in-a-nut-shell-the-usda-program-is-out-of-money-except-for-disaster-funds-in-a-few-areas/) - USDA UPDATE: In a nut shell, the USDA program is out of money (except for disaster funds in a few areas). The Senate now has three competing bills so the work out process has begun. Nothing scheduled on the Senate floor so this could take some time. USDA issued guidance stating that they would issue condition commitments so we could proceed with the loan process but not close until the program was funded. USDA has now pulled that guidance to issue conditional commitments. As you can see, this is a mess. Investors such as Chase, etc. will not take locks unless you have a conditional commitment or are in a county that has adequate disaster funds available as they see this as hedging a “phantom” pipeline. - [Austin Mortgage Market Update - For the week of May 17, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-17-2010/) - Last Tuesday the National Association of Realtors (NAR) reported the Q1 median price for existing homes was up in 91 out of 152 metro areas compared to a year ago, showing the housing market is starting to stabilize. This was a nice gain over Q4 of last year when prices were up in only about 40% of the cities tracked. Even more encouraging, the percentage price increases in 29 cities were in double-digits. - [EU Announces Larger Aid Package](https://www.maxleaman.com/eu-announces-larger-aid-package/) - The biggest economic news this week was that the EU will provide a much larger aid package than previously announced. On Monday, this news caused investors to move funds to riskier assets and out of safer investments such as bonds. This week's economic data contained few surprises. Later in the week, successful results for the long-term Treasury auctions helped bond markets, and mortgage rates ended the week near the lowest levels of the year. - [Austin mortgage borrowers are encouraged to lock in mortgage interest rates to take advantage of the current pricing](https://www.maxleaman.com/austin-mortgage-borrowers-are-encouraged-to-lock-in-mortgage-interest-rates-to-take-advantage-of-the-current-pricing/) - While the auction was not bad, we are taking a little heat as stocks are making their way back to unchanged/+. Keep an eye on current levels as we are now off 5 ticks from morning levels and price changes for the worse could be in the cards. Austin mortgage borrowers are encouraged to lock in mortgage interest rates to take advantage of the current pricing. - [Initial unemployment claims fell to 444k in the week ending May 8th, down from an upward revised 448k](https://www.maxleaman.com/initial-unemployment-claims-fell-to-444k-in-the-week-ending-may-8th-down-from-an-upward-revised-448k/) - This morning, bond prices are a touch higher following the weekly jobless claims data release. Initial unemployment claims fell to 444k in the week ending May 8th, down from an upward revised 448k. Economists had expected claims to drop from the previously reported 444k to 440k. Initial claims of 444k were a touch higher than estimates, but still a mere 5,000 above the year's low and at the bottom end of the range which has persisted throughout 2010. - [News about home buyer tax credits for service personnel AND new lead paint regs ](https://www.maxleaman.com/news-about-home-buyer-tax-credits-for-service-personnel-and-new-lead-paint-regs/) - Here are two important pieces of information that recently came out of Washington. The first involves a special extension of the home buyer tax credit to certain qualified members of the military, Foreign Service and intelligence community, and the second is about doing renovations where lead paint is present. - [Latest news regarding the Euro zone’s debt crisis was again good news](https://www.maxleaman.com/latest-news-regarding-the-euro-zone’s-debt-crisis-was-again-good-news/) - The latest news regarding the Euro zone’s debt crisis was again good news. Spain announced sharp austerity programs to cut its budget deficits and the EU aims to seek further power over member country budgets. In a nutshell, the news added more of a boost to global stocks after opening higher. - [Borrowers looking to lock an Austin mortgage rate should stay defensive short term](https://www.maxleaman.com/borrowers-looking-to-lock-an-austin-mortgage-rate-should-stay-defensive-short-term/) - With more supply coming tomorrow and Thursday, coupled with a stock market that may have found it’s sea legs, borrowers looking to lock an Austin mortgage rate should stay defensive short term. More in a few. - [Lenders and borrowers expecting to close USDA loans the first week of June might be too optimistic](https://www.maxleaman.com/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. - [A tug of war for Austin mortgage interest rates seems in the cards](https://www.maxleaman.com/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. - [Austin Mortgage Market Update - For the week of May 10, 2010](https://www.maxleaman.com/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. - [Greek Troubles Overshadow Strong Data](https://www.maxleaman.com/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. - [Let me try to explain what happened yesterday when stocks traveled to the down 1000 point abyss](https://www.maxleaman.com/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. - [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](https://www.maxleaman.com/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/) - 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. - [Constant streaming of riots, bank burning, and chaos in Greece have ripped the Dow for over 800 points](https://www.maxleaman.com/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. - [Today’s early trade pushed treasuries to higher yields and worsened mortgage pricing, but only slightly](https://www.maxleaman.com/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. - [Greece is the word](https://www.maxleaman.com/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. - [With stochastics and moving average crosses, odds are good we’ll push to lower yields and better Austin mortgage pricing](https://www.maxleaman.com/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. - [Euro-zone/IMF approved 110 billion in aid to bail out Greece - rally-maker for stocks & pressured bonds, notes, and mortgage backs](https://www.maxleaman.com/euro-zoneimf-approved-110-billion-in-aid-to-bail-out-greece-rally-maker-for-stocks-pressured-bonds-notes-and-mortgage-backs/) - The Euro-zone/IMF approved 110 billion in aid to bail out Greece. Germany’s cabinet approved the draft, allowing them to contribute to the fund as well. The weekend news has been a rally maker for stocks and at the same time, pressured bonds, notes and mortgage backs right out of the gate. - [USDA Funds are BACK!](https://www.maxleaman.com/usda-funds-are-back/) - In a nutshell, the bill as passed the House and has now moved on to the Senate. We expect passage with little opposition by the end of this week. Expectations to close loans under the “new USDA” should be no sooner that the first or second week of June. In the meantime, the run rate on current funding will go dry next Thursday or Friday (May 6th or 7th). Any loan without a USDA cert that does not have additional disaster funds left over are unlikely to be able to close until the “new USDA” is up and running. - [Austin Mortgage Market Update - For the week of May 3, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-may-3-2010/) - Last Tuesday's S&P Case-Shiller home price index reported that homes in 20 major U.S. cities were WORTH MORE in February 2010 than they were in February 2009 -- the first year-to-year INCREASE in values in over three years! The good news of this 0.6% annual gain was tempered by a small monthly decline in prices from January to February. But remember, February's unusually stormy weather make it a tough month for real estate in much of the country. ??Corroborating Case-Shiller, a second home price index also showed a national gain in home prices for February 2010 compared to February 2009. This was the First American CoreLogic HPI, an index including distressed sales, which reported a home price increase of 0.3% for the year. - [The FOMC kept the short term Fed Funds rate unchanged (between 0% and .25%) with a 9 to 1 vote](https://www.maxleaman.com/the-fomc-kept-the-short-term-fed-funds-rate-unchanged-between-0-and-25-with-a-9-to-1-vote/) - The FOMC kept the short term Fed Funds rate unchanged (between 0% and .25%) with a 9 to 1 vote. They also commented that economic conditions warrant exceptionally low levels of the Fed Funds rate for an extended period. Kansas City Fed President Thomas Hoenig was the lone dissenter, citing against the policy believing that a repeated expectation could lead to the buildup of “financial imbalances” and run the risk of macroeconomic and financial instability. - [42 billion of 5 year notes hit the screen to yield 2.54% with 49% going to the Indirect bidders](https://www.maxleaman.com/42-billion-of-5-year-notes-hit-the-screen-to-yield-2-54-with-49-going-to-the-indirect-bidders/) - 42 billion of 5 year notes hit the screen to yield 2.54% with 49% going to the Indirect bid. Direct bidders (Wall Street) took 14% with a bid to cover of 2.75 to 1 (average is 2.69%). Good news is that the yield came in on the screws (no tail), bid to cover was above average, and Indirect buyers were strong. Not so good news is that the “street” stayed away. We’ll give it a B. - [No Austin mortgage rate change is expected but watch the FOMC policy statement closely](https://www.maxleaman.com/no-austin-mortgage-rate-change-is-expected-but-watch-the-fomc-policy-statement-closely/) - We also have the FOMC announcement today at 1:15 pm cst. No Austin mortgage rate change is expected but watch the FOMC policy statement closely. Hopefully, we will not get sideswiped. Want to get this out as the market is taking some heat. Mortgage backs now off 10/32’s so a price change is imminent. - [Bonds, notes and mortgage backs caught their fall and reversed course, now trading at the day’s best levels](https://www.maxleaman.com/bonds-notes-and-mortgage-backs-caught-their-fall-and-reversed-course-now-trading-at-the-day’s-best-levels/) - Just when it looked like we may slip into the afternoon, stocks turned tail and ran, now down over 200 points with 4 minutes to trade. Bonds, notes and mortgage backs caught their fall and reversed course, now trading at the day’s best levels. - [The market will need to close above this level (below in yield) or at least stay near that level to confirm a near bull trend is in the making](https://www.maxleaman.com/the-market-will-need-to-close-above-this-level-below-in-yield-or-at-least-stay-near-that-level-to-confirm-a-near-bull-trend-is-in-the-making/) - Technically, the rally today has formed a high volume area at 117 21 (yield of 3.68%). The market will need to close above this level (below in yield) or at least stay near that level to confirm a near bull trend is in the making. Given that so may outside influences have played a factor today, we view the move as somewhat suspicious. Not saying that we’re going to reverse in any huge way. Just cautious about any further advances (rally). Keep that in mind as the day progresses. - [Seems like a good day to take advantage of the best Austin mortgage pricing in quite some time](https://www.maxleaman.com/seems-like-a-good-day-to-take-advantage-of-the-best-austin-mortgage-pricing-in-quite-some-time/) - Technically, the stealth rally has taken us to major resistance, right at the low yield mark of 3.67%. A break and close below 3.67% is needed to confirm the upside move and project that further gains (lower yields better mortgage pricing) is in the cards. With most oscillators now neutral to bullish, the only fly in the ointment is growing overbought conditions on the chart. Seems like a good day to take advantage of the best Austin mortgage pricing in quite some time. - [No news today but Greece once again is in the headlines](https://www.maxleaman.com/no-news-today-but-greece-once-again-is-in-the-headlines/) - No news today but Greece once again is in the headlines. Rates on their 2 year note were over 13% this morning. Bonds, notes, and mortgage backs all opened to the plus side with current coupon MBS up 6/32’s. Just a heads up as they are starting to slip, currently up only 2/32’s. Worsening Austin mortgage price change is at hand. - [Austin MortgageMarket Update - For the week of April 26, 2010](https://www.maxleaman.com/austin-mortgagemarket-update-for-the-week-of-april-26-2010/) - The week ended on the most dramatically impressive new home sales numbers in 47 years. March's 26.9% increase was the biggest monthly sales gain since 1963, taking us to a 411,000 annual rate! Supply dropped to 6.7 months, inventories fell to 228,000 and the median price went to $214,000, up 4.3% versus last year. Some put the sales surge to the soon-to-expire tax credit, but the facts remain that the economy IS recovering and homes ARE substantially more affordable! - [Austin Mortgage Rates Rise on Improving Economic Data](https://www.maxleaman.com/austin-mortgage-rates-rise-on-improving-economic-data/) - While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, Austin mortgage rates ended the week a little higher. - [New Home Sales gains also smell of the last mad rush for 8K in buyers credit money before we put that program to bed the end of next week](https://www.maxleaman.com/new-home-sales-gains-also-smell-of-the-last-mad-rush-for-8k-in-buyers-credit-money-before-we-put-that-program-to-bed-the-end-of-next-week/) - New Home Sales were also released, up 26.9% to 411K annual units. The print blew away economists estimates of plus 330K. Every region of the country rebounded with the “South rising again”, up 43% month on month. Although the numbers were great, they are coming off the worst month (February) in 22 years. The gains also smell of the last mad rush for 8K in buyers credit money before we put that program to bed the end of next week. - [A couple of missed earnings reports and a sack of rotten Gyros did the trick](https://www.maxleaman.com/a-couple-of-missed-earnings-reports-and-a-sack-of-rotten-gyros-did-the-trick/) - Earlier today, treasury yields fell to their lowest levels in a month as Greece continues to slip into the ocean. Stocks are also in the soup, down 74 points on the Dow. A couple of missed earnings reports and a sack of rotten Gyros did the trick. - [Reviews of 4 Hosting Companies - Pros and Cons](https://www.maxleaman.com/reviews-of-4-hosting-companies-pros-and-cons/) - Pros and cons of HostGator, GoDaddy, Network Solutions, and Host Depot from a developer with first-hand experience. How each hosting company handles contact forms, mail, redirects, technical support, FTP connect, password-protecting folders, installing blogs. - [Stocks are up a baker’s dozen on the big board as very overbought conditions are in a dog fight with stellar 1st quarter earnings](https://www.maxleaman.com/stocks-are-up-a-baker’s-dozen-on-the-big-board-as-very-overbought-conditions-are-in-a-dog-fight-with-stellar-1st-quarter-earnings/) - Currently, the 10 year note is up 10/32’s to yield 3.76%, very close to our range high (low yield) expectations of 3.75%. Mortgage backs are plus 4/32’s on the day. Stocks are up a baker’s dozen on the big board as very overbought conditions are in a dog fight with stellar 1st quarter earnings. - [Just when Goldman looked to be on the ropes, they reported earnings that blew away the street](https://www.maxleaman.com/just-when-goldman-looked-to-be-on-the-ropes-they-reported-earnings-that-blew-away-the-street/) - Just when Goldman looked to be on the ropes, they reported earnings that blew away the street. $5.59 versus analysts expectations of $4.01 is not a bad quarter. Apple and Yahoo will release today after the close. Wait until you see Apple’s numbers. - [The tactical bias for Austin mortgage rates and pricing is to remain neutral](https://www.maxleaman.com/the-tactical-bias-for-austin-mortgage-rates-and-pricing-is-to-remain-neutral/) - The tactical bias for Austin mortgage rates and pricing is to remain neutral, trading a range on the 10 year note between 3.75% and 3.82%. Stocks want clarity on the Goldman/SEC issue which will lead bonds to react accordingly. Our work on the 10 year note chart is providing neutral to bullish trend signals and overbought conditions at the same time. Classic example of a mixed bag. - [Austin Mortgage Market Update - For the week of April 19, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-19-2010/) - riday, March Housing Starts came in above expectations, UP 1.6%, at an annual rate of 626,000 units. Throw in revisions to February and starts were UP 8.9%. Single-family starts were down a tad for the month, but for all of Q1, they were UP at a 41% annual rate versus the Q4 average. New Building Permits for March also beat estimates, UP 7.5% to a 685,000 annual rate. Some experts feel we're in the early stage of a substantial rebound in home building. And they point out that the pace of building is still slow enough that inventories can come down even as new construction increases. - [SEC has charged Goldman Sachs with fraud on subprime loans](https://www.maxleaman.com/sec-has-charged-goldman-sachs-with-fraud-on-subprime-loans/) - In breaking news, the SEC has charged Goldman Sachs with fraud on subprime loans. John Paulson (Paulson and Co.) seems to have been in the mix as well, selecting specific subprime securities and then shorting (betting against the security) with CDO’s through credit default swaps. It’s complicated and not a good situation for Paulson and Goldman. By the way, their stock is off $23.00 while the Dow is off over $100.00. - [Low Inflation Benefits Mortgage Markets](https://www.maxleaman.com/low-inflation-benefits-mortgage-markets/) - This week's economic data and comments from Fed officials painted a picture of a gradually improving economy with very low inflation. March Core CPI inflation rose at a tame 1.1% annual rate. This economic environment is favorable for bond markets, and Austin mortgage rates ended the week a little lower. - [Weekly Unemployment Claims rose 24K, much higher than analysts had expected](https://www.maxleaman.com/weekly-unemployment-claims-rose-24k-much-higher-than-analysts-had-expected/) - Weekly Unemployment Claims filled the too cold category as the rose 24K, much higher than analysts had expected. The plus 484K reading is the highest level seen since the snowstorms in late February. Blame has been laid on Easter and Cesar Chavez day. Wonder what will happen to next week’s numbers since April 20th is National Cuckoo day. - [Stock market strength has pressured bonds, notes, and mortgage backs as we head towards the close](https://www.maxleaman.com/stock-market-strength-has-pressured-bonds-notes-and-mortgage-backs-as-we-head-towards-the-close/) - Stock market strength has pressured bonds, notes, and mortgage backs as we head towards the close. With the Dow up 96 points trading well over 11,000 and S & P’s over the 1200 level (which was good resistance and very psychological), the path of least resistance is for additional improvement. JPMorgan gave stocks the boost from the get go, beating earnings expectations by 10 cents and saying all the right things about credit quality improving etc. The 10 year note opened in the red but by only a few 32’s, holding onto the breakout level below 3.83% yield on the 10 year note. - [USDA Update - Project the program to be back in action by May 12th](https://www.maxleaman.com/usda-update-project-the-program-to-be-back-in-action-by-may-12th/) - Just wanted to give you an update on the USDA program progress. A bill was introduced by Republican Shelly Capito from W. Va. yesterday in the House. Process time to clear the House should be 7 to 10 working days. Then on to the Senate where you know who is in charge of the Finance Committee (Barney Frank). - [Mortgage companies and loan officers telling borrowers and REALTORS they have guaranteed USDA money is plain and simple not true](https://www.maxleaman.com/mortgage-companies-and-loan-officers-telling-borrowers-and-realtors-they-have-guaranteed-usda-money-is-plain-and-simple-not-true/) - Let me set the record straight on the availability of USDA funds. First of all, USDA has NOT been reallocated and will run out of money soon. Locking in a loan does NOT guarantee a borrower will receive USDA money. Mortgage companies and loan officers telling borrowers and REALTORS that THEY have guaranteed USDA money is plain and simple not true. The only way to guarantee a loan from USDA is to have USDA approve the loan and issue the certificate. - [Check these new privacy settings on Facebook now!](https://www.maxleaman.com/check-these-new-privacy-settings-on-facebook-now/) - Popular social networking site Facebook recently made some big changes affecting users' privacy. If you've entered all your privacy settings on Facebook just the way you want them, you're OK -- as long as you kept these personalized settings when you were prompted by Facebook's "transition tool." This dialog box asked users if they wanted to opt for Facebook's new "recommended settings." If you did this, you inadvertently let Facebook publicize your private information. Here's how to change things back. - [Earlier today, the February Trade Deficit grew to 39.7 billion](https://www.maxleaman.com/earlier-today-the-february-trade-deficit-grew-to-39-7-billion/) - Stocks are up a hand full, mortgage backs up 2/32’s, and the 10 year note is trading at 3.81%, all positive elements. At least for today. We’ll call the market neutral/bullish yet still feeling the need to keep both hands on the wheel. - [For the market to do better (Austin mortgage pricing improvement), we need to breach and close above 116 10 (below 3.83% yield)](https://www.maxleaman.com/for-the-market-to-do-better-austin-mortgage-pricing-improvement-we-need-to-breach-and-close-above-116-10-below-3-83-yield/) - Currently, we’re right up against the top of the range (116 10 in futures and 3.83% 10 year note yield). For the market to do better (Austin mortgage pricing improvement), we need to breach and close above 116 10 (below 3.83% yield). - [Austin Mortgage Market Update - For the week of April 12, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-12-2010/) - Last week February Pending Home Sales blasted past consensus estimates. The National Association of Realtors (NEA) index was UP 8.2% for the month and UP 17.3% year-over-year! - [Bonds, notes, and mortgage backs are flat with volume running at its lowest level in 3 weeks](https://www.maxleaman.com/bonds-notes-and-mortgage-backs-are-flat-with-volume-running-at-its-lowest-level-in-3-weeks/) - Bonds, notes, and mortgage backs are flat with volume running at its lowest level in 3 weeks. The tug of war that has us trapped pits stocks that just won’t fade (Dow up 45 points) on one side and Greek sovereign debt issues that just won’t go away on the other. Matter of fact, Fitch just downgraded their debt of BBB-, right where subprime paper should have been in 2006 when the rating agencies had it at triple A. - [Austin Mortgage Rates Lower After Strong Auction Demand](https://www.maxleaman.com/austin-mortgage-rates-lower-after-strong-auction-demand/) - Although this week's economic data was generally stronger than expected, it was overshadowed by solid demand for the Treasury auctions and intensified concerns about the economic situation in Greece, which helped mortgage markets. After reaching the highest levels since August, mortgage rates ended a little lower than where they ended last week. - [Just a note as we head into the final hour of trading](https://www.maxleaman.com/just-a-note-as-we-head-into-the-final-hour-of-trading/) - Just a note as we head into the final hour of trading. After strength took us through the major down trend line, the market failed and made new lows (highest yield of the day) into the CBOT 10 year note futures close (2:00 pm cst). - [For the time being, I’d say we are in a “Goldie Locks” market, not to hot, not to cold, but just right](https://www.maxleaman.com/for-the-time-being-i’d-say-we-are-in-a-“goldie-locks”-market-not-to-hot-not-to-cold-but-just-right/) - Good news is that the selling of late is moderating. Not so good news is that we do not see a catalyst to rally the market. For the time being, I’d say we are in a “Goldie Locks” market, not to hot, not to cold, but just right. Best to keep both hands on the wheel. - [This is where the battle of bulls and bears will take place and the weapon of choice seems to be the 30 year bond auction outcome](https://www.maxleaman.com/this-is-where-the-battle-of-bulls-and-bears-will-take-place-and-the-weapon-of-choice-seems-to-be-the-30-year-bond-auction-outcome/) - Last month’s auction however was a disaster with only 23.9%. Technically, we’re right up against the down trend line. This is where the battle of bulls and bears will take place and the weapon of choice seems to be the 30 year bond auction outcome (12:00 cst). - [Trust me, the pattern is bullish](https://www.maxleaman.com/trust-me-the-pattern-is-bullish/) - First of all, the market had an “outside day up.” What this means is that we made a lower low than the previous day, only to close above yesterdays high level. In Austin mortgage terms, we had pricing at one time today that was worse than yesterdays only to close above yesterday's best level. Trust me, the pattern is bullish. - [Trouble is, Greece still needs more money to float the country and skeptics are abound, still viewing them as the poster child of the PIGS nations](https://www.maxleaman.com/trouble-is-greece-still-need-more-money-to-float-the-country-and-skeptics-are-abound-still-viewing-them-as-the-poster-child-of-the-pigs-nations/) - Word has it that Greek banks have asked the government to use the remaining 17 billion Euro of funds allocated to back up the country’s banking system to be put to work as a government guaranteed bond program. The move would allow for a better haircut when borrowing from the European Central Bank. Trouble is, Greece still need more money to float the country and skeptics are abound, still viewing them as the poster child of the PIGS nations. - [Details of the 21 billion 10 year note auction just hit the tape - this was a very good auction](https://www.maxleaman.com/details-of-the-21-billion-10-year-note-auction-just-hit-the-tape-this-was-a-very-good-auction/) - Details of the 21 billion 10 year note auction just hit the tape. Yield posted at 3.90%, Indirect Bids at 43%, bid to cover 3.72% (average 2.93%), and best of all, the issue traded 3.3 bps through the screen at the bell. This was a very good auction. - [Improving economic fundamentals are leading to higher yields and worsening Austin mortgage rates](https://www.maxleaman.com/improving-economic-fundamentals-are-leading-to-higher-yields-and-worsening-austin-mortgage-rates/) - Improving economic fundamentals are leading to higher yields and worsening Austin mortgage rates. Heavy treasury auction supply is also a concern. Sovereign debt problems are not only a Greek problem but are spreading though out the Euro zone. - [Austin Mortgage Market Update - For the week of April 5, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-april-5-2010/) - The Case-Shiller home price index came in last week with nine out of the 20 cities in the survey posting year-over-year gains. On a seasonally adjusted basis, the 20-city composite index rose from December to January by 0.3%. The chairman of the index committee noted, "...we continue to see improvements in the year-over-year data for all 20 cities." The report also stated,"annual rates for the two composites have not been this close to a positive (point) since January 2007." - [Austin Mortgage Rates Rise After Jobs Data](https://www.maxleaman.com/austin-mortgage-rates-rise-after-jobs-data/) - Stronger than expected Employment data and the end of the Fed's MBS purchase program were negative for mortgage markets. Austin mortgage rates ended the week at the highest levels since January - [Trouble with ADP is that they have a history of missing the number, and by huge margins more often than they get close](https://www.maxleaman.com/trouble-with-adp-is-that-they-have-a-history-of-missing-the-number-and-by-huge-margins-more-often-than-they-get-close/) - Trouble with ADP is that they have a history of missing the number, and by huge margins more often than they get close. To them, within tolerance is 3 standard deviations! - [Given all the possibilities and potential market moving data, best bet is to use the float down and lock your Austin mortgage rates](https://www.maxleaman.com/given-all-the-possibilities-and-potential-market-moving-data-best-bet-is-to-use-the-float-down-and-lock-your-austin-mortgage-rates/) - We still feel that valuations are in nose bleed territory and if they roll over, a 10% correction could be in the cards. That would help mortgage pricing as well. Given all the possibilities and potential market moving data, best bet is to use the float down and lock your Austin mortgage rates. - [In a nutshell, borrowers need to be wary of waiting to lock in this market](https://www.maxleaman.com/in-a-nutshell-borrowers-need-to-be-wary-of-waiting-to-lock-in-this-market/) - In a nutshell, borrowers need to be wary of waiting to lock in this market. The potential for worsening Austin mortgage prices is high as our work projects 4.0% on the 10 year before we see 3.75% (currently 3.88%). If there is a White Knight, it could come via an Employment Report (7:30 am cst Friday) that is well below expectations, say flat to negative. - [That scenario has a high probability (in our opinion) and brings with it lower Austin mortgage rates](https://www.maxleaman.com/that-scenario-has-a-high-probability-in-our-opinion-and-brings-with-it-lower-austin-mortgage-rates/) - Given the Fed’s exit from MBS purchases, their steering of quantitative easing ala Austin mortgage rates hike sooner than later, and a fragile housing market that must be content will mean more inventory and less stimulus, a case for the double dip can certainly be made. That scenario has a high probability (in our opinion) and brings with it lower Austin mortgage rates. - [Correction for Earlier Austin Mortgage Blog Post](https://www.maxleaman.com/correction-for-earlier-austin-mortgage-blog-post/) - Correction: The March 29 edition of Inside Lending reported on maximum seller contributions for FHA loans that will go into effect Monday April 5. The reduction of allowable seller concessions from 6% to 3% for FHA loans is a proposed change. The FHA has NOT announced if or when this change will be put in place. - [Austin Mortgage Market Update - For the week of March 29, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-29-2010/) - February existing home sales were down for the third month in a row, but the 0.6% drop was less than expected. We had severe winter weather putting a damper on things and we're still seeing the hangover from sales pushed into October and November when everyone thought the homebuyer tax credit was going away. February new single-family home sales were down 2.2%. But the median price of $220,500 was UP 5.2% over last year and the average price of $282,600 was a strong 9.3% UP from a year ago. The Mortgage Bankers Association (MBA) expects existing home sales to be UP almost 4% this year to 5.34 million, going to 5.72 million in 2011. They see new home sales hitting 398,000 in 2010 and 528,000 the following year. - [Ready, set, buy! How to trade in your house for another by summer](https://www.maxleaman.com/ready-set-buy-how-to-trade-in-your-house-for-another-by-summer/) - Follow our step-by-step guide to be in a different house by summer. Get preapproved for a mortgage: This is a simple process you should undergo before you start looking for a house, so you know how much of a loan you qualify for, says Max Leaman, a senior loan officer for PrimeLending in Austin. - [Although the market has done better today, the reflex rally has yet to do anything impressive](https://www.maxleaman.com/although-the-market-has-done-better-today-the-reflex-rally-has-yet-to-do-anything-impressive/) - Although the market has done better today, the reflex rally has yet to do anything impressive. Typically this leads to a neutral, inside day with the pattern not strong enough to overtake the bearish sentiment of the past two days. Usually, this type of short term bottom leads to a period of stalls and allows the moving averages to “catch up” to the market. We expect that with month end buying, the market could make a run for 3.83% yield on the 10 year note (currently at 3.86%) before rolling over and retesting the bottom ( heading back to 3.93%). - [Austin Mortgage Rates Rise on Weak Auctions](https://www.maxleaman.com/austin-mortgage-rates-rise-on-weak-auctions/) - A combination of factors was negative for mortgage markets this week, and Austin mortgage rates ended higher. Large budget deficits and economic troubles in smaller European Union nations made bonds less attractive to global investors. - [Austin Mortgage Update - 7-Year Note Auction](https://www.maxleaman.com/austin-mortgage-update-7-year-note-auction/) - 32 billion of the odd ball Treasury just hit the tape to yield 3.374% with 41.9% taken by Indirect Bidders. Stateside account took only 8.1% with the bid to cover 2.61 to 1. The issue created a .4 bps tail, just like the 5 year. The “Street” have given this one a grade of D. Post auction, selling tanked the market for another ½ point in the 30 year bond. With mortgage backs off a smooth 17/32’s, there is no place to hide. Buckle up and stay defensive until the shootin’ stops! - [The trend is changing and even though we don’t like it, a “new normal” for Austin mortgage rates is in the works](https://www.maxleaman.com/the-trend-is-changing-and-even-though-we-don’t-like-it-a-“new-normal”-for-austin-mortgage-rates-is-in-the-works/) - The morning after continues towards the path of least resistance, that being higher yields and worsening Austin mortgage pricing. Certainly the economic fundamentals of a recovering economy, continiously evolving fiscal policy which we feel is more borrowing and less monetary stimulus, and a reluctance of our foreign partners to take on our debt/risk are the heavy weights in this move to higher yields. - [This has been one of the more dramatic down drafts we’ve seen in some time, reminding us of just how powerful and heartless the market can be](https://www.maxleaman.com/this-has-been-one-of-the-more-dramatic-down-drafts-we’ve-seen-in-some-time-reminding-us-of-just-how-powerful-and-heartless-the-market-can-be/) - As we head into the last half hour of trading, price action has been a one-way affair and looking to close at the worst levels of the day. Mortgage backs are now off over 1 point as the 10 year note trades a 3.85% yield (down 43/32’s). Just for good measure, the 30 year bond is off over 3 points. This has been one of the more dramatic down drafts we’ve seen in some time, reminding us of just how powerful and heartless the market can be. - [5 year notes hit the block at 2.605% with 39.7% going to Indirect Bidders](https://www.maxleaman.com/5-year-notes-hit-the-block-at-2-605-with-39-7-going-to-indirect-bidders/) - 5 year notes hit the block at 2.605% with 39.7% going to Indirect Bidders. Bid to cover was 2.55 to 1 and the issue had a T-Rex type tail of 4 bps. To say the least, the bond market did not like it. Mortgage backs off a minimum of 20/32’s and the 10 year is off 40/32’s. - [With current levels at 3.77%, the market needs to boot strap itself back together or further downside (worsening mortgage pricing) will occur](https://www.maxleaman.com/with-current-levels-at-3-77-the-market-needs-to-boot-strap-itself-back-together-or-further-downside-worsening-mortgage-pricing-will-occur/) - Today’s day-end close will be very important. We need to hold 116 22/64th on the futures chart (yield equivalent is 3.75%) to feel better about the range trade continuing. With current levels at 3.77%, the market needs to boot strap itself back together or further downside (worsening mortgage pricing) will occur. - [Health care passes in the House which gave us an early morning dip but only 50 points in stocks while mortgage backs were up 2 to 3/32’s](https://www.maxleaman.com/health-care-passes-in-the-house-which-gave-us-an-early-morning-dip-but-only-50-points-in-stocks-while-mortgage-backs-were-up-2-to-332’s/) - Health care passes in the House which gave us an early morning dip but only 50 points in stocks while mortgage backs were up 2 to 3/32’s - [Austin Mortgage Market Update - For the week of March 22, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-22-2010/) - February housing starts were down 5.9%, to an annual rate of 575,000 units, but this was higher than consensus expectations and almost all the drop came from multi-family units. Single-family homes were off only 0.6% in February and are still up 39.8% over their low a year ago. Meanwhile, new building permits for February fell 1.6%, to an annual rate of 612,000, but that was also better than estimates and permits are still up an estimated 11.3% from a year ago. The experts all thought we'd see a MAJOR drop in home building given the record snow storms on the East Coast. But we didn't. The Mortgage Bankers Association (MBA) estimates we'll see 694,000 housing starts in 2010, a 20% hike from 2009 numbers. - [No Surprises From Fed Meeting](https://www.maxleaman.com/no-surprises-from-fed-meeting/) - There were no major surprises in the economic data or the Fed announcement this week. As a result, while volatility remained day to day, Austin mortgage rates ended nearly unchanged for the third straight week. - [USDA Funds Running Out TODAY](https://www.maxleaman.com/usda-funds-running-out-today/) - In a nut shell, the program has been so popular that they are running out of commitment authority. With only 4 billion left across the nation, the balance of commitment authority will be more than used up by the end of the day. - [Social media for busy professionals](https://www.maxleaman.com/social-media-for-busy-professionals/) - Online social media networks are becoming very important to the people we want to reach. For the week ending March 13, Facebook was reported as the most visited Web site in the U.S. This was the first time it surpassed Google for an entire week! - [A mortgage price change for the worse is right around the corner](https://www.maxleaman.com/a-mortgage-price-change-for-the-worse-is-right-around-the-corner-2/) - Currently, the 10 year note is off 9/32’s (yield 3.68%) and mortgage backs are off 4/32’s. A mortgage price change for the worse is right around the corner. More in a few. - [“If” the health care bill comes to a vote this week and passes, stocks could very well change their tune](https://www.maxleaman.com/“if”-the-health-care-bill-comes-to-a-vote-this-week-and-passes-stocks-could-very-well-change-their-tune/) - “If” the health care bill comes to a vote this week and passes, stocks could very well change their tune. Bottom line here is that most markets are neutral, waiting for something to fuel a trend change. - [FOMC left interest rates unchanged and did not remove the statement, “low interest rates for and extended period of time”](https://www.maxleaman.com/fomc-left-interest-rates-unchanged-and-did-not-remove-the-statement-“low-interest-rates-for-and-extended-period-of-time”/) - FOMC left Austin interest rates unchanged and did not remove the statement, “low interest rates for and extended period of time”. Treasuries and stocks have improved on the news yet mortgage backed securities are only 1/32nd better. Market looks OK but still is tough to trust. Full press release below. - [Our best case is for Austin mortgage rates to hold steady so use this time to be a little defensive](https://www.maxleaman.com/our-best-case-is-for-austin-mortgage-rates-to-hold-steady-so-use-this-time-to-be-a-little-defensive/) - As you can see, our best case is for Austin mortgage rates to hold steady so use this time to be a little defensive into the FOMC announcement. - [Even though this morning’s calendar has had its fair share of data, most markets have been quite with little volatility](https://www.maxleaman.com/even-though-this-morning’s-calendar-has-had-its-fair-share-of-data-most-markets-have-been-quite-with-little-volatility/) - Even though this morning’s calendar has had its fair share of data, most markets have been quite with little volatility. Currently, the 10 year note is off 3/32’s (yield 3.72%), mortgage backs off 2/32’s, and stocks off 35 points on the big board. - [Austin Mortgage Market Update - For the week of March 15, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-15-2010/) - There wasn't a ton of housing news last week, but one can always find a few significant items. For example, foreclosure filings in February were down 2% from January and up just 6% from a year ago -- their smallest increase in four years. Most significantly, in the six states that made up 61% of the national total for February, foreclosure filings were down 15% from a year ago. We're definitely heading in the right direction. - [Best advice is to use any rally to lock your interest rate in! ](https://www.maxleaman.com/best-advice-is-to-use-any-rally-to-lock-your-interest-rate-in/) - With so many variables to consider - employment, sovereign debt, political rang lings’, and on and on - managing interest rate risk and helping our borrowers with their decisions on Austin mortgage rates is very hard to handicap. Best advice is to use any rally to lock your interest rate in! - [Quiet Week for Austin Mortgage Markets](https://www.maxleaman.com/quiet-week-for-austin-mortgage-markets/) - During a very light week for economic news, the economic data and Treasury auctions contained few surprises and produced little reaction in mortgage markets. Austin mortgage rates ended the week nearly unchanged. - [Best to take advantage of current mortgage pricing with such low odds of improvement in the cards](https://www.maxleaman.com/best-to-take-advantage-of-current-mortgage-pricing-with-such-low-odds-of-improvement-in-the-cards/) - Best to take advantage of current mortgage pricing with such low odds of improvement in the cards. Currently, we’re trading 3.73% with the extremes at 4.62% and 2.0%. Lots of room to run (either way) as the economic picture changes. - [Business Economists See Fed Rate Hike in 6 Months](https://www.maxleaman.com/business-economists-see-fed-rate-hike-in-6-months/) - Most U.S. business economists expect the Federal Reserve to raise benchmark interest rates within six months by between a quarter and a half percentage point, according to a survey released on Monday. - [Austin Mortgage Market Update - For the week of March 8, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-8-2010/) - Austin Mortgage Market Update - Last week's one housing report gave us the National Association of Realtors Pending Home Sales index, down 7.6% for January. But year over year, the NAR index is up 12.3%. Also, it's now at 90.4 and a score of 100 equals the average level of contract activity for 2001, the base year, when activity was at a record high. So pending sales are still in pretty good territory. - [Using one standard deviation and a dart board, our bias is for 100k in job losses and a 9.9% unemployment rate](https://www.maxleaman.com/using-one-standard-deviation-and-a-dart-board-our-bias-is-for-100k-in-job-losses-and-a-9-9-unemployment-rate/) - Using one standard deviation and a dart board, our bias is for 100k in job losses and a 9.9% unemployment rate. JPMorgan has the call at minus 90K and 9.9%, Barclays at Minus 75K and 9.8%, Wells Fargo at minus 80k and 9.7%, and Credit Suisse the outlier at minus 125K and 9.9%. - [ Not sure how long this bid (buying frenzy) will go on but until it’s over, it will help our mortgage pricing](https://www.maxleaman.com/not-sure-how-long-this-bid-buying-frenzy-will-go-on-but-until-it’s-over-it-will-help-our-mortgage-pricing/) - For the most part, it’s a quiet trading day with treasuries and mortgage backed product being supported by the massive MBS short/accelerated pay down program going on. Not sure how long this bid (buying frenzy) will go on but until it’s over, it will help our mortgage pricing. - [Borrowers are best to take advantage of any price improvement by Thursday afternoon](https://www.maxleaman.com/borrowers-are-best-to-take-advantage-of-any-price-improvement-by-thursday-afternoo/) - Borrowers are best to take advantage of any price improvement by Thursday afternoon. Technically, the buying looks suspect because it is not endorsed by any daily study turning bullish. All are neutral, telling us that all we’re doing is rattling around in the range. - [With the consensus call for job losses of 50K, a number of economists are talking about 100K in losses with John Ryding, chief economist at RDQ Economics, calling for losses of 250K](https://www.maxleaman.com/with-the-consensus-call-for-job-losses-of-50k-a-number-of-economists-are-talking-about-100k-in-losses-with-john-ryding-chief-economist-at-rdq-economics-calling-for-losses-of-250k/) - Speaking of unemployment, Friday’s number could be as weird as it gets. With the consensus call for job losses of 50K, a number of economists are talking about 100K in losses with John Ryding, chief economist at RDQ Economics, calling for losses of 250K. Blame it on the weather. With spreads so wide you could drive a truck through them, Friday’s print will be one volatile ride. - [Austin mortgage pricing should remain relatively stable for most of the week and then worsen post Unemployment Report data on Friday](https://www.maxleaman.com/austin-mortgage-pricing-should-remain-relatively-stable-for-most-of-the-week-and-then-worsen-post-unemployment-report-data-on-friday/) - Looking at last week’s rally, most of the trade was on short covering which means that traders were not initiating new long positions (expecting the market to continue to rally). We buy that argument and if correct, we would suggest that you “buy the rumor, sell the news”. In English, this means that mortgage pricing should remain relatively stable for most of the week and then worsen post Unemployment Report data on Friday - [Austin Mortgage Market Update - For the week of March 1, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-march-1-2010/) - New home sales fell 11.2% in January to a record low level. Existing home sales weren't very pretty either, down 7.2%, though they're UP 11.5% over a year ago. Let's remember that last Fall we all thought the tax credit was going away at the end of November. Many sales got pushed into October and November, causing sales drops the next two months. But the median new home price is down just 2.4% year over year and the average price is now UP 3.7%. For an existing home, the median price is unchanged from a year ago and the average price is UP 2.6%. More evidence home prices are stabilizing, with some analysts expecting modest gains for the year. Supporting this, the Case-Shiller home price index was UP 0.3% in December, its seventh straight monthly rise. - [Since we as tax payers own AIG, you should be interested to know that they just announced a Q4 loss of 8.9 BILLION](https://www.maxleaman.com/since-we-as-tax-payers-own-the-company-you-should-be-interested-to-know-that-they-just-announced-a-q4-loss-of-8-9-billion/) - Short term we say “go on, take the money and run”. Longer term, our bias is for a double dip recession of sorts and one more chance to refinance. - [Weak Data Moves Austin Mortgage Rates Lower](https://www.maxleaman.com/weak-data-moves-austin-mortgage-rates-lower/) - After several weeks of focus on Fed actions and events in foreign markets, domestic economic data was the primary influence on mortgage markets this week. Weaker than expected results from the data helped Austin mortgage rates, which ended the week lower. - [Today's Austin mortgage rates: the market trades well but your risk reward is starting to dwindle](https://www.maxleaman.com/todays-austin-mortgage-rates-the-market-trades-well-but-your-risk-reward-is-starting-to-dwindle/) - Today's Austin mortgage rates: the market trades well but your risk reward is starting to dwindle. Given the stiff resistance overhead, best to use the improved mortgage levels. Take advantage. - [A leading indicator for Austin home prices? Follow the rents!](https://www.maxleaman.com/a-leading-indicator-for-austin-home-prices-follow-the-rents/) - The big question for home buyers and sellers today is: "Where are Austin home prices headed?" People want to know if now is a good time to buy or sell, or if they should wait. - [The key here is neutral not bullish, telling us that continued upside (better mortgage pricing) will be a challenge](https://www.maxleaman.com/the-key-here-is-neutral-not-bullish-telling-us-that-continued-upside-better-mortgage-pricing-will-be-a-challenge/) - Technically, the rally we’ve seen the past couple of days has improved the charts, turning the trend to neutral from bearish. The key here is neutral not bullish, telling us that continued upside (better mortgage pricing) will be a challenge. - [Good time to take advantage of better mortgage pricing](https://www.maxleaman.com/good-time-to-take-advantage-of-better-mortgage-pricing/) - Good time to take advantage of better mortgage pricing. Our next hurdle will be the removal of MBS purchases by the Fed and the elimination of the 8K tax credit. Time will tell. - [Keep those home costs under control](https://www.maxleaman.com/keep-those-home-costs-under-control/) - These days, most people are trying to control their expenses a little more tightly. Often they don't realize how much they're paying to live in their homes. So let's take a look at that home budget and see if we can't do a better job of staying on top of the costs. - [We expect a larger bearish move (more selling/worsening mortgage pricing) in the days ahead](https://www.maxleaman.com/we-expect-a-larger-bearish-move-more-sellingworsening-mortgage-pricing-in-the-days-ahead/) - If our work (and that of others ) is correct, we would expect a larger bearish move (more selling/worsening mortgage pricing) in the days ahead. To avoid another leg down, we need to close below 3.74% on the 10 year note (end of day close). Best to keep both hands on the wheel. - [Austin Mortgage Market Update - For the week of February 22, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-22-2010/) - Builders are jumping on the recovery bandwagon, as January Housing Starts beat consensus estimates, heading UP 2.8% to an annual rate of 591,000 units. Single-family starts are now 35.6% up from their low a year ago. Total new building permits dropped a tad in January, but single-family permits were up 0.4% for the month and UP 48.2% from a year ago. - [The spike in Austin mortgage rates and worsening prices will be worked into the system until we find a new MBS buyer/buyers to replace Uncle Sam](https://www.maxleaman.com/the-spike-in-austin-mortgage-rates-and-worsening-prices-will-be-worked-into-the-system-until-we-find-a-new-mbs-buyerbuyers-to-replace-uncle-sam/) - The spike in Austin mortgage rates and worsening prices will be worked into the system until we find a new MBS buyer/buyers to replace Uncle Sam. That part of this Quantitative Easing process will end soon (end of March). That said, the street is being overwhelmed with mortgage paper by originators, servicers, and portfolio types that make this their business. - [Fed Comments Push Mortgage Rates Higher](https://www.maxleaman.com/fed-comments-push-mortgage-rates-higher/) - While investors began the week watching for fresh information about Greece and China, the Fed stole the spotlight on Wednesday with news that was unfavorable for mortgage markets, and mortgage rates ended the week moderately higher. - [News Alert: Federal Reserve Raises Interest Rate Charged to Banks, In First Move Since 2008](https://www.maxleaman.com/news-alert-federal-reserve-raises-interest-rate-charged-to-banks-in-first-move-since-2008/) - The Federal Reserve, taking its first step to return lending to normal after more than two years of extraordinary actions to prop up the economy, on Thursday raised its discount rate -- the interest rate it charges on emergency loans to banks -- by one-quarter percentage point. - [The market was doing just fine until the headlines broke the minutes of last month’s FOMC meeting (Fed Open Market Committee)](https://www.maxleaman.com/the-market-was-doing-just-fine-until-the-headlines-broke-the-minutes-of-last-month’s-fomc-meeting-fed-open-market-committee/) - The market was doing just fine until the headlines broke the minutes of last month’s FOMC meeting (Fed Open Market Committee). The “Street” didn’t take kindly to comments regarding treasury asset sales, consideration of a .25 bps hike in the Discount Rate, and a general hawkish tone once they can determine that a recovery is “self sustaining”. - [Lots of first tier data this week with housing data, PPI, and CPI (inflation data) taking the top billing](https://www.maxleaman.com/lots-of-first-tier-data-this-week-with-housing-data-ppi-and-cpi-inflation-data-taking-the-top-billing/) - Lots of first tier data this week with housing data, PPI, and CPI (inflation data) taking the top billing. Best to stay a little defensive and keep an eye on the “Headlines." - [Austin Mortgage Market Update - For the week of February 15, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-15-2010/) - The National Association of Realtors last Thursday reported existing home sales UP 27.2% for the last three months of 2009 versus a year earlier. This amounted to a seasonally adjusted annual rate of 6 million homes. -- a 13.9% increase over the third quarter's annual rate of 5.29 million homes. Clearly, buyers are taking advantage of the low mortgage interest rates and the tax credit that was extended and expanded by Congress. - [Mortgage Rates Hold Steady](https://www.maxleaman.com/mortgage-rates-hold-steady/) - Global events in China and Greece had a significant impact on US mortgage markets this week, but in opposite directions. In addition, demand was much weaker than average for the 10-year and 30-year Treasury auctions, which pushed up yields. The net result was a slight increase in mortgage rates from last week. - [These are good levels so it’s probably not a bad idea to take advantage of the current mortgage rates](https://www.maxleaman.com/these-are-good-levels-so-it’s-probably-not-a-bad-idea-to-take-advantage-of-the-current-mortgage-rates/) - These are good levels so it’s probably not a bad idea to take advantage of the current mortgage rates. Without a major breakout developing, best to keep hand on trigger! - [If we can break through resistance at 117-31, I think we have a nice chance to climb higher (better rates)](https://www.maxleaman.com/if-we-can-break-through-resistance-at-117-31-i-think-we-have-a-nice-chance-to-climb-higher-better-rates/) - If we can break through resistance at 117-31, I think we have a nice chance to climb higher (better rates) but if we see a close down around that 117-13 level, I think you will see us trading down to that 50% level at 116-295. - [Many factors are making mortgage pricing swing like a monkey in a tree](https://www.maxleaman.com/many-factors-are-making-mortgage-pricing-swing-like-a-monkey-in-a-tree/) - All of the above are making mortgage pricing swing like a monkey in a tree. In the short run, it’s anyone’s guess where pricing will go. - [Bernanke’s Fed Exit strategy - pay particular attention to the fact that they continue to anticipate concluding the purchase of MBS and Agency Debt Securities at the end of March](https://www.maxleaman.com/bernanke’s-fed-exit-strategy-pay-particular-attention-to-the-fact-that-they-continue-to-anticipate-concluding-the-purchase-of-mbs-and-agency-debt-securities-at-the-end-of-march/) - Bernanke’s Fed Exit strategy - pay particular attention to the fact that they continue to anticipate concluding the purchase of MBS and Agency Debt Securities at the end of March. Weather concerns have shut down most of the Mid Atlantic and Eastern seaboard, adding to light volume and a volatile trade. - [Currently, the street is showing its dissatisfaction as the 10 year note is off 8/32’s and MBS off 3/32’s](https://www.maxleaman.com/currently-the-street-is-showing-its-dissatisfaction-as-the-10-year-note-is-off-832’s-and-mbs-off-332’s/) - Give this baby a C. Currently, the street is showing its dissatisfaction as the 10 year note is off 8/32’s and MBS off 3/32’s. No rest for the wicked. - [Stocks and Mortgage Backed Securities are moving in lock step](https://www.maxleaman.com/stocks-and-mortgage-backed-securities-are-moving-in-lock-step/) - My point here is that the market is a cougar and we are her cubs. Don’t get eaten. If you want to follow the trade, watch stocks as bonds are trading in an inverse relationship. - [Technically, the market is trading within the range formed since last Friday](https://www.maxleaman.com/technically-the-market-is-trading-within-the-range-formed-since-last-friday/) - Tomorrows 10 year and Thursday’s 30 year bond auctions will tell the tale of the tape. Technically, the market is trading within the range formed since last Friday. We see the action as neutral but cautious. - [A trade above 3.61% on the 10 year note will tell you the bull has left the barn!](https://www.maxleaman.com/a-trade-above-3-61-on-the-10-year-note-will-tell-you-the-bull-has-left-the-barn/) - Let’s call the market neutral but easily influenced by a number of cross winds. A trade above 3.61% on the 10 year note will tell you the bull has left the barn! - [Austin Mortgage Market Update - For the week of February 8, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-8-2010/) - he Pending Home Sales Index recovered from its November slump, increasing 1.0% in December, putting it 10.9% over its level of a year ago. National Association of Realtors chief economist Lawrence Yun sees "...a broad improvement over year-ago levels. December activity was the fifth-highest monthly tally in two years." The slump was attributed to the rush before November to grab the tax credit set to expire at the end of that month. - [A price change for the worse (back to this morning’s levels) is in play](https://www.maxleaman.com/a-price-change-for-the-worse-back-to-this-morning’s-levels-is-in-play/) - A price change for the worse (back to this morning’s levels) is in play. Wicked and volatile are the markets these days. - [Overall, both global and stateside concerns will keep the market on edge and support lower mortgage rates](https://www.maxleaman.com/overall-both-global-and-stateside-concerns-will-keep-the-market-on-edge-and-support-lower-mortgage-rates/) - It fits with the technical picture as well since we are now becoming over bought in the near term. Overall, both global and stateside concerns will keep the market on edge and support lower mortgage rates. - [Many experts are expecting Austin mortgage rates to jump a half a point or more after the Fed's mortgage backed securities (MBS) purchase program wraps up at the end of March](https://www.maxleaman.com/many-experts-are-expecting-austin-mortgage-rates-to-jump-a-half-a-point-or-more-after-the-feds-mortgage-backed-securities-mbs-purchase-program-wraps-up-at-the-end-of-march/) - Austin mortgage rates - Many experts are expecting Austin mortgage rates rates to jump a half a point or more the Fed's mortgage backed securities (MBS) purchase program wraps up at the end of March. Take a look HERE to see how historically low Austin mortgage rates are today. It looks like waiting to get Austin mortgage financing could be dangerous to one’s financial health! - [If our bias is correct, you should see mortgage pricing hold steady to improve, watching to see if stocks can find their sea legs](https://www.maxleaman.com/if-our-bias-is-correct-you-should-see-mortgage-pricing-hold-steady-to-improve-watching-to-see-if-stocks-can-find-their-sea-legs/) - We do feel that any selling will be shallow as the global doom and gloom will be with us for some time to come. Stocks would benefit and maybe just in time to save that market from a much bigger correction. If our bias is correct, you should see mortgage pricing hold steady to improve, watching to see if stocks can find their sea legs. - [From a pure chart play, we would advise locking in your Austin mortgage rate](https://www.maxleaman.com/from-a-pure-chart-play-we-would-advise-locking-in-your-austin-mortgage-rate/) - From a pure chart play, we would advise locking in your Austin mortgage rate. Trouble with that advice is stocks and all the global heartburn can put the chart on its head. Tough one to handicap. Given the high profile jobs number tomorrow, it’s best to be a live dog than a dead lion when it comes to your Austin mortgage rate! - [The implication for interest rates is that unless the U.S. can reduce its massive budget deficit, the Treasury will not be able to sell its debt except at very high yields](https://www.maxleaman.com/the-implication-for-interest-rates-is-that-unless-the-u-s-can-reduce-its-massive-budget-deficit-the-treasury-will-not-be-able-to-sell-its-debt-except-at-very-high-yields/) - The U.S. government cannot default on its debt obligations in the same way that a household or a corporation does. The implication for interest rates is that unless the U.S. can reduce its massive budget deficit, the Treasury will not be able to sell its debt except at very high yields. - [Without the consumer back in the game, a double dip recession, led by housing is a real possibility](https://www.maxleaman.com/without-the-consumer-back-in-the-game-a-double-dip-recession-led-by-housing-is-a-real-possibility/) - Without the consumer back in the game, a double dip recession, led by housing is a real possibility. Politicians and the populous movement are angry about continuing anything associated with growing the government and adding to the deficit. - [The week ahead will be loaded with first tier data including everything from Construction Spending, Housing numbers, and the Employment Report for January](https://www.maxleaman.com/the-week-ahead-will-be-loaded-with-first-tier-data-including-everything-from-construction-spending-housing-numbers-and-the-employment-report-for-january/) - The lack of month end buying and rebounding stocks has pinched treasury and mortgage pricing this morning. 10 year notes are off 12/32’s (yield 3.65%), mortgage backs off 6/32’s, and stocks are up 85 on the big board. The week ahead will be loaded with first tier data including everything from Construction Spending, Housing numbers, and the Employment Report for January. - [Austin Mortgage Market Update - For the week of February 1, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-february-1-2010/) - The week began with December Existing Home Sales dropping 16.7%. Some observers felt this was the result of uncertainty over the homebuyer tax credit, scheduled to expire at the end of November. - [China slowing its economy, Greece going broke, and political policy uneasiness in Washington DC are all giving the stock market a continuing headache](https://www.maxleaman.com/china-slowing-its-economy-greece-going-broke-and-political-policy-uneasiness-in-washington-dc-are-all-giving-the-stock-market-a-continuing-headache/) - Concerns over stock price valuations continues to support our market as well. China slowing its economy, Greece going broke, and political policy uneasiness in Washington DC are all giving the stock market a continuing headache. - [Fed To End MBS Purchase Program](https://www.maxleaman.com/fed-to-end-mbs-purchase-program/) - The Fed statement essentially followed the expected script, demand was strong for the Treasury auctions, and much of the economic data released during the week was stronger than expected. The net effect was a small increase in mortgage rates during the week. - [The best the market can hope for (short term) is to stabilize at current levels given all the uncertainty in stocks and global assets](https://www.maxleaman.com/the-best-the-market-can-hope-for-short-term-is-to-stabilize-at-current-levels-given-all-the-uncertainty-in-stocks-and-global-assets/) - The best the market can hope for (short term) is to stabilize at current levels given all the uncertainty in stocks and global assets. Good idea to stay defensive and see how the next day and a half play out. - [Home Buying Stars Are Aligned](https://www.maxleaman.com/home-buying-stars-are-aligned/) - The saying “the stars are aligned” pretty much sums up the housing market today. Let’s take a look at why buying today -- not waiting until Spring, for example -- makes sense. - [With 15 minutes to go in cash Treasury/MBS trading, the market is going out on the lows (highest yields/worst mortgage pricing) of the day](https://www.maxleaman.com/with-15-minutes-to-go-in-cash-treasurymbs-trading-the-market-is-going-out-on-the-lows-highest-yieldsworst-mortgage-pricing-of-the-da/) - With 15 minutes to go in cash Treasury/MBS trading, the market is going out on the lows (highest yields/worst mortgage pricing) of the day. Fed Governor Hoenig’s dissent looks to us like an interest rate protest or maybe it’s the first vote/trial balloon. - [FOMC Press Release January 27, 2010](https://www.maxleaman.com/fomc-press-release-january-27-2010/) - Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating. - [Markets are slipping as we speak, warranting a worsening reprice](https://www.maxleaman.com/markets-are-slipping-as-we-speak-warranting-a-worsening-reprice/) - Comments were made about Treasury/MBS purchase program that are set to expire March 31st or June 30th are still in vogue. Markets are slipping as we speak, warranting a worsening reprice. Hang in there. - [Treasury Secretary Geithner is medium rare as the House Oversight Committee is grilling him on AIG](https://www.maxleaman.com/treasury-secretary-geithner-is-medium-rare-as-the-house-oversight-committee-is-grilling-him-on-aig/) - Treasury Secretary Geithner is medium rare as the House Oversight Committee is grilling him on AIG. Undisclosed documents, backroom deals, maybe a cover up coordinated with Sir Bernanke, and the counter parties all paid off at par (by the taxpayers) are the hot topics. - [Daily oscillators are still posting positive readings and holding above midrange levels - all good things for those that want lower mortgages/better pricing](https://www.maxleaman.com/daily-oscillators-are-still-posting-positive-readings-and-holding-above-midrange-levels-all-good-things-for-those-that-want-lower-mortgagesbetter-pricing/) - On the bright side, daily oscillators are still posting positive readings and holding above midrange levels. All good things for those that want lower mortgages/better pricing. - [Existing Home Sales hit the tape down 16.7% to 5.45 million units, the largest decline since 1968](https://www.maxleaman.com/existing-home-sales-hit-the-tape-down-16-7-to-5-45-million-units-the-largest-decline-since-1968/) - Existing Home Sales hit the tape down 16.7% to 5.45 million units, the largest decline since 1968. Economists were looking for a much better number. While sales declined in every region, inventories came down a bit, a good sign that “maybe” we can work through glut even if government support dwindles. - [NAR Regulatory Issue Summary: FHA CHanges](https://www.maxleaman.com/nar-regulatory-issue-summary-fha-changes/) - On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness. FHA is trying to balance three fundamental objectives: 1) financial soundness of the FHA insurance fund – ensuring that its capital ratio returns above 2 percent, 2) fulfilling its mission of serving borrowers not adequately served by the private sector and 3) facilitating the recovery of the housing industry and the over-all economy. - [Austin Mortgage Rates Improve, Stocks Fall](https://www.maxleaman.com/austin-mortgage-rates-improve-stocks-fall/) - While the economic data released this week had little impact, mortgage rates were heavily influenced by two big stories. One was an announcement that China will take steps to slow its economic growth and the other was President Obama's proposed new restrictions on the activities of financial institutions. - [ Stocks were reacting, in part, to President Obama's renewed focus on reigning in big banks](https://www.maxleaman.com/stocks-were-reacting-in-part-to-president-obamas-renewed-focus-on-reigning-in-big-banks/) - Bond prices rose yesterday as stocks suffered another beating. The Dow and bond yields both closed at their lowest levels in a month. Stocks were reacting, in part, to President Obama's renewed focus on reigning in big banks. - [Use these Google shortcuts and get better results!](https://www.maxleaman.com/use-these-google-shortcuts-and-get-better-results/) - Use these Google shortcuts and get better results! Finding information through Google can sometimes take longer than you'd like. Here are some time-saving tips to get you just what you're looking for. - [Breaking News: Increase in Upfront Premiums for FHA Mortgage Insurance](https://www.maxleaman.com/breaking-news-increase-in-upfront-premiums-for-fha-mortgage-insurance/) - FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This is a .5% increase. Case numbers are generally assigned when there is a contract with a property address, and a closing date AND the borrower has committed to go forward with the loan. - [Increase in Upfront Premiums for FHA Mortgage Insurance](https://www.maxleaman.com/increase-in-upfront-premiums-for-fha-mortgage-insurance/) - FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This is a .5% increase. Case numbers are generally assigned when there is a contract with a property address, and a closing date AND the borrower has committed to go forward with the loan. - [What is catching trader’s eyes this morning is China and their latest release of GDP](https://www.maxleaman.com/what-is-catching-trader’s-eyes-this-morning-is-china-and-their-latest-release-of-gdp/) - What is catching trader’s eyes this morning is China and their latest release of GDP. The plus 10.7% has the Dragon breathing fire and Wall Street worried about overheating. - [Factors good for mortgage pricing and bad for your 401K](https://www.maxleaman.com/factors-good-for-mortgage-pricing-and-bad-for-your-401k/) - Bill Gross, Pimco’s bond god, said the decisions were based on their view of the dollar’s direction (negative) and increased government debt. All of the above has been good for mortgage pricing and bad for your 401K. - [FHA Announces Policy Changes to Address Risk and Strengthen Finances ](https://www.maxleaman.com/fha-announces-policy-changes-to-address-risk-and-strengthen-finances/) - New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities - [Bonds, notes, and mortgage backed securities are doing quite well given the plus 100 point gain on the big board](https://www.maxleaman.com/bonds-notes-and-mortgage-backed-securities-are-doing-quite-well-given-the-plus-100-point-gain-on-the-big-board/) - Bonds, notes, and mortgage backed securities are doing quite well given the plus 100 point gain on the big board. 10 year notes off 7/32’s (yield 3.70%) and MBS off 3/32’s tell the tale of the tape. Technically, a series of higher highs and higher lows are developing on the chart. This is typical of bullish price action and will help to limit the downside (selling). - [HUD Takes Action To Speed Resale Of Foreclosures](https://www.maxleaman.com/hud-takes-action-to-speed-resale-of-foreclosures/) - With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties. - [Austin Mortgage Market Update - For the week of January 18, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-18-2010/) - Last week, housing market news was thin on the ground. It was good to see that fixed-rate mortgage rates dropped again, according to Freddie Mac's weekly survey of conforming mortgages, which came out Thursday. The report was accompanied by encouraging words from Freddie Mac's chief economist Frank Nothaft, who said: "The Federal Reserve recently reported positive news in both the housing market and the overall state of the economy in its January 13 regional economic report....Economic activity improved in 10 of its 12 districts. Home sales...increased due in part to the home-buyer tax credit and house prices appeared to have changed little since its last report." The bottom in home pricing appears to have formed in many areas of the country. - [Interest Rate Forecasting Has Been Tough to Handicap - If You Like IT, Lock It](https://www.maxleaman.com/interest-rate-forecasting-has-been-tough-to-handicap-if-you-like-it-lock-it/) - Keep in mind that interest rate forecasting has been tough to handicap, giving us hope for a day only to turn into a one hit wonder. Same rules apply with such a volatile environment; if you like it, lock it. We’ll try to wrap this up later today. - [Low Inflation and Strong Auctions](https://www.maxleaman.com/low-inflation-and-strong-auctions/) - While Austin mortgage rates climbed in December, they have decreased during the first two weeks of January. A combination of factors was favorable for mortgage markets this week. Low inflation, weaker than expected economic growth data, and strong demand for the Treasury auctions all helped Austin mortgage rates move a little lower. - [The grind higher has created a good, not great bullish signal on daily 10 year note charts](https://www.maxleaman.com/the-grind-higher-has-created-a-good-not-great-bullish-signal-on-daily-10-year-note-charts/) - Closing levels on FNMA 4.5% securities are back to opening levels. The grind higher has created a good, not great bullish signal on daily 10 year note charts. - [From our view, employment is still our economic priority and not going anywhere fast](https://www.maxleaman.com/from-our-view-employment-is-still-our-economic-priority-and-not-going-anywhere-fast/) - The market was looking for a better number, given high hopes of a better holiday season. We see the negative December reading as unsettling, reflecting a consumer that has started to spend but at a snail’s pace. - [2010 Central Texas Homestead Exemption Forms ](https://www.maxleaman.com/2010-central-texas-homestead-exemption-forms/) - It’s that time of year again - tax time! One way to lower your property taxes is to file your Homestead exemption form. By filing this form, you can reduce the taxable amount of your property’s value and thus reduce the amount of taxes you will have to pay in future years. - [Mortgage Prices are Worsening](https://www.maxleaman.com/mortgage-prices-are-worsening/) - Volatility has jumped as sellers press the market lower. Could be hedging for tomorrow’s 30 year bond auction or just a distribution trade for the new issue 10’s but nonetheless, prices are worsening. - [Results just hit the tape with a 3.0 to 1 bid to cover, 29% indirect bidders, 17% direct bidders, and a yield of 3.754%](https://www.maxleaman.com/results-just-hit-the-tape-with-a-3-0-to-1-bid-to-cover-29-indirect-bidders-17-direct-bidders-and-a-yield-of-3-754/) - Results just hit the tape with a 3.0 to 1 bid to cover, 29% indirect bidders, 17% direct bidders, and a yield of 3.754%. The issue was actually 21 billion, not the 40 billion I had reported earlier. - [Just a quick update as we are minutes away from the results of today’s 40 billion 10 year note auction](https://www.maxleaman.com/just-a-quick-update-as-we-are-minutes-away-from-the-results-of-today’s-40-billion-10-year-note-auction/) - Just a quick update as we are minutes away from the results of today’s 40 billion 10 year note auction. The market has slipped a touch, primarily due to hedging in front of the issue. 10 year note down 8/32’s (yield 3.75%), MBS off 5/32’s, and stocks up 33 points on the Dow. The $10,000.00 question is who will or will not show up to buy the auction. - [Nice day for note futures and mortgage pricing](https://www.maxleaman.com/nice-day-for-note-futures-and-mortgage-pricing/) - Nice day for note futures and mortgage pricing. That of course is if you are a bond bull. Short covering on better than average volume ruled the day with many large sized players buying cash and futures (treasuries). - [Concerns over the deficit and debt levels in Greece are once again in play, forcing European markets lower and then spilling over to stateside equity markets](https://www.maxleaman.com/concerns-over-the-deficit-and-debt-levels-in-greece-are-once-again-in-play-forcing-european-markets-lower-and-then-spilling-over-to-stateside-equity-markets/) - The news rallied European bonds and has given a lift to treasuries and MBS, pushing the 10 year note above the 21 day moving average. If we can hold these levels, the chart will turn to neutral from bearish and should work its way into better mortgage pricing. - [Austin Mortgage Market Update - For the week of January 11, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-11-2010/) - It was reported last week that Pending Home Sales (contracts on existing homes) fell 16% in November, not at all surprising since buyers expected the $8,000 tax credit to expire at the end of October. This artificially boosted contract signings for August-October and artificially depressed them for November. Still, November pending sales were higher than at any time from mid-2007 to mid-2009. - [Odds favor a little improvement in pricing once the auctions are out of the way](https://www.maxleaman.com/odds-favor-a-little-improvement-in-pricing-once-the-auctions-are-out-of-the-way/) - Given that the spread between 2’s/10’s and 2’s/30’s are at historic wides, odds favor a little improvement in pricing once the auctions are out of the way. - [The U.S. economy lost 85K jobs in December, bringing the total to 7.6 million since the recession started in December 2007](https://www.maxleaman.com/the-u-s-economy-lost-85k-jobs-in-december-bringing-the-total-to-7-6-million-since-the-recession-started-in-december-2007/) - The U.S. economy lost 85K jobs in December, bringing the total to 7.6 million since the recession started in December 2007. Back month revisions also come into play as October job losses increased 16K while November’s posting improved by 15k. The November number now stands at plus 4K, the first positive employment growth two years. - [Jobs Data Falls Short - Austin Mortgage Rates Moved Lower After the News](https://www.maxleaman.com/jobs-data-falls-short-austin-mortgage-rates-moved-lower-after-the-news/) - Over the last few weeks, many economists have been raising their forecasts for economic growth in 2010. The economic data released this week generally did not support this outlook, however, producing some daily volatility. As a result of the weaker than expected data, mortgage rates ended the week a little lower. - [What will the effect on mortgage rates be? Worsening pricing but not substantially so.](https://www.maxleaman.com/911/) - What will the effect on mortgage rates be? Given that the market has build in a positive jobs bias, anything that is 0 to 50K in jobs growth will not create a strong selloff. The bias will be for worsening pricing but not substantially so. This is because the market has already sold off in anticipation. - [Since we priced near unchanged, chances of a worsening price are not if but when](https://www.maxleaman.com/since-we-priced-near-unchanged-chances-of-a-worsening-price-are-not-if-but-when/) - Since we priced near unchanged, chances of a worsening price are not if but when. Despite a firm close above the 8 day moving average, selling is threatening revive the bear trend. Very tricky market. - [The light we were seeing “is” the end of the tunnel which should produce better mortgage pricing into Friday’s Employment release](https://www.maxleaman.com/the-light-we-were-seeing-“is”-the-end-of-the-tunnel-which-should-produce-better-mortgage-pricing-into-friday’s-employment-release/) - Given that fact that we closed above the 8 day, many bearish signals (ADX, Trend Intensity, etc.) have been neutralized, crippling the bears and reducing the probability of continued bearish trending. In other words, the light we were seeing “is” the end of the tunnel which should produce better mortgage pricing into Friday’s Employment release (7:30 am cst). - [If the Fed steps in too quickly to raise rates, we could see a repeat of what happened in 1937 when the Roosevelt administration prematurely bumps rates](https://www.maxleaman.com/if-the-fed-steps-in-too-quickly-to-raise-rates-we-could-see-a-repeat-of-what-happened-in-1937-when-the-roosevelt-administration-prematurely-bumps-rates/) - What needs to happen to solidify a recovery is an expansion or long term investment, consumer spending, and lowering the unemployment rate. If not, we could see another economic dip. If the Fed steps in too quickly to raise rates, given my last statement, we could see a repeat of what happened in 1937 when the Roosevelt administration prematurely bumps rates. - [Austin Mortgage Market Update - For the week of January 4, 2010](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-january-4-2010/) - Last Tuesday the Case-Shiller Home Price Index for 20 cities came in UP a seasonally adjusted 0.4% for October. This was the fifth consecutive monthly increase for the index. Year-over-year, prices are still down 7.3%, but that's a less steep rate of decline than we've been seeing. - [The consensus among analysts seems to be for another 10% decline in home prices in 2010, making a new bottom](https://www.maxleaman.com/the-consensus-among-analysts-seems-to-be-for-another-10-decline-in-home-prices-in-2010-making-a-new-bottom/) - The S&P / Case Shiller home price index fell in October after five straight monthly increases. While the decline was barely measurable, it serves as a reminder that the bounce back in real estate prices is not likely to occur as quickly as the three-year decline. The consensus among analysts seems to be for another 10% decline in home prices in 2010, making a new bottom. - [Austin Mortgage Rates Rise at Year End](https://www.maxleaman.com/austin-mortgage-rates-rise-at-year-end/) - The final two weeks of December have not been kind to mortgage rates. Stronger than expected economic data, comments from Fed officials, and a stock market rally all were negative for mortgage markets, and mortgage rates moved higher during the period. - [Until we see a bottom (which we feel is close) you must stay on defense](https://www.maxleaman.com/until-we-see-a-bottom-which-we-feel-is-close-you-must-stay-on-defense/) - Trouble is, every sector of the curve remains weak and cannot be trusted. Until we see a bottom (which we feel is close) you must stay on defense. Kind of a Yogi Berra thing, “it’s not over till it’s over.” - [Austin Mortgage Market Update - For the week of December 28, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-28-2009/) - Last week presented us with divergent housing news. First, November Existing Home Sales came in UP 7.4%, at an annual rate of 6.54 million. This was way ahead of estimates and a 44.1% sales jump over a year ago. We had increases in all regions of the country, all due to single-family homes. - [33% of the sales were distressed units and 51% of the borrowers were first time home buyers. Just think where we’d be without the 8K program](https://www.maxleaman.com/33-of-the-sales-were-distressed-units-and-51-of-the-borrowers-were-first-time-home-buyers-just-think-where-we’d-be-without-the-8k-program/) - The unemployment picture however, will not heal with growth below 3.0%. Existing Home Sales were also on tap, up 7.4% to 6.54 million units annualized. 33% of the sales were distressed units and 51% of the borrowers were first time home buyers. Just think where we’d be without the 8K program. - [We expect a limited recovery as fixed income traders have a mind set of selling strength](https://www.maxleaman.com/we-expect-a-limited-recovery-as-fixed-income-traders-have-a-mind-set-of-selling-strength/) - We expect a limited recovery as fixed income traders have a mind set of selling strength. With the bears firmly in control and next week’s auction paper (2 year, 5 year, and 7 year notes) laying in the weeds (who’s going to buy it?), best bet is to stay defensive into year end. - [Austin Mortgage Market - For the week of December 21, 2009](https://www.maxleaman.com/austin-mortgage-market-for-the-week-of-december-21-2009/) - We saw strong evidence last week that homebuilders are well on their way to recovery. Housing starts for November were UP 8.9%, to an annual rate of 574,000 units. Single-family starts were 35.0% higher than their January and February lows. The very volatile multi-units starts were UP 67.3% from the previous month's cyclical low. And get this -- starts were UP in every major region across the country! - [No Change from Fed](https://www.maxleaman.com/no-change-from-fed/) - In a week full of major economic news, mortgage rates ended with little change. Wednesday's Fed meeting produced little reaction in mortgage markets. The PPI inflation report was higher than expected, but the more closely watched CPI report was right on target, remaining at low levels. Economic troubles in some developing nations produced a flight to safer assets, which helped mortgage markets late in the wee - [2 Reasons to Buy a Home Before Year-End: Watch for a hike in interest rates and take advantage of the Homebuyer Tax Credit](https://www.maxleaman.com/2-reasons-to-buy-a-home-before-year-end-watch-for-a-hike-in-interest-rates-and-take-advantage-of-the-homebuyer-tax-credit/) - The Homebuyer Tax Credit Has Been Extended and Expanded. Now first-time homebuyers can qualify for a tax credit if they have a binding contract on a home in place by April 30, 2010---and they close by June 30. Buyers who have not owned a home during the last three years get a tax credit up to 10% of the home price, up to $8,000. - [Sharp moves in either direction can occur at any time in low volume markets. That’s why it’s best to be extremely careful when locking in your interest rate](https://www.maxleaman.com/sharp-moves-in-either-direction-can-occur-at-any-time-in-low-volume-markets-that’s-why-it’s-best-to-be-extremely-careful-when-locking-in-your-interest-rate/) - Sharp moves in either direction can occur at any time in low volume markets. That’s why it’s best to be extremely careful when locking in your interest rate. Expect this kind of behavior to last until the new year. - [Fast market conditions are ruling the day post FOMC, with light selling hitting both treasuries and mortgage backs](https://www.maxleaman.com/873/) - Fast market conditions are ruling the day post FOMC, with light selling hitting both treasuries and mortgage backs. Big picture sees the Fed on hold for “an extended period of time”. Bright spots point to the employment picture improving and hints of economic growth. - [Housing market is stabilizing but will need to content with another wave of foreclosures as homeowners remain underwater and the loan modification programs to date have been a bust](https://www.maxleaman.com/housing-market-is-stabilizing-but-will-need-to-content-with-another-wave-of-foreclosures-as-homeowners-remain-underwater-and-the-loan-modification-programs-to-date-have-been-a-bust/) - Overall, we feel that the housing market is stabilizing but will need to content with another wave of foreclosures as homeowners remain underwater and the loan modification programs to date have been a bust. - [Expecting the market to move much in any direction is possible but probably not in the cards](https://www.maxleaman.com/expecting-the-market-to-move-much-in-any-direction-is-possible-but-probably-not-in-the-cards/) - With trading volume starting to fall off a cliff, expecting the market to move much in any direction is possible but probably not in the cards. Next week will be worse. - [Austin Mortgage Market Update For the week of December 14, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-14-2009/) - Last week gave us more proof the country's housing market is heating up. According to Freddie Mac's quarterly national Conventional Home Price Index (CMHPI), home prices were UP 0.9% in Q3 for their second quarterly increase in a row! - [Mixed Week for Mortgage Markets](https://www.maxleaman.com/mixed-week-for-mortgage-markets/) - This week's economic news was mixed for mortgage markets. A speech from Fed Chief Bernanke pushed mortgage rates lower early in the week, but weak results in the Treasury auctions caused them to turn higher again later in the week. In the end, mortgage rates finished with little net change. - [Unless we get a rebound quickly, a price change for the worse will be in vogue](https://www.maxleaman.com/unless-we-get-a-rebound-quickly-a-price-change-for-the-worse-will-be-in-vogue/) - Currently we are trading fast money conditions with the 10 year note down 12/32’s (yield 3.44%), mortgage backs off 9/32’s, and stocks off 4 points. Unless we get a rebound quickly, a price change for the worse will be in vogue. - [The market has been under a little pressure all day, primarily due to hedging for today’s 10 year note auction (21 billion)](https://www.maxleaman.com/the-market-has-been-under-a-little-pressure-all-day-primarily-due-to-hedging-for-today’s-10-year-note-auction-21-billion/) - The market has been under a little pressure all day, primarily due to hedging for today’s 10 year note auction (21 billion). The market seems to be set up for consolidation, but one that will take the yield only a few bps higher. Traders will most likely buy the dip and then repeat the process tomorrow for the 30 year auction (13 billion). - [Expect the market to tread water with spurts of volatility from time to time](https://www.maxleaman.com/expect-the-market-to-tread-water-with-spurts-of-volatility-from-time-to-time/) - As we look through the forest to find a tree, the positive technical development today was that Trend Intensity turned neutral from bearish. Not huge you say but it’s baby steps, kinda like ‘What about Bob.” The study remains trend ready but with both bears and bulls getting the Rolling Stones treatment (No Satisfaction), expecting any new market moving trend to develop, good or bad, is unlikely soon. Prices now sit in the middle of the range and seem to be quite comfortable, typical of a market that can’t decide which way to go. Daily charts give sellers and edge but that’s 51/49 at best. Expect the market to tread water with spurts of volatility from time to time. - [Overall, we like the market if for no other reason that investor fear will keep a bid in treasuries which in turn will support mortgage backed securities](https://www.maxleaman.com/overall-we-like-the-market-if-for-no-other-reason-that-investor-fear-will-keep-a-bid-in-treasuries-which-in-turn-will-support-mortgage-backed-securities/) - Overall, we like the market if for no other reason that investor fear will keep a bid in treasuries which in turn will support mortgage backed securities. Just remember that directional changes can be like playing “crack the whip.” Most probably outcome will be a triangle formation on the 10 year note chart, keeping mortgage pricing in a fairly tight range until the new year. - [Austin Mortgage Market Update - For the week of December 7, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-december-7-2009/) - Positive economic reports on housing continue, with October Pending Home Sales UP 3.7%. This was the ninth month in a row Pending Home Sales rose and the index is now 31.8% over October last year. Since this tracks the level of contracts on existing homes, Existing Homes Sales should continue their impressive rise for the next couple of months. - [Employment Data Surprises](https://www.maxleaman.com/employment-data-surprises/) - After several weeks of strong performance, it was a tough week for mortgage markets. Stronger than expected economic data and an improved economic outlook from the Fed increased concerns about future inflationary pressures. Rising inflation expectations result in higher yields, and mortgage rates increased during the week. - [The job numbers seem a little too good to be true](https://www.maxleaman.com/the-job-numbers-seem-a-little-too-good-to-be-true/) - Nonfarm Payrolls were down only 11K, the Unemployment Rate fell to 10.0%, and last month’s job losses posting revisions lower by 79K set the table for a “Katie bar the door” bond selloff this morning. Initial reaction punished the 10 year note lower by over 1 point, taking the yield as high as 3.52% (right into good support I might add). Mortgage backs followed suit with worsening interest rates and pricing; 4.50%/4.625% off as much 24/32’s. - [Mortgage pricing is trying to work its way back from the lows of the early morning trade](https://www.maxleaman.com/mortgage-pricing-is-trying-to-work-its-way-back-from-the-lows-of-the-early-morning-trade/) - Mortgage pricing is trying to work its way back from the lows of the early morning trade. We are not out of the woods yet, although I wouldn’t expect this trade session today to be very volatile facing tomorrow morning’s Employment report. From what we are seeing, the estimates are anywhere’s from 100k to 130k job losses vs the 190k number from the previous report. I am leaning more towards the -110k mark at this point. Expectations are for the unemployment rate to stay at the 10.2% previous month number, as well as avg hourly earnings and avg work week numbers to stay the same as well. - ["Interest rates will be rising…the federal funds rate should be permitted to rise with them"](https://www.maxleaman.com/interest-rates-will-be-rising…the-federal-funds-rate-should-be-permitted-to-rise-with-them/) - On a side note, Philadelphia Fed President Plosser (who will not be a voting FOMC member until 2011) said: "Looking ahead, I see an economy that will be growing over the next two years, which means real interest rates will be rising… the federal funds rate should be permitted to rise with them." He said that higher rates may be needed before the unemployment rate and resource utilization return to desirable levels. - [Markets continued to show a muted response to the Dubai World debt problems](https://www.maxleaman.com/markets-continued-to-show-a-muted-response-to-the-dubai-world-debt-problems/) - Yesterday, markets continued to show a muted response to the Dubai World debt problems and many markets essentially returned to trading levels seen before last Wednesday's announcement. The Dubai situation appears to be more of an aftershock to the past years' financial crises rather than the start of a new wave. - [Home Sales Surge](https://www.maxleaman.com/home-sales-surge/) - A combination of factors helped Austin mortgage rates improve yet again during the short Thanksgiving week. Strong demand for the Treasury auctions, low inflation, and a fragile economy were all positive for mortgage markets. As a result, mortgage rates dropped to the lowest levels since January. - [Austin Mortgage Market Update - For the week of November 30, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-30-2009/) - The economic reports before Thanksgiving were packed with housing market data and, guess what, they were all extremely positive! Monday saw Existing Home Sales UP 10.1% to an annual rate of 6.10 million, the highest since February 2007. Sales are now UP 20% in the past two months and UP 36% from their January lows. Even better, the supply of existing homes was down to just 7 months, with inventories down to 3.57 million, the lowest level in almost three years. This puts existing homes very close to the 6-month supply level of a healthy housing market. The Case-Shiller 20-City Composite Home Price Index rose 0.3% in September. The index also showed its second consecutive quarterly increase, UP 3.1% for Q3, returning to August 2003 levels. - [ Really, the market is marking time, ready to grab a turkey leg and a cold one](https://www.maxleaman.com/really-the-market-is-marking-time-ready-to-grab-a-turkey-leg-and-a-cold-one/) - From the technical picture, the chart is content to hang out near the highs (low yield mark) but cannot take it out. The downside (selling) has been limited as well with the regression line since October supporting the market as well as the 8 and 21 day moving averages. We call this a goldilocks market, not to hot, not to cold, but just right. Really, the market is marking time, ready to grab a turkey leg and a cold one. - [For the most part, the market has been like watching paint dry](https://www.maxleaman.com/for-the-most-part-the-market-has-been-like-watching-paint-dry/) - Way behind the curve today as we’ll already entered the second half of the day’s trade. For the most part, the market has been like watching paint dry. Total movement in mortgage backed securities has only be 3/32’s (currently up 1/32nd) while stocks opened strong and have held most of their gains (Dow plus 130). - [Austin mortgage rates to stay low well into 2010](https://www.maxleaman.com/austin-mortgage-rates-to-stay-low-well-into-2010/) - Our view that risk is back in vogue, noting gold at record highs and stocks up 60%. Systemic risk/asset bubble risk is creeping back into the market as investors are forced into stocks and fixed income spread product. The Fed is on hold for at least another year and they (Fed) will need to see GDP growth of 4% to 5% before they will tap on the brakes (raise interest rates). We’d look for Austin mortgage rates to stay low well into 2010. - [October Housing Starts fell 10.6%: some have blamed the fall on uncertainty over the 8K first time home buyers stimulus while others point to a consumer who is unemployed and over budget](https://www.maxleaman.com/october-housing-starts-fell-10-6-some-have-blamed-the-fall-on-uncertainty-over-the-8k-first-time-home-buyers-stimulus-while-others-point-to-a-consumer-who-is-unemployed-and-over-budget/) - October Housing Starts fell 10.6% to 529k units (annualized). Some have blamed the fall on uncertainty over the 8K first time home buyers stimulus while others point to a consumer who is unemployed and over budget. - [6 Ways to Boost Business at the End of the Year](https://www.maxleaman.com/6-ways-to-boost-business-at-the-end-of-the-year/) - There's just a few weeks left before the close of the year, but that's plenty of time to finish up strong. Here are a half a dozen ideas that can help you get more out of this year AND set you up for even bigger success in 2010. - [With stocks near unchanged and a basket of economic uncertainty, best to not throw caution to the wind](https://www.maxleaman.com/with-stocks-near-unchanged-and-a-basket-of-economic-uncertainty-best-to-not-throw-caution-to-the-wind/) - With stocks near unchanged and a basket of economic uncertainty, best to not throw caution to the wind. Bernanke's mandate for low interest rates well into the future, coupled with a staggering deficit, falling dollar, 3 trillion in health care costs on the docket, and taxes for both individuals and small business destine to rise in 2010 will create difficult challenges and unintended consequences. With the Fed policy a given, we expect to see a floor under the bond market, supporting both treasury and mortgage back security pricing. Buying sponsorship (upcoming auctions) and year end book closings will be the challenge (liquidity issues). - [](https://www.maxleaman.com/817/) - Thursday the Wall Street Journal reported Q3 home sales at an annual rate of 5.3 million units. That was an 11.4% gain over Q2's 4.76 million units. Experts put much of the rising sales to the tax credit of up to $8,000 for first-time homebuyers. A week ago Friday, the President signed a bill extending that tax credit well into next year and expanding it to first-time buyers with higher incomes as well as to existing homeowners, with a $6,500 limit. National Association of Realtors chief economist Lawrence Yun feels "rising sales from the expanded tax credit should stabilize home prices by next spring." - [Austin Mortgage Rates Improve](https://www.maxleaman.com/austin-mortgage-rates-improve/) - Since the Fed meeting on Wednesday of last week, Austin mortgage rates have improved a little each day. There was no major economic data released during the week, and even a weak 30-yr Treasury auction on Thursday failed to stall the rally in mortgage markets. As a result, Austin mortgage rates ended the week moderately lower. - [Michigan Sentiment Survey: every component of the index fell in early November, painting a picture of one cranky consumer](https://www.maxleaman.com/michigan-sentiment-survey-every-component-of-the-index-fell-in-early-november-painting-a-picture-of-one-cranky-consumer/) - The Michigan Sentiment Survey was the last piece of this morning’s data. The index fell nearly 4 points to 66.0. Every component of the index fell in early November, painting a picture of one cranky consumer. It also gives credence to yesterday’s MBA Purchase Index which fell to 9 year lows. Overall, the release looked disastrous but the devil was in the details as longer term inflation expectations are beginning to rise. While the one year inflation bogey fell, the three to five year expectations were up .3%. This will be on the Fed’s radar. - [Notice how the purchase applications hit a 9 year low and yet interest rates are available at historic lows. Tells you how strapped the consumer is](https://www.maxleaman.com/notice-how-the-purchase-applications-hit-a-9-year-low-and-yet-interest-rates-are-available-at-historic-lows-tells-you-how-strapped-the-consumer-is/) - Prices continue to probe the neckline of a reverse head and shoulders pattern but we will need the market to close at or below 3.45% to keep rally hopes alive. The auction will be key to our short term direction. Notice how the purchase applications hit a 9 year low and yet interest rates are available in the 4.875% range. Tells you how strapped the consumer is. - [Mortgage levels are now unchanged from pre-auction levels ](https://www.maxleaman.com/mortgage-levels-are-now-unchanged-from-pre-auction-levels/) - 16 billion of 30 year bonds changed hands at a yield 4.469%, bid to cover 2.26 to 1 (average 2.45 to 1), indirect bidders took 44% of the paper, and the final yield on a price weighted basis created a 3.5 bps tail (not so hot). Overall, we’ll give this one a C. Fast money traders sold the market post auction but currently, we are making a comeback. Mortgage levels are now unchanged from pre-auction levels with only the 30 year note underwater (down 11/32’s). - [Since stocks are the game today, let’s talk the equities and your 401K](https://www.maxleaman.com/since-stocks-are-the-game-today-let’s-talk-the-equities-and-your-401k/) - Since stocks are the game today, let’s talk the equities and your 401K. 10% plus unemployment and a weak U.S. dollar are ok short term but stock bearish in the long run. With this in mind, we still have the Fed and it’s never ending easy money program, very low inflation, and market risk that will support the bond/MBS market well into 2010. Blue chip, high quality companies are the only way to go in today’s stock market. As for mortgage pricing, it’s “steady as she goes ” into the new year. - [Results of the auction were pretty good](https://www.maxleaman.com/results-of-the-auction-were-pretty-good/) - Results of the auction were pretty good with 25 billion priced at 3.47% (no tail), 2.81 bid to cover (2.61 average), and 47.5% going to indirect bidders. Give it a grade of B. Trouble is, the market is feeling a bit of indigestion. The 10 year note was up 6/32’s prior to the auction but is now down 2/32’s. Mortgage backs have cut their gains in half, bringing a worsening price change close to reality. With the bond market closed tomorrow, expecting further gains (rally) is fool’s gold. Be careful out there. - [Somewhat of a “let’s see what the other guy does first” type of attitude](https://www.maxleaman.com/somewhat-of-a-“let’s-see-what-the-other-guy-does-first”-type-of-attitude/) - 25 billion in 10 year notes will be the focus for today as the auction deadline is less than one hour away. No news but plenty of Fed Governors are speaking with traders looking for any clues as to what they have up their sleeve. Lockhart, Yellen, Rosengren, Tarullo, and our very our Dallas Fed governor Fisher are all on the scrambled egg/rubber chicken circuit. For the most part, the day has been quiet with stocks hanging around unchanged and the 10 year note up 6/32’s (yield 3.46%). As far as the auction is concerned, street talk has it that dealers are expecting a “fair” retail showing but not one that will blow the doors off. Somewhat of a “let’s see what the other guy does first” type of attitude. - [Gold has made a new high, trading above $1100.00, commodities on the rise, and the dollar down against almost every major currency in the world](https://www.maxleaman.com/gold-has-made-a-new-high-trading-above-1100-00-commodities-on-the-rise-and-the-dollar-down-against-almost-every-major-currency-in-the-world/) - No news but a lot of action as the new week begins. Gold has made a new high, trading above $1100.00, commodities on the rise, and the dollar down against almost every major currency in the world. Oil has rebounded, trading at $79.50 (up over $2.00), as the approach of Hurricane Ida has traders on edge. Stocks got a lift from Europe and Asia with the Dow currently up 130 points. Bonds, notes, and MBS continue to hold up well despite 101 billion in supply coming this week. - [Austin Mortgage Market Update For the week of November 9, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-9-2009/) - Big news for the housing market came Friday when the President signed a bill extending and broadening tax credits for homebuyers. Major points were first reported in an Inside Lending Bulletin last Thursday. The tax credits apply to contracts signed by April 30, 2010, that close by June 30. Income limits for eligibility have been increased to $125,000 per year for individuals and up to $225,000 per year for couples. Credits up to $8,000 continue for first-time buyers but there is now a $6,500 tax credit for buyers who've owned their current home at least five of the last eight years. However, homes selling for more than $800,000 are not eligible. - [Overall, the report shows that the employment situation remains depressed and economists are now saying that approximately 100k new jobs need to be created each month in order to meet the demand of new workers entering the market](https://www.maxleaman.com/overall-the-report-shows-that-the-employment-situation-remains-depressed-and-economists-are-now-saying-that-approximately-100k-new-jobs-need-to-be-created-each-month-in-order-to-meet-the-demand-of-ne/) - This morning, the October employment report produced some surprises. Most notably, the unemployment rate rose to 10.2%, well higher than expected, and its highest level since 1983. We did hit the jobs number right on the head at190,000 job losses for the month, but August and September's job losses were revised with 91,000 fewer lost. September numbers were revised to only being down 219k from the 263k previously reported. Overall, the report shows that the employment situation remains depressed and economists are now saying that approximately 100k new jobs need to be created each month in order to meet the demand of new workers entering the market. - [Breaking News - First-time Homebuyer Tax Credit Extended](https://www.maxleaman.com/breaking-news-first-time-homebuyer-tax-credit-extended/) - The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th. Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years. Homes worth more than $800,000 wouldn’t be eligible. President Obama is expected to sign the bill as early as tomorrow. As always please contact Max Leaman with any home finance questions or needs (512) 293-1239. - [Initial claims decreased by 20k to 512k, the lowest level since Jan. 3, and more than forecasts of a decrease of only 5k claims](https://www.maxleaman.com/initial-claims-decreased-by-20k-to-512k-the-lowest-level-since-jan-3-and-more-than-forecasts-of-a-decrease-of-only-5k-claims/) - Initial claims decreased by 20k to 512k, the lowest level since Jan. 3, and more than forecasts of a decrease of only 5k claims. Initial claims still remain at a fairly high level, suggesting the job market has a long recovery ahead. On the brighter side, some economists still see positive signs in the recent decreases in the four-week-moving average, and today’s 20k decrease in initial claims also may suggest an improvement in labor conditions. - [Homebuyer Tax Credit Extension & Expansion Could be Passed as Early as Friday](https://www.maxleaman.com/homebuyer-tax-credit-extension-expansion-could-be-passed-as-early-as-friday/) - The Senate just voted 98-0 to pass the Tax Credit [within the Unemployment Bill]. It now goes to the House. Expect Democratic leadership to place the bill on a fast track for passage on Thursday. It could get to the President on Friday. - [Federal Open Market Committee Press Release - September](https://www.maxleaman.com/federal-open-market-committee-press-release-september/) - Information received since the Federal Open Market Committee met in September suggests that economic activity has continued to pick up. Conditions in financial markets were roughly unchanged, on balance, over the intermeeting period. Activity in the housing sector has increased over recent months. Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales. - [FOMC announced that it will only purchase about $175 billion of agency debt , slightly less than the $200 billion it previously announced](https://www.maxleaman.com/fomc-announced-that-it-will-only-purchase-about-175-billion-of-agency-debt-slightly-less-than-the-200-billion-it-previously-announced/) - FOMC announced that it will only purchase about $175 billion of agency debt , slightly less than the $200 billion it previously announced. It continues to anticipate that “economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period”, an expectation it has repeated in every release since March. Fed now says household spending “ appears to be expanding”, a more optimistic outlook than the path Fed members saw in September. The Fed also repeated its assumption that economic activity will “likely remain weak for a time” and that stimulus measures combined with market forces will contribute to a gradual resumption of growth. Lastly, the Fed continues to see inflation as remaining “subdued for some time”. - [Today's FOMC announcement is not expected to make changes but the words will be scrutinized for even small hints of policy changes](https://www.maxleaman.com/todays-fomc-announcement-is-not-expected-to-make-changes-but-the-words-will-be-scrutinized-for-even-small-hints-of-policy-changes/) - While our economy continues to struggle, job losses continue, and inflation remains a non-issue, there is a growing unease about the timing of future Fed actions and the market's ability to digest them. Today's FOMC announcement is not expected to make many, if any, changes versus September's announcement but the words will be scrutinized for even small hints of policy changes. - [FOMC expected to repeat the expectation that mortgage rates will remain "exceptionally low" for "an extended period"](https://www.maxleaman.com/fomc-expected-to-repeat-the-expectation-that-mortgage-rates-will-remain-exceptionally-low-for-an-extended-period/) - Today, the FOMC begins its two-day meeting which will conclude with its announcement tomorrow afternoon around 1:15pm CST. The words of the announcement will be closely scrutinized but are expected to repeat the expectation that mortgage rates will remain "exceptionally low" for "an extended period." - [Austin Mortgage Market Update For the week of November 2, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-november-2-2009/) - Finally, we had the good news covered in last week's Inside Lending Bulletin that the Senate passed an extension of the first-time homebuyer $8000 tax credit, with higher qualifying income limits and adding a $6500 credit to buyers who have owned their homes at least 5 years. Let's hope the House passes it too. Finally, the House and Senate extended the ability of Fannie Mae, Freddie Mac and the Federal Housing Administration to back conforming loans in high-cost areas, up to $729,750 through all of 2010. These higher limits would have expired at the end of this year. - [University of Michigan's final October consumer confidence index was a touch higher than expected, but remains at recessionary levels](https://www.maxleaman.com/university-of-michigans-final-october-consumer-confidence-index-was-a-touch-higher-than-expected-than-septembers-level-but-remains-at-recessionary-levels/) - Bond prices rose on Friday as stocks sank in trading that was driven more by stock market technicals and concerns than by any other factor. Stocks had their worst week since early July. The University of Michigan's final October consumer confidence index was a touch higher than expected than September's level, but remains at recessionary levels. The Chicago purchasing managers’ index rose sharply to its highest level since December 2007 and beat expectations. The report is closely watched for clues to the national ISM index which was released today at a print of 55.7. This number was 3.1 points higher than the previous month’s reading and was higher than economists expected. - [Record Auctions Produce Mixed Results](https://www.maxleaman.com/record-auctions-produce-mixed-results/) - While daily volatility was high this week, Austin mortgage rates ended just slightly lower than last week. The primary factors influencing Austin mortgage rates were offsetting. The economic growth data released this week was stronger than expected, but inflation remained low. While the first two Treasury auctions produced impressive results, the final one was relatively weak. - [Google Maps Announces Real Estate Search](https://www.maxleaman.com/google-maps-announces-real-estate-search/) - There's a new option to search for real estate: click on "show search options" and select "real estate" from the drop-down. The search results come from Google Base. Google shows structured information about houses and lets you refine the results by price, number of bedrooms and bathrooms. - [Our bias will lean towards a range trade with follow through in either direction (better or worsening mortgage pricing) doubtful](https://www.maxleaman.com/our-bias-will-lean-towards-a-range-trade-with-follow-through-in-either-direction-better-or-worsening-mortgage-pricing-doubtful/) - Stocks had a great day, breaking a four day S & P losing streak. The Dow finished up 199 points and the Naz gained nearly 38 points on the day. Given the stock market trade, any gains in mortgage pricing will be more difficult to come by. That said, the market profile neutralized yesterday’s bullish structure but did not turn it negative. The extreme low (yield of 3.52% - going into the close at 3.49%) held with fast money buyers taking it off the lows, not to be revisited into the close. Downside trading was mixed but we did close above the session mode, a net positive. Into the end of the week/month, our bias will lean towards a range trade with follow through in either direction (better or worsening mortgage pricing) doubtful. - [Watch stocks, any close up 100 plus will keep the heat on MBS](https://www.maxleaman.com/watch-stocks-any-close-up-100-plus-will-keep-the-heat-on-mbs/) - This one had the tail of a German Shepherd (2.3 bps) versus that of a Rottweiler, adding to the lack of interest. Both the 10 year and MBS took it on the nose post auction. At one time, the note was down 1 point and MBS off 10/32’s. Watch stocks, any close up 100 plus will keep the heat on MBS. - [Update from the National Association of Realtors: Extending and Expanding the Tax Credit](https://www.maxleaman.com/update-from-the-national-association-of-realtors-extending-and-expanding-the-tax-credit/) - Senate leaders of both parties, key Senate Finance Committee members and staff, and the homebuyer tax credit sponsors Sen. Chris Dodd (D-CT), Sen. Joe Lieberman (I-CT, and Sen. Johnny Isakson (R-GA), have reached an agreement on extending and expanding the housing tax credit. However, right now, there is no agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement as an amendment to another bill, or whether to bring the agreement to the Senate floor and vote upon it as a separate, stand alone bill. - [Stocks will hold the key as to where Austin mortgage rates go next](https://www.maxleaman.com/stocks-will-hold-the-key-as-to-where-austin-mortgage-rates-go-next/) - Currently, the 10 year note is down 20/32’s (yield 3.49%), MBS down 6/32’s, and stocks up 75 points on the big board. Stocks will hold the key as to where Austin mortgage rates go next. The current pattern (stocks) has been for sellers to lean on the market when it rallies (5 out of the last 7 days). We will want to watch the late afternoon trade (from 2:00 to 3:00 cst) to see if they can hold today’s gains. Failure to do so will improve mortgage pricing while a positive close, especially 50 points or more, will put additional pressure on our stuff. - [Austin, TX: Record Home Affordability - Near Highest Level In 18 Years](https://www.maxleaman.com/austin-tx-record-home-affordability-near-highest-level-in-18-years/) - Houses are the cheapest they've been since 1991. Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders (Aug. 19, 2009). You have the financial opportunity of a lifetime. - [Although the home price numbers are good, uncertainty with the 8K stimulus plan and continued high unemployment will need to be monitored](https://www.maxleaman.com/although-the-home-price-numbers-are-good-uncertainty-with-the-8k-stimulus-plan-and-continued-high-unemployment-will-need-to-be-monitored/) - Hey what do you know, a little green on the screen! Case Shiller Home Price Index painted the screen with an improvement of 1.2% while the year on year figure was down 11.3%. The number were a bit better than consensus, showing signs of stability creeping back into the housing market. 17 of the 20 market surveyed showed positive price improvement with Charlotte, Las Vegas, and Cleveland the only decliners. Although the numbers are good, uncertainty with the 8K stimulus plan and continued high unemployment will need to be monitored. - [As predicted, Friday’s bearish close, along with this week’s record 137 billion in treasury auction supply has kept the market under pressure as we begin a new week](https://www.maxleaman.com/as-predicted-friday’s-bearish-close-along-with-this-week’s-record-137-billion-in-treasury-auction-supply-has-kept-the-market-under-pressure-as-we-begin-a-new-week/) - As predicted, Friday’s bearish close, along with this week’s record 137 billion in treasury auction supply has kept the market under pressure as we begin a new week. 7 billion in 5 year tips will greet the screen today, followed by 44 billion of 2 year notes on Tuesday, 41 billion of 5 year notes on Wednesday, and 31 billion of 7 year notes on Thursday. This could give the market a bit of indigestion. Traders talk about “no shows at the lows”, meaning that buyers will not show up even at cheaper levels. We believe that a strong overseas bid will continue and with most of paper being shorter in duration, the auctions “should” be much ado about nothing. - [Austin Mortgage Market Update For the week of October 26, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-26-2009/) - The week ended with the terrific news that Existing Home Sales shot UP 9.4% in September to a 5.57 million annual rate. This was almost twice the increase the consensus expected and a nice boost coming off the slight drop we saw in August. Best of all, the inventory is now down to a 7.8 month supply, getting us closer and closer to the 6-month level of a normal housing market. - [The good news is it’s Friday. The not so good news is where the market has closed. ](https://www.maxleaman.com/the-good-news-is-it’s-friday-the-not-so-good-news-is-where-the-market-has-closed/) - The good news is it’s Friday. The not so good news is where the market has closed. 10 year note futures (earlier chart) could not find a White Knight, settling at the lows (high yield) of the day. With the weekly close below the 40 day moving average, odds are good that further price deterioration (worsening mortgage pricing) will be in vogue early next week. - [Existing Home Sales Surge](https://www.maxleaman.com/existing-home-sales-surge/) - There were few major surprises in the economic news this week, and little change in the stock market. While there was a great deal of daily volatility, Austin mortgage rates ended the week nearly unchanged. - [While a number of Fed Governors are pounding the rate rising drum, the policy statement continues to favor low rate, easy money well into 2010](https://www.maxleaman.com/while-a-number-of-fed-governors-are-pounding-the-rate-rising-drum-the-policy-statement-continues-to-favor-low-rate-easy-money-well-into-2010/) - While a number of Fed Governors are pounding the rate rising drum, the policy statement continues to favor low rate, easy money well into 2010. What they would like to do is communicate an upcoming transition period. One that would produce a soft landing instead of going cold turkey. With their focus on employment and inflation, it would seem that rates will remain low until the unemployment picture stabilizes and then starts to improve. - [Fall in Continuing Claims looks good on the surface but in reality reflects unemployed workers exhausting their 26 week’s worth of benefits](https://www.maxleaman.com/fall-in-continuing-claims-looks-good-on-the-surface-but-in-reality-reflects-unemployed-workers-exhausting-their-26-week’s-worth-of-benefits/) - Weekly Unemployment Claims hit the tape plus 11K to 531K, well above the 515K economists had expected. Continuing Claims when the other way, falling 98K to 5.92 million, a level not seen since March 2009. The fall in Continuing Claims looks good on the surface but in reality reflects unemployed workers exhausting their 26 week’s worth of benefits. - [Housing numbers didn’t impress anyone](https://www.maxleaman.com/housing-numbers-didn’t-impress-anyone/) - Apple blew the doors off with earnings at $1.82 per share. PPI posted better than expected numbers and certainly takes the Fed off the inflation hook. Housing numbers didn’t impress anyone. We’ll stick with our neutral market call while leaning towards the bullish camp. - [We’ll stick with our neutral call, keeping one eye on a stock chart and the other on MBS](https://www.maxleaman.com/we’ll-stick-with-our-neutral-call-keeping-one-eye-on-a-stock-chart-and-the-other-on-mbs/) - With most chart time frames in harmony, the future of interest rates will most likely follow the stock market’s lead. We’ll stick with our neutral call, keeping one eye on a stock chart and the other on MBS. - [Austin Mortgage Market Update - For the week of October 19, 2009 – Vol. 7, Issue 42](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-19-2009-–-vol-7-issue-42/) - For the third week in a row, rates on 30-year fixed-rate mortgages remained below 5% in Freddie Mac's Primary Mortgage Market Survey. The average for conforming mortgages was 4.92% with an average of 0.7 point (including the origination fee) for 80% loan-to-value ratio loans to borrowers with good credit. - [Forbes Ranks Austin-Round Rock, TX "America's Recession-Proof Cities To Retire In"](https://www.maxleaman.com/forbes-ranks-austin-round-rock-tx-americas-recession-proof-cities-to-retire-in/) - Forbes ranked Austin #6 in the nation for their list of "America's Recession-Proof Cities to Retire In." Forbes based their rankings on the country's 40 largest metropolitan statistical areas and applied seven metrics. Texas cities Dallas-Fort Worth, Houston, and San Antonio also made the list. - [Potential rate lock selling to hedge upcoming corporate bond issues could weigh on the market, effecting Austin mortgage pricing in a negative way](https://www.maxleaman.com/potential-rate-lock-selling-to-hedge-upcoming-corporate-bond-issues-could-weigh-on-the-market-effecting-austin-mortgage-pricing-in-a-negative-way/) - Little is seen to change the afternoon trade with the exception of potential rate lock selling to hedge upcoming corporate bond issues. If this occurred, it would weigh on the market, effecting Austin mortgage pricing in a negative way. - [Dow Crosses Above 10,000](https://www.maxleaman.com/dow-crosses-above-10000/) - Stronger than expected economic data, solid earnings reports, and upward revisions to the Fed's growth forecast propelled the Dow stock index above the 10,000 level for the first time since October 2008. However, these same factors were unfavorable for Austin mortgage rates, and they ended the week modestly higher. - [By nature the pattern is bearish and suggests higher interest rates, worsening Austin mortgage pricing presents the higher probability](https://www.maxleaman.com/by-nature-the-pattern-is-bearish-and-suggests-higher-interest-rates-worsening-austin-mortgage-pricing-present-the-higher-probability/) - Market action, as I mentioned earlier has been a two way street. With earning season (stocks) in full swing, volatility has really picked up in both equities and bonds. Mortgage backs have been the worst performer on the day with spreads to treasuries widening as sellers continue to lean on the market. Currently, the 10 year note is off 7/32’s (yield 3.45%), MBS off 9/32’s, and stocks off only 1 point on the big board. Technically, we are trading a lower lows, lower highs type of pattern. By nature it is bearish and suggests higher interest rates, worsening Austin mortgage pricing present the higher probability. We will want to pay close attention the 10 year yield as it approaches 3.48% - 3.50%. That level is key support and “should” provide a near term bottom, followed by a rebound. If that level does not hold, MBS could feel another ½ point of pain. Play defense as the trend is not your friend! - [Expectations for worsening Austin mortgage pricing is quite high so take cover](https://www.maxleaman.com/expectations-for-worsening-austin-mortgage-pricing-is-quite-high-so-take-cover/) - The failure of the market to hold yesterday’s gains suggest we are building on a bearish continuation pattern. English translation is one of caution, telling us it’s time to be defensive. We expect the new range on the 10 year to be 3.34% to 3.48%. Expectations for worsening Austin mortgage pricing is quite high so take cover. - [Much of Friday's increase in yields was associated with perceptions of growing economic strength and possible impacts on inflation](https://www.maxleaman.com/much-of-fridays-increase-in-yields-was-associated-with-perceptions-of-growing-economic-strength-and-possible-impacts-on-inflation/) - What a difference a long weekend makes as the majority of sellers rode off into the sunset and have not returned to rule the day as they did on Friday. Selling late last week eliminated some bullish signals off our current trend that had been established earlier this month. The drop did however find some support at the 21-day moving average at 118-055, which is also where an up-sloping trend line off the August/September lows lies. The reaction to that area suggests that selling momentum is unlikely to immediately build on the shift away from the bullish camp. Much of Friday's increase in yields was associated with perceptions of growing economic strength and possible impacts on inflation. - [Inside Lending: Austin Mortgage Market Update For the week of October 12, 2009](https://www.maxleaman.com/inside-lending-austin-mortgage-market-update-for-the-week-of-october-12-2009/) - Austin Mortgage Market Update - At the end of September, the supply of homes for sale was reported down 1.8% from the previous month in 27 major metropolitan areas. We all know the factors. Home prices are very affordable, mortgage rates and very favorable and first-time homebuyers are taking advantage of the $8,000 tax credit set to expire at the end of November, now just seven weeks away. The Mortgage Bankers Association saw loan applications for home purchases rise 13.2% last week, as the MBA's Purchase Index hit its highest level since last January. The average rate on 30-year fixed rate mortgage slid to 4.89% with an average 1.13 points (including the origination fee) for 80% loan-to-value ratio loans to borrowers with good credit. Freddie Mac's weekly survey of conforming mortgage rates put the average 30-year fixed rate mortgage at 4.87% with an average 0.7 point for 80% loan-to-value ratio loans to borrowers with good credit. - [Happy Holiday](https://www.maxleaman.com/happy-holiday/) - Have a great Columbus Day! - [Auctions and Fed Drive Austin Mortgage Rates](https://www.maxleaman.com/auctions-and-fed-drive-austin-mortgage-rates/) - Recently, Fed officials have sent mixed signals about how soon the Fed may need to begin to tighten monetary policy. Wednesday, the Fed's Hoenig said that the Fed should begin raising interest rates "sooner rather than later," and that this action wouldn't end the economic recovery. He explained that the Fed has a long way to go just to return to a neutral monetary stance and that it will take a while for the impact of rate hikes to be felt. Thursday evening, Bernanke held with the stated view that low rates will likely be justified for "an extended period", but he added that the Fed will be ready to remove stimulus as the economy recovers. When the Fed eventually indicates that it's ready to act, Austin mortgage rates will be likely to move higher. - [In a nut shell, what we have here is too much money chasing too few assets that are worth owning](https://www.maxleaman.com/in-a-nut-shell-what-we-have-here-is-too-much-money-chasing-too-few-assets-that-are-worth-owning/) - Weak dollar, higher oil, new high in gold, stocks near unchanged, and bonds doing a little better. We’re feeling a bit like Bill Murray in “Groundhog Day”. Same trade just a new day. One memorable line from the movie; (Phil) Do you know what today is? (Rita) No, what? (Phil) Today is tomorrow. It happened. In a nut shell, what we have here is too much money chasing too few assets that are worth owning. - [Australian Central Bank raised interest rates .25%, giving a clear signal that their part of the world is starting to recover and that taking fiscal responsibility is the prudent course. Wonder what Bernanke is thinking? ](https://www.maxleaman.com/australian-central-bank-raised-interest-rates-25-giving-a-clear-signal-that-their-part-of-the-world-is-starting-to-recover-and-that-taking-fiscal-responsibility-is-the-prudent-course-wonder-what-b/) - Quiet day in the making as stocks hold most of their gains and bonds, notes, and MBS hold their shade of red. Nothing huge here as the 10 year note is off 5/32’s (yield 3.24%) and mortgage backs on the 4.50% coupon are off a couple of 32’s. Earlier today, the Australian Central Bank raised interest rates .25%, giving a clear signal that their part of the world is starting to recover and that taking fiscal responsibility is the prudent course. Wonder what Bernanke is thinking? - [Look at it this way, if you had 500 million or so to invest what would you do?](https://www.maxleaman.com/look-at-it-this-way-if-you-had-500-million-or-so-to-invest-what-would-you-do/) - Look at it this way, if you had 500 million or so to invest what would you do? Buy stocks after a 55% run from the bottom? Loan money to others or increase company investment, betting on a V shaped recovery? Or, buy treasuries which yield a real rate of return around 4.75%. Give me Uncle Sam’s full faith and guarantee any day or at least until there is no doubt about an economic recovery. - [Austin Mortgage Market Update - For the week of October 5, 2009](https://www.maxleaman.com/austin-mortgage-market-update-for-the-week-of-october-5-2009/) - Another good week for the housing market. The S&P/Case Shiller home price index was up for the third month in a row and the rate of annual decline fell for the sixth month in a row! Price increases were reported in 18 of 20 metro areas measured. Many now feel this data indicates the worst of the price declines are behind us. David M. Blitzer, chairman of the index committee at Standard & Poor's, said: "These figures continue to support an indication of stabilization in national real estate values." - [Economic Data Falls Short ](https://www.maxleaman.com/economic-data-falls-short/) - After several weeks of economic announcements generally exceeding forecasts, weaker than expected labor and manufacturing data, along with comforting comments from Fed officials about inflation, helped mortgage markets this week. Reacting to the data, investors shifted funds out of the stock market and into bond markets, and mortgage rates ended the week at the lowest levels since May. - [With both the ISM manufacturing index and the non-farm payroll employment report due out tomorrow; the market is cautiously watching](https://www.maxleaman.com/with-both-the-ism-manufacturing-index-and-the-non-farm-payroll-employment-report-due-out-tomorrow-the-market-is-cautiously-watching/) - With both the ISM manufacturing index and the non-farm payroll employment report due out tomorrow; the market is cautiously watching. The Dow is down 140, and Bonds are up across the entire curve. The 10 year is up 22/32s and the 30 Year Bond is up more than point. The RSI (Relative Strength Index) on the 60 minute chart is at 87, well into the red! - [Best bet is to be watchful of the market into the Friday Employment Report](https://www.maxleaman.com/best-bet-is-to-be-watchful-of-the-market-into-the-friday-employment-report/) - Volatile trade in both stocks and MBS has markets moving once again. Stocks were off over 100 points on higher than expected ADP jobs estimates and a sour Chicago Purchasing Managers report. Mortgage backs opened to the down side, off 2/32’s for much of the morning. That has all changed as stocks have now gone positive (up 16 points on the Dow) while mortgage backs are feeling the pressure, down 5/32’s. Spreads between MBS and Treasuries have also widen, akin to throwing salt in the wound. Best bet is to be watchful of the market into the Friday Employment Report. - [The week ahead is shaping up to be a barn burner](https://www.maxleaman.com/the-week-ahead-is-shaping-up-to-be-a-barn-burner/) - The week ahead is shaping up to be a barn burner. Month end, Quarter end, and the Employment Report for September are just a few of the events that could rock our world. - [Inside Lending: Austin Mortgage Market Update](https://www.maxleaman.com/inside-lending-austin-mortgage-market-update/) - >> Austin Mortgage Market Update INFO THAT HITS US WHERE WE LIVE Well, it had to happen. After a four-month winning streak, Existing Home Sales dropped in August by 2.7% to an annual sales pace of 5.10 million. This offsets the big sales increase we had in July but the overall trend is still up by 3.4% - [Technically we have a bullish breakout and most studies favor continued upside (better Austin mortgage pricing)](https://www.maxleaman.com/technically-we-have-a-bullish-breakout-and-most-studies-favor-continued-upside-better-austin-mortgage-pricing/) - Technically we have a bullish breakout and most studies favor continued upside (better Austin mortgage pricing). Even Elliot wave charts and Candlestick patterns have developed bullish trends, bringing almost all trading tools and time frames into harmony. Trouble is, we do not get much “bang for the buck” in Austin mortgage pricing due to the widening spreads. Hey, it’s a positive and bodes well for better mortgage levels into next week and it is Friday. Can’t get much better than that. We’ll give the market a little room to run into the early part of the week, taking a neutral/bullish bias into month end. - [We could be seeing the beginning of a nice correction in stocks. That my friends would put a little more giddy up in our Austin mortgage pricing](https://www.maxleaman.com/we-could-be-seeing-the-beginning-of-a-nice-correction-in-stocks-that-my-friends-would-put-a-little-more-giddy-up-in-our-austin-mortgage-pricing/) - Cash seeking a return and/or shelter from our wicked world once again is running to Treasuries. The trade however has been on both sides of unchanged due to all of the above. Stocks have moved from red to green and back to red again, currently off 19 points on the Dow. The 10 year note is up 5/32’s, trading at 3.35%. That level is significant as referenced in yesterday’s Market Update. Any close below 3.36% will shift the advantage to the bulls. Given the “outside day down” on the S & P chart Wednesday, along with continued pressure yesterday and today, we could be seeing the beginning of a nice correction in stocks. - [Fed Extends MBS Purchase Program ](https://www.maxleaman.com/fed-extends-mbs-purchase-program/) - Favorable news from the Fed, weaker than expected economic data, and strong demand for a record $112 billion in Treasury auctions helped mortgage markets this week. While the daily price movements were often large, mortgage rates ended the week just a little lower. - [FOMC made no mention of an exit strategy, instead talking about keeping Austin mortgage rates low for an extended period of time](https://www.maxleaman.com/fomc-made-no-mention-of-an-exit-strategy-instead-talking-about-keeping-austin-mortgage-rates-low-for-an-extended-period-of-time/) - With the FOMC dust settled, a couple of points are worth mentioning. First up, the FOMC made no mention of an exit strategy, instead talking about keeping Austin mortgage rates low for an extended period of time. Number two was the statement about continuing the purchase of Treasuries and MBS and extending the period until the end of Q1, allowing for a wind down period. Seems obvious that they are more concerned about housing and the economy versus inflation and deficits. One reason for the accommodative policy may be the building inventory due to future delinquency and foreclosures, estimated to be 7 million units. This is what we call “shadow inventory”, not yet on the books but in the pipeline nonetheless. That number is huge, representing an entire year of sales. We shall see. - [No change in rates, longer term inflation in check, and low level of interest rates for an extended period of time](https://www.maxleaman.com/no-change-in-rates-longer-term-inflation-in-check-and-low-level-of-interest-rates-for-an-extended-period-of-time/) - No change in rates, longer term inflation in check, and low level of interest rates for an extended period of time. They will also continue to buy Treasuries and MBS. Market are volatile but holding, albeit at lower levels. MBS off 9/32’s - [40 billion of 5 year notes hit the auction block with a not so hot response](https://www.maxleaman.com/40-billion-of-5-year-notes-hit-the-auction-block-with-a-not-so-hot-response/) - 40 billion of 5 year notes hit the auction block with a not so hot response. Indirect bidding wasn’t bad at 48% but the issue produced a 3 bps tail. Give this one a C. The lack luster auction gave traders a reason to go palms out (turn sellers), taking the 10 year note down 12/32’s in a nano second. Mortgage backs followed suit, falling 8/32’s in the same time period. Market jitters are in play as the Fed is 45 minutes away. Buckle up! - [Fed is walking a tight rope, trying to sound confident and optimistic while still keeping the training wheels on the economy](https://www.maxleaman.com/fed-is-walking-a-tight-rope-trying-to-sound-confident-and-optimistic-while-still-keeping-the-training-wheels-on-the-economy/) - Rumor mill bantering is talking about the Fed using “Reverse Repos” to drain dollars out of the system, taking away excess reserves. In general, this exercise is nothing new if explained in the proper context to the market. If it is labeled a policy change, the market will feel that this is the beginning of a shift in policy, one towards tightening/removal of accommodation. English translation would means higher interest rates. This kind of shift would cause forced selling in both bonds and stocks and not treat us mortgage types well. We believe it is a little too early in the recovery cycle for this type of policy change, given our current level of unemployment along with a number of other fragile components of the economy. No doubt the Fed is walking a tight rope, trying to sound confident and optimistic while still keeping the training wheels on the economy. - [There is still an appetite for Uncle’s paper which is a good thing for us](https://www.maxleaman.com/there-is-still-an-appetite-for-uncle’s-paper-which-is-a-good-thing-for-us/) - 43 billion of 2 year notes hit the block at 1.034% with 45.2% taken by indirect bidders and those foreign central governments we talked about earlier. The auction was right on the screws (no tail), producing a bid to cover of 3.23 to 1. Very strong but then again, it’s short term paper with a maturity of 2 years. Nonetheless, there is still an appetite for Uncle’s paper which is a good thing for us. Mortgage backs have held their ground, up 3/32’s on the day. - [We see the trade as continuing to be range bound](https://www.maxleaman.com/we-see-the-trade-as-continuing-to-be-range-bound/) - Technically, the weakness overnight traded to the low end of the range before boot strapping itself up this morning. We see the trade as continuing to be range bound, bracketed by 3.52% on the high yield side (10 year note) and 3.42% on the low side. Any move outside of these parameters will move the market for at least 1 point and a good ½ point in Austin mortgage pricing. Month end supply (112 billion) and a spooky FOMC policy statement sideswipe tilt our bias. - [Call the market, bullish, schizophrenic, Sybil (remember the movie), irrational, and interesting. It’s a lot like herding cats.](https://www.maxleaman.com/call-the-market-bullish-schizophrenic-sybil-remember-the-movie-irrational-and-interesting-it’s-a-lot-like-herding-cats/) - Strange forces at work here that are driving the market so take advantage. Technically, buyers have taken pricing through major resistance which have formed bullish readings on trend studies and oscillators. The move has also confirmed a “hammer bottom” on yesterday’s candlestick charts however, daily studies will need time to catch up for a full blown rally. - [Austin mortgage pricing is hanging in there but commands your attention](https://www.maxleaman.com/austin-mortgage-pricing-is-hanging-in-there-but-commands-your-attention/) - mortgage applications surged 17% according to the Mortgage Bankers Association, gold is trading above $1000.00 (inflation fear), and Consumer Credit fell by a record 21.6 billion. Stocks keep on creeping, up 30 points on the big board and as I mentioned, Austin mortgage pricing is hanging in there but commands your attention. - [This is what we call an “inside day,” where patterns are mixed yet not able to make a major move one way or the other](https://www.maxleaman.com/this-is-what-we-call-an-“inside-day”-where-patterns-are-mixed-yet-not-able-to-make-a-major-move-one-way-or-the-other/) - This is what we call an “inside day”, where patterns are mixed yet not able to make a major move one way or the other. Kind of like a Goldilocks market, not to hot, not to cold, but close to just right. Stocks are in the same place, bending but not breaking at they are up 30 something on the day. We’ll call the market neutral with what could be a quiet start to a quiet week. - [Cooler heads should prevail next week so don’t read too much into the worsening pricing](https://www.maxleaman.com/cooler-heads-should-prevail-next-week-so-don’t-read-too-much-into-the-worsening-pricing/) - So much for the quiet day. Stocks have caught a bid, currently up 80 points on the Dow. Seems as though equity traders have focused on the declining job losses over the last 8 months more than the 9.7% headline number that will hit the papers tomorrow. Positive stock market action in front of a long weekend is common place. Reason being is that being long (owning stock) has a finite loss (only what you paid) in the event you’re wrong. Shorting the market (selling) has no limit to the losses in the event the market rallies next Tuesday. Volume is also a factor as the lack of it tends to create a volatile trading environment. Cooler heads should prevail next week so don’t read too much into the worsening pricing. - [For now, let’s call the market neutral with a slightly bullish bias for Austin mortgage pricing](https://www.maxleaman.com/for-now-let’s-call-the-market-neutral-with-a-slightly-bullish-bias-for-austin-mortgage-pricing/) - Reaction to the data was fast and furious post release, with wild swings in both bonds and stocks. Since the dust settled, the 10 year note is off 10/32’s (yield 3.37&), mortgage backs off 1/32nd, and stocks up a nickel. Pretty quiet on the western front. With the long weekend approaching, traders will have one foot out the door by noon. High probability that your capital markets group will too, thinking more about marinating the ice cubes than what’s on the screen. We expect, or are hoping for, a quiet, steady trading day as well. Next week the action will pick up as kids across the country head to school and first flight traders go back to work. For now, let’s call the market neutral with a slightly bullish bias for Austin mortgage pricing. - [Unemployment Rate Jumps ](https://www.maxleaman.com/unemployment-rate-jumps/) - Investor sentiment about the economic recovery fell this week, and the stock market declined. Expectations for slower economic growth are favorable for bond markets, including mortgage-backed securities (MBS), and mortgage rates ended the week a little lower. - [What will this mean to our Austin mortgage rates and Austin mortgage pricing? As always, this number is a market mover and not for the faint at heart. ](https://www.maxleaman.com/what-will-this-mean-to-our-austin-mortgage-rates-and-austin-mortgage-pricing-as-always-this-number-is-a-market-mover-and-not-for-the-faint-at-heart/) - What will this mean to our Austin mortgage rates and Austin mortgage pricing? Any print below minus 200K will bring the stock bulls back and put us in the soup. We could expect Austin mortgage pricing to worsen by at least .50 bps and more likely .75 bps. Any print above minus 250K will firm bonds (improve mortgage pricing) but only by .25 bps or so. Over 300K in jobs losses will send stocks south and improve our stuff by at least .50bps if not more and keep the daily trend structure in place for a move to 3.09% on the 10 year note. The one thing that concerns me is that we are going into the number at strong resistance and very overbought conditions. This puts the risk reward in favor of the bears or simply put, worsening Austin mortgage pricing. As always, this number is a market mover and not for the faint at heart. - [Markets are quiet and settling into a holding pattern before Friday’s 7:30 am cst release](https://www.maxleaman.com/markets-are-quiet-and-settling-into-a-holding-pattern-before-friday’s-730-am-cst-release/) - Just a quick note on this pre-Employment report day. Markets are quiet and settling into a holding pattern before Friday’s 7:30 am cst release. Bonds, notes, and MBS giving up a little ground (MBS down 9/32’s) after nice gains the past few days. - [FOMC Minutes: in a nut shell, they see the economy improving yet consumer spending and unemployment remain a concern](https://www.maxleaman.com/fomc-minutes-in-a-nut-shell-they-see-the-economy-improving-yet-consumer-spending-and-unemployment-remain-a-concern/) - Below are the August 11th minutes for the FOMC meeting. In a nut shell, they see the economy improving yet consumer spending and unemployment remain a concern. Market is doing a little better on Fed buying of MBS and hedge funds joining the party. - [With Austin mortgage rates possibly improving, this is a good time for borrowers to get off the fence](https://www.maxleaman.com/with-austin-mortgage-rates-possibly-improving-this-is-a-good-time-for-borrowers-to-get-off-the-fence/) - With Austin mortgage rates possibly improving, this is a good time for borrowers to get off the fence. Not that we’re bearish, just cautious of a market going into the Employment report at such lofty, overbought levels. - [Any turn around (stock rally) will push yields higher and worsen Austin mortgage pricing](https://www.maxleaman.com/any-turn-around-stock-rally-will-push-yields-higher-and-worsen-austin-mortgage-pricing/) - “If” we can close below 3.35%, the market will have “broken out” to the upside, a very bullish formation. This would turn daily studies bullish along with trend intensity. That occurrence would then project the next target to be 3.09% on the 10 year note. I would advise you to be very careful. Any turn around (stock rally) will push yields higher and worsen Austin mortgage pricing, forming what we call a “false breakout”. - [If we close the day at 3.53% or lower, the monthly bearish trend cycle will have been broken, adding another layer of support for fixed income and Austin mortgage pricing](https://www.maxleaman.com/if-we-close-the-day-at-3-53-or-lower-the-monthly-bearish-trend-cycle-will-have-been-broken-adding-another-layer-of-support-for-fixed-income-and-austin-mortgage-pricing/) - Today’s 10 year note chart pattern is directionless, backing and filling within a narrow range. With low volume and the Employment Report due out on Friday, the market seems to be in “value” with a supportive bias. Another positive note will be if we close the day at 3.53% or lower, the monthly bearish trend cycle will have been broken, adding another layer of support for fixed income and Austin mortgage pricing. - [This could be pre-auction hedging pressure or the makings of a poor auction. Heads Up!](https://www.maxleaman.com/this-could-be-pre-auction-hedging-pressure-or-the-makings-of-a-poor-auction-heads-up/) - We do have a 7 year note auction that will hit the tape in 10 minutes. Watch this one as it can be a market mover. In front of the print, the 10 year is slipping (off 3/32’s to yield 3.45%), mortgage backs off 2/32’s, and stocks down 3 points on the big board. This could be pre-auction hedging pressure or the makings of a poor auction. Heads Up! - [Looks like the Treasury scored a hat trick with this week’s auctions](https://www.maxleaman.com/looks-like-the-treasury-scored-a-hat-trick-with-this-week’s-auctions/) - Looks like the Treasury scored a hat trick with this week’s auctions. From our speculative bias, we see investors looking for a correction in stocks as all the good news this week has done little to spark a continued rally. With valuations (stocks) below current S & P levels, it’s hard to find a reason for stocks to do better. If our bias is true, look for treasuries to be a safe haven investment and Austin mortgage pricing to improve in its wake. - [Just a heads up as the market has started to slip](https://www.maxleaman.com/just-a-heads-up-as-the-market-has-started-to-slip/) - Just a heads up as the market has started to slip. For some reason, maybe auction indigestion, the 10 year has dropped 12/32’s and MBS off 6/32’s. Stocks have turned positive, up 30 points on the Dow. Expect those who improved pricing to take it back any minute. Really, not a lot going on. Just volatile in a low volume market. - [One of our loan officers asked if the re-appointment of Gentle Ben to a second term has affected the market. Answer is, not really. ](https://www.maxleaman.com/one-of-our-loan-officers-asked-if-the-re-appointment-of-gentle-ben-to-a-second-term-has-affected-the-market-answer-is-not-really/) - One of our loan officers asked if the re-appointment of Gentle Ben to a second term has affected the market. Answer is, not really. Most expected it and in our opinion, it was the only choice the administration had. Since the Fed Chief did a decent job of keeping the country from depression number two, President Obama felt that any change would be disruptive to the markets. What if he changed leadership at the Fed and things went south again? The Prez would take all the heat and probably be four and out. So to be on the safe side, why not let the Fed Chief who built the bomb be the one to dismantle it (Fed Deficit). - [Unless something is way out of whack with the 2 year auction, expect Austin mortgage pricing to stay close to home](https://www.maxleaman.com/unless-something-is-way-out-of-whack-with-the-2-year-auction-expect-austin-mortgage-pricing-to-stay-close-to-home/) - Just a quick note before the results of today’s 42 billion in 2 year notes (auction). Results will hit the tape at 12:00 pm cst. Last month, this auction did not go well, sending yields higher on poor investor interest. Given the positive economic news (Case Shiller and Consumer Confidence), you will want to stay tuned for the results. Technically, yesterday’s rally was nice but did little to eliminate Friday’s outside day down chart formation. Pricing is now in the in the middle of a three day range which will keep strong directional moves from happening. Unless something is way out of whack with the 2 year auction, expect Austin mortgage pricing to stay close to home. Currently, the 10 year note is down 3/32’s (yield 3.51%), mortgage backs off 2/32’s, and stocks up 80 on the big board. - [ English translation is that the rally could be short lived in front of 109 billion in paper and a stock market that just won’t break](https://www.maxleaman.com/english-translation-is-that-the-rally-could-be-short-lived-in-front-of-109-billion-in-paper-and-a-stock-market-that-just-won’t-break/) - Not a bad idea to take advantage of any positive price changes today. Reason being is that we formed an outside day down on Friday (bearish formation) yet selling was limited (today) to the 40 day moving average. The bounce (current rally) has not been enough to offset Friday’s move and while intraday studies are oversold, daily signals are neutral. English translation is that the rally could be short lived in front of 109 billion in paper and a stock market that just won’t break - [Extremely low Austin mortgage rates on the horizon](https://www.maxleaman.com/extremely-low-austin-mortgage-rates-on-the-horizon/) - Good news is that we are 6/32’s better than Friday’s close and if you haven’t looked lately, Austin mortgage pricing looks pretty good. Time to wake up those Austin mortgage refinance people who missed the last bus. - [Austin Mortgage Rates Move Lower ](https://www.maxleaman.com/austin-mortgage-rates-move-lower/) - Tame inflation data, strong demand for the Treasury auctions, and a lack of surprises from the Fed were all positive for Austin mortgage markets, and Austin mortgage rates ended the week lower. Austin mortgage rates are largely determined by MBS prices, and the added Fed demand for MBS has helped keep Austin mortgage rates low. Investors will soon need to hear what the Fed plans to do with the MBS purchase program. The direction the Fed chooses could have a significant impact on Austin mortgage rates later in the year. - [One in every 355 U.S. homes are in some stage of foreclosure, a new record. ](https://www.maxleaman.com/one-in-every-355-u-s-homes-are-in-some-stage-of-foreclosure-a-new-record/) - Our housing industry got an eye opener as well this morning as foreclosures rose 7.0% month on month and 32% year on year. One in every 355 U.S. homes are in some stage of foreclosure, a new record. Until we put people back to work, we will not see the end of this trend. On the bright side, it should give Congress all the ammo they need to continue the $8,000.00 1st time home buyer credit into 2010. - [The Fed emphasized their continued commitment to purchase both Treasuries and MBS through October. Market reaction has been volatile](https://www.maxleaman.com/the-fed-emphasized-their-continued-commitment-to-purchase-both-treasuries-and-mbs-through-october-market-reaction-has-been-volatile/) - No change in the Fed Funds interest rate and not much change in the policy statement. The Fed emphasized their continued commitment to purchase both Treasuries and MBS through October. Market reaction has been volatile, dropping 19/32’s on the initial print and then rallying back to down 4/32’s. Currently, we are close to where we were before the release with the note down 11/32’s (yield 3.74%) while MBS are off 6/32’s. More if conditions warrant. - [Expect further price changes for the worse as the 10 year note is currently down 13/32’s (3.75%) and MBS down a smooth 10/32’s. ](https://www.maxleaman.com/expect-further-price-changes-for-the-worse-as-the-10-year-note-is-currently-down-1332’s-3-75-and-mbs-down-a-smooth-1032’s/) - The 10 year note auction crossed the tape at 3.736% with a bid to cover of 2.49 to 1.0. Indirect bidders (foreign central banks, etc.) took 45.7%. Overall, not a bad auction with the “street” giving it a grade of B. Traders however are not in love with it as MBS and the 10 year - [Austin mortgage pricing would suffer but how much would depend on whether or not a policy change was make towards MBS purchases. Overall, we expect little change from the FOMC but must warn you that starting at high noon today (cst), it could get fast and furious. ](https://www.maxleaman.com/austin-mortgage-pricing-would-suffer-but-how-much-would-depend-on-whether-or-not-a-policy-change-was-make-towards-mbs-purchases-overall-we-expect-little-change-from-the-fomc-but-must-warn-you-that/) - Big day in the making as we prepare for 23 billion in 10 year notes (auction at 12:05 pm cst) and any interest rate change (fat chance) and/or policy statement change (good change/ results at 1:15 pm cst). We opened on the positive side (lower yields) as stocks began the day unchanged. Within a hour, - [Traders refer to this as being only a good (making correct calls) as the last tic!](https://www.maxleaman.com/traders-refer-to-this-as-being-only-a-good-making-correct-calls-as-the-last-tic/) - The market is back to its old tricks, trading on money flows, concern, and anxiety. Forget the fundamentals and chart work, this baby moves where ever it wants to. Traders refer to this as being only a good (making correct calls) as the last tic! Currently, the 10 year note is up 15/32’s, trading at - [Given that the rally today (mortgage pricing) has not eliminated the bearish trend signals and that the market will need to absorb 75 billion in new auction paper, it’s best to keep an eye on the market in case it tries to bite you](https://www.maxleaman.com/given-that-the-rally-today-mortgage-pricing-has-not-eliminated-the-bearish-trend-signals-and-that-the-market-will-need-to-absorb-75-billion-in-new-auction-paper-it’s-best-to-keep-an-eye-on/) - The week ahead will step to the plate tomorrow with the beginning of a two day FOMC meeting, NFIB Index, Productivity and Costs, and Wholesale Trade. Wednesday will conclude the FOMC meeting, revealing any change in policy and/or Fed Funds rate at 1:15 pm cst. Thursday we’ll get to see how Retail Sales have been doing along with the Weekly unemployment filings. Friday’s headliner is CPI, inflation at the consumer level. Given that the rally today (mortgage pricing) has not eliminated the bearish trend signals and that the market will need to absorb 75 billion in new auction paper, it’s best to keep an eye on the market in case it tries to bite you. - [WP: U.S. Considers Remaking Mortgage Giants](https://www.maxleaman.com/wp-u-s-considers-remaking-mortgage-giants/) - 'Bad Bank' Would Wipe the Slate Clean for Fannie Mae, Freddie Mac by Taking Their Toxic Loans - [Strong Economic Data Pushes Austin Mortgage Rates Higher ](https://www.maxleaman.com/strong-economic-data-pushes-austin-mortgage-rates-higher/) - With just minor exceptions, all of the economic data released this week beat the consensus forecast, indicating that the economy is improving more quickly than expected. While current inflation levels remain low, faster economic growth generally leads to higher future inflation, which is negative for mortgage rates. As a result, mortgage rates ended the week - [Better than expected jobs data has put the pinch on our Austin mortgage pricing](https://www.maxleaman.com/better-than-expected-jobs-data-has-put-the-pinch-on-our-austin-mortgage-pricing/) - As we mentioned before, given the hand we’ve been dealt, expectations for a 4.0% 10 year note yield (as our next target) have a high probability. We would expect this trade to develop early next week as the market sets up for 75 billion in new paper coming to auction (Quarterly Refunding). All is not lost. The consumer is not exactly on fire as most need a crow bar to remove their wallets and spend. Housing is also a concern as rising interest rates will dampen buyer enthusiasm and lessen affordability. Both will act to support our market and keep Austin mortgage rates in the low to middle 5’s. Keep your guard up and your hopes high. - [Austin Mortgage - Employment Report Preview](https://www.maxleaman.com/austin-mortgage-employment-report-preview/) - There is one kicker in the report. Rumors have surfaced that back month revisions could show additional job losses of 1 million due to delayed reporting from unemployment offices across the country. This would certainly be bond bullish and improve our pricing. - [We would like to see the bulls step up and buy this market, making the chart a little more neutral going into the payroll print. Fat chance. ](https://www.maxleaman.com/we-would-like-to-see-the-bulls-step-up-and-buy-this-market-making-the-chart-a-little-more-neutral-going-into-the-payroll-print-fat-chance/) - Technically, our charts and trading signals continue to focus on the bearish trend (bad for Austin mortgage pricing). Sell signals have formed on Trend Intensity while slow stochastics and moving averages lean bearishly (daily time frame). It makes me a little nervous sitting on range support (3.78%) going into Big Daddy tomorrow. We would like to see the bulls step up and buy this market, making the chart a little more neutral going into the payroll print. Fat chance. - [MBS off a smooth 13/32’s. Hence the reasons for opening Austin mortgage pricing, then an Austin mortgage price improvement, and now worsening Austin mortgage pricing](https://www.maxleaman.com/mbs-off-a-smooth-1332’s-hence-the-reasons-for-opening-austin-mortgage-pricing-then-an-austin-mortgage-price-improvement-and-now-worsening-austin-mortgage-pricing/) - Currently, stocks are only down 28 points and mortgage backs/10 year note have taken a turn for the worse. MBS off a smooth 13/32’s. Hence the reasons for opening Austin mortgage pricing, then an Austin mortgage price improvement, and now worsening Austin mortgage pricing. Seriously, the market is volatile and dangerous, closing near the lows of the day (highest yields) with good support in jeopardy of giving way. - [Earlier today, Consumer Income hit the skids, falling 1.3% while Spending rose .4%. The Income component was the largest monthly decline since January 2005. Pure and simple, it reflects declining wage and salary disbursements. ](https://www.maxleaman.com/earlier-today-consumer-income-hit-the-skids-falling-1-3-while-spending-rose-4-the-income-component-was-the-largest-monthly-decline-since-january-2005-pure-and-simple-it-reflects-declining-wag/) - From our technical view, the chart looks more like “crack the whip” than any type of symmetrical trading. Last Friday caught a bid from month end buying (portfolio extension needs), Monday gave it all back as stocks traded and closed above 1000 on the S & P chart, and today’s rally has been derailed by Pending Home Sales. - [Auction Results Push Austin Mortgage Rates Lower ](https://www.maxleaman.com/auction-results-push-austin-mortgage-rates-lower/) - Mortgage investors were more focused on this week's Treasury auctions than on the economic data. Overall, demand remained healthy for US Treasury securities, and mortgage rates ended the week a little lower. Major economic reports on Gross Domestic Product (GDP), Durable Orders, and Chicago PMI manufacturing contained mixed results and were roughly neutral for mortgage - [TDHCA 90-Day DPA: $8,000 First-Time Homebuyer Tax Credit for Down-Payment and Closing Costs](https://www.maxleaman.com/tdhca-90-day-dpa-8000-first-time-homebuyer-tax-credit-for-down-payment-and-closing-costs/) - Program Overview In an effort to monetize the $8,000 tax credit and to assist borrowers with down-payment and closing costs, TDHCA created the 90-Day Down Payment Assistance Program. TDHCA has the authority to offer tax credit advances with second liens. The 90-Day Down Payment Program may be used with FHA 15 & 30-year fixed-rate, first-lien - [Results are what traders call a “bow wow” (dog) showing little demand for that yield and duration](https://www.maxleaman.com/results-are-what-traders-call-a-“bow-wow”-dog-showing-little-demand-for-that-yield-and-duration/) - The 5 year note auction (39 billion) just hit the tape with very poor response. The issue created a tail of 5.4 bps (very high and bearish) and bid to cover was a measly 1.92 to 1. The results are what traders call a “bow wow” (dog) showing little demand for that yield and duration. - [Changes in Government Guidelines May Affect Your Closing Dates](https://www.maxleaman.com/changes-in-government-guidelines-may-affect-your-closing-dates/) - HERA At-A-Glance What happened? Going into effect on July 30, 2009, the Housing Economic Recovery Act (HERA) contains an amendment to the Truth-In-Lending Act (TILA), named the Mortgage Disclosure Improvement Act (MDIA). What is the purpose of HERA? The legislation was designed for three main purposes: To include extra steps in the home loan process to help prevent - [FAQ - Housing Economic Recovery Act (HERA) and Home Valuation Code of Conduct (HVCC)](https://www.maxleaman.com/faq-housing-economic-recovery-act-hera-and-home-valuation-code-of-conduct-hvcc/) - 1. Does the new legislation change home loan applications taken before these guidelines go into effect? If the purchase property was documented before May 1, 2009, the application is not subject to HVCC. Likewise, if the purchase property was documented before July 30, 2009, the application is not subject to HERA. 2. Are purchases of - [Volatile mortgage price action as stocks are off 52 points on the big board and bonds trade like a Six Flags ride](https://www.maxleaman.com/volatile-mortgage-price-action-as-stocks-are-off-52-points-on-the-big-board-and-bonds-trade-like-a-six-flags-ride/) - Bonds, notes and mortgage backs had a nice start to the day, rallying as Consumer Confidence painted a bleak view going forward. Just out, the 2 year auction results are taking a little wind out of our sails. Indirect bidders took only 20.5 billion versus last month’s 37.2 billion. The bid to cover was ok - [We see the selling as shallow into the later part of the week and then a rebound/rally to deliver better mortgage pricing as we close the book on July](https://www.maxleaman.com/we-see-the-selling-as-shallow-into-the-later-part-of-the-week-and-then-a-reboundrally-to-deliver-better-mortgage-pricing-as-we-close-the-book-on-july/) - Both stocks and bonds opened on the weak side this morning. New Home Sales blew the doors off economist’s estimates, up 11% to a seasonally adjusted 384K annual units. Inventories were down to 8.8 months, the lowest level since October 2007. Sales in the Midwest jumped 43.1%, the West rose 22.6%, and the Northeast posted - [With stocks in control, the balance of the week could see continued pressure (on mortgage rates) unless someone of substance “misses” on earnings](https://www.maxleaman.com/with-stocks-in-control-the-balance-of-the-week-could-see-continued-pressure-on-mortgage-rates-unless-someone-of-substance-“misses”-on-earnings/) - Stocks are on fire, closing up 256 points on the Dow and 63 points on the Naz. Fixed income products are running for cover, pushing prices through the 38% retracement of the June/July rally. For the record, the 10 year note is down 46/32’s (yield 3.61%)and mortgage backs are off 29/32’s as nothing but sell - [ In our opinion, this is a true reflection of the economy. One that has manufacturing falling hard and fast, coupled with increasing unemployment. ](https://www.maxleaman.com/in-our-opinion-this-is-a-true-reflection-of-the-economy-one-that-has-manufacturing-falling-hard-and-fast-coupled-with-increasing-unemployment/) - The winds of change have once again blown through the financial markets. Just last week, analysts were talking about skyrocketing unemployment, consumer sentiment sliding, and stocks looking to retest the March bottom. Today, it’s all about the recession being over and stocks having not a worry in the world. Reality is somewhere between my last - [Our longer term view is still the same, low interest rates into yearend as the consumer continues to dig in their heels and look for work](https://www.maxleaman.com/our-longer-term-view-is-still-the-same-low-interest-rates-into-yearend-as-the-consumer-continues-to-dig-in-their-heels-and-look-for-work/) - The selling which entered the market late yesterday has carried forward today. Goldman Sachs released 2nd quarter earnings this morning, blowing away the pre-release estimates by nearly a dollar and a half. Top line growth was respectable as well, posting over 13 billion for the quarter. Johnson and Johnson also released, beating the street by - [We will want to see the market stay below 3.45% which correlates to the 8 day moving average. Any close above that yield will turn the market in favor of a higher mortgage rates](https://www.maxleaman.com/we-will-want-to-see-the-market-stay-below-3-45-which-correlates-to-the-8-day-moving-average-any-close-above-that-yield-will-turn-the-market-in-favor-of-a-higher-mortgage-rates/) - Just a note as we shut the market down for the day. Stocks continued their run, up 185 points right into the close. The 10 year note and mortgage backs suffered from mid-afternoon on, down 16/32’s on the note to yield 3.36% and off 11/32’s on MBS as the bell sounded. The failure to build - [Keep one eye on stocks (now up 54 on the big board) as mortgage pricing sits on the other side of the teeter totter](https://www.maxleaman.com/keep-one-eye-on-stocks-now-up-54-on-the-big-board-as-mortgage-pricing-sits-on-the-other-side-of-the-teeter-totter/) - Corporate earning woes continue on Wall Street today with Caterpillar cutting its total year projections in half and a number of regional banks; Market Street, Huntington, Northern Trust, and Regions providing less than stellar results. Treasury Secretary Geithner is on the hill, talking about most banks being well capitalized but that economic uncertainties and the - [Given the cross currents, the market look likely to balance both economic and humanitarian issues, allowing mortgage pricing to hold steady or improve just a little](https://www.maxleaman.com/given-the-cross-currents-the-market-look-likely-to-balance-both-economic-and-humanitarian-issues-allowing-mortgage-pricing-to-hold-steady-or-improve-just-a-little/) - Just when you think you’ve got the list covered: Tarp, TALF, FOMC, Corporate Earnings, GM in and out of BK, FOMC, Treasury Auctions, Bank Stress tests, and Housing Data, ...someone gave us a new worry: Swine Flu. Markets around the world have a heightened awareness of the disease, one which has claimed over 100 lives - [It’s been all about stocks today as earnings season (Q2) is in full swing](https://www.maxleaman.com/it’s-been-all-about-stocks-today-as-earnings-season-q2-is-in-full-swing/) - It’s been all about stocks today as earnings season (Q2) is in full swing. Earlier Today, bank analyst Meredith Whiney, raised her outlook on most banks due to interest rate spreads, mortgage originations, and Safe Harbor loan modifications. She call them good buys in the short run due mainly to the “mother of all mortgage - [We’ll stick to our story that the worse in over with mortgage rates rising, pricing worsening since a week ago Wednesday so a little improvement should be in order](https://www.maxleaman.com/we’ll-stick-to-our-story-that-the-worse-in-over-with-mortgage-rates-rising-pricing-worsening-since-a-week-ago-wednesday-so-a-little-improvement-should-be-in-order/) - Weekly Unemployment Claims hit the tape plus 8K to 652K and Continuing Claims rose to 122K, a new record high 5.56 million. Continuing Claims has risen a startling 40% in 4 months. Stimulus plan, where are you? Final 4th Quarter GDP was also released, down 6.3%. Although punishing, the number was close to expectations (previous - [We see little change ahead until Friday when the Employment Report for March will be released](https://www.maxleaman.com/we-see-little-change-ahead-until-friday-when-the-employment-report-for-march-will-be-released/) - Mortgage backs unchanged, 10 year note unchanged, stocks up 150 on the big board, and the Naz up 43 points. We see little change ahead until Friday when the Employment Report for March will be released. Until then, we see mortgage rates and pricing to be as quiet as a church mouse. - [The 2009 bias will rally stocks and put pressure on MBS and treasuries. The 2010 missive will probably rally our market and send stocks reeling](https://www.maxleaman.com/the-2009-bias-will-rally-stocks-and-put-pressure-on-mbs-and-treasuries-the-2010-missive-will-probably-rally-our-market-and-send-stocks-reeling/) - CPI, inflation at the consumer level, rose .4% in February, .1% higher than market expectations. The “core” index, which strips out food and energy prices due to their volatility, rose .2%. Again, .1% higher than we were looking for. Most of the gains are due to rising energy prices which grew at the fastest pace - [Inflation news tops the economic data today as PPI, inflation at the producer level rose .1% while the core index rose .2%](https://www.maxleaman.com/inflation-news-tops-the-economic-data-today-as-ppi-inflation-at-the-producer-level-rose-1-while-the-core-index-rose-2/) - Inflation news tops the economic data today as PPI, inflation at the producer level rose .1% while the core index rose .2%. The modest gains on overall PPI were much better than the expected plus .4% estimates. Core inflation however was .1% higher than economists were looking for. For now, inflation looks benign. Housing Starts - [If the Chinese start selling their gazillion dollars worth of treasuries, mortgage pricing will get ugly fast. That is not today’s case. ](https://www.maxleaman.com/if-the-chinese-start-selling-their-gazillion-dollars-worth-of-treasuries-mortgage-pricing-will-get-ugly-fast-that-is-not-today’s-case/) - Import Prices fell .2% versus the .8% fall that was expected as petroleum prices rose for the first time in 7 months. Over the past 12 months, import prices are down 12.8%, the largest decline since they started to publish the index in 1982. Export prices fell .1% in the same time period and are - [Strong Demand for Treasuries ](https://www.maxleaman.com/strong-demand-for-treasuries/) - Last week, the Dow fell about 700 points, and investors moved funds to relatively safer investments, including mortgage-backed securities (MBS), which helped mortgage rates to move lower. This week, it was nice to see that the Dow recovered most of last week's losses, yet mortgage rates retained last week's improvement, ending the week nearly unchanged. - [The ace in the hole will be stocks. If they rally, we will see worsening mortgage pricing. If they falter, expect the best levels we’ve seen in pricing to return.](https://www.maxleaman.com/the-ace-in-the-hole-will-be-stocks-if-they-rally-we-will-see-worsening-mortgage-pricing-if-they-falter-expect-the-best-levels-we’ve-seen-in-pricing-to-return/) - Overseas markets got our week started on the bearish side, singing new lyrics to Bob Seger’s “Night Moves.” The Nikkei fell to its lowest level since 1982 as a trio of British banks, HSBC, Lloyds, and Barclays fell to double digit losses. Concerns of toxic assets holdings and how far the government will go to - [The economy has now lost 4.168 million jobs over the last 12 months. More than half of the job losses have occurred in the past quarter. Staggering.](https://www.maxleaman.com/the-economy-has-now-lost-4168-million-jobs-over-the-last-12-months-more-than-half-of-the-job-losses-have-occurred-in-the-past-quarter-staggering/) - March 6, 2009 Non-Farm Payrolls fell 651K in February, January revised higher to minus 655K, and December revised higher to minus 681K. The Unemployment rate jumped to 8.1%. The economy has now lost 4.168 million jobs over the last 12 months. More than half of the job losses have occurred in the past quarter. Staggering. - [One of the reasons for giving you our bias on locking in loans today, especially with the float down, is due to the fact that the market has set itself up for a really bad number](https://www.maxleaman.com/one-of-the-reasons-for-giving-you-our-bias-on-locking-in-loans-today-especially-with-the-float-down-is-due-to-the-fact-that-the-market-has-set-itself-up-for-a-really-bad-number/) - March 5, 2009 Once again, it is time for the Big Daddy of all economic data releases, the Employment Report for February. The following represents market expectations; 1) Non-Farm Payrolls – Minus 648K (January -598K) 2) Unemployment Rate – 7.9% (January 7.6%) 3) Average Hourly Earnings – Plus .2 (January Plus .3) 4) Average Hourly - [Stocks look terrible but are trading at 12 year lows, which have a tendency to reverse trends (3 time in prior history), this maybe the time to nibble](https://www.maxleaman.com/stocks-look-terrible-but-are-trading-at-12-year-lows-which-have-a-tendency-to-reverse-trends-3-time-in-prior-history-this-maybe-the-time-to-nibble/) - March 5, 2009 Stocks have continued to be bullied around, down 250 points near session lows as we enter the last half hour of trading. Blame a fair share of this on China, pulling their expected second stimulus package off the table this morning. As you may remember, the stock market rallied yesterday on the - [Currently, the 10 year note is down 16/32’s (yield 2.99%) and mortgage backs are down 2/32’s](https://www.maxleaman.com/currently-the-10-year-note-is-down-1632’s-yield-299-and-mortgage-backs-are-down-232’s/) - March 4, 2009 This morning’s ADP Employment Report, our first blush at what is expected on Friday morning, hit the tape with job losses of 697K. Market expectations as of this moment, peg the number at minus 630K. As always, the ADP report has been known to have very little correlation to the actual government - [Given that housing affordability is at an all time high, mortgage interest rates at very attractive levels, and the recent Housing Stimulus package, stabilization and recovery could kick in by year end](https://www.maxleaman.com/given-that-housing-affordability-is-at-an-all-time-high-mortgage-interest-rates-at-very-attractive-levels-and-the-recent-housing-stimulus-package-stabilization-and-recovery-could-kick-in-by-year-en/) - Pending Home Sales, an index that measures purchase agreements signed but not closed, hit the ditch down 7.7%, the lowest level since scribes began keeping records on cave walls. Three of the four regions in the country took it on the chin with the Northeast off 13% and the West the only positive, up 2.4%. - [Stocks and all major indices relating to the equity market are trading at 12 year lows, hurting your 201K but helping our mortgage pricing](https://www.maxleaman.com/stocks-and-all-major-indices-relating-to-the-equity-market-are-trading-at-12-year-lows-hurting-your-201k-but-helping-our-mortgage-pricing/) - Stocks and all major indices relating to the equity market are trading at 12 year lows, hurting your 201K but helping our mortgage pricing. Sometimes the burden seems more than one can bear; it’s not dark yet, but it’s getting there. -Dylan The sharp sell of in stocks (Dow down 212 at 6841) has driven - [The big story of the day is Citi, which reached an agreement with Uncle Sam to substantially increase its stake in the bank](https://www.maxleaman.com/the-big-story-of-the-day-is-citi-which-reached-an-agreement-with-uncle-sam-to-substantially-increase-its-stake-in-the-bank/) - From 2/27: GDP (Gross Domestic Product) took a dive in the 4th quarter, falling 6.2% with core inflation up .8%. The contraction was the largest since 1982 and well below economists expectations of down 5.4%. Domestic investment did the most damage in this report, falling over 20%. The National Association of Purchasing Managers report was - [The mortgage banking world is changing right before our eyes](https://www.maxleaman.com/the-mortgage-banking-world-is-changing-right-before-our-eyes/) - The 10 year note is up 17/32’s (yield 2.72%), mortgage backs up 1/32nd, and stocks up 80 points on the Dow. Sir Bernanke is speaking on Capitol Hill and the President will address the nation tonight. The mortgage banking world is changing right before our eyes so don’t take anything for granted. - [With the “game” being played out between the Fed (Quantitative Easing) and the market (inflation, fixed income downgrades, and potential treasury bubble) the outcome is unknown yet the stakes are high](https://www.maxleaman.com/with-the-“game”-being-played-out-between-the-fed-quantitative-easing-and-the-market-inflation-fixed-income-downgrades-and-potential-treasury-bubble-the-outcome-is-unknown-yet-the/) - As we close the book on a holiday shortened trading day, the picture looks much the same as yesterday. Fears of U.S. debt being downgraded, following a similar fate in the U.K., has traders on edge with many sellers and not so many buyers. The liquidity of all markets stinks as well, allowing traders to - [Fed Clarifies MBS Purchase Policy ](https://www.maxleaman.com/fed-clarifies-mbs-purchase-policy/) - As the pressure for higher mortgage rates has increased in recent weeks, investors have speculated that the Fed would step in to "defend" certain interest rate levels, but that hasn't happened. This week, Fed officials explained that their mortgage-backed securities (MBS) purchases are designed to support the mortgage market and not to set rates. The - [We want to like the market, feeling that mortgage rates will improve down the line but at the same time, are very, very nervous about the old high yield mark at 4.0% being the bottom. ](https://www.maxleaman.com/we-want-to-like-the-market-feeling-that-mortgage-rates-will-improve-down-the-line-but-at-the-same-time-are-very-very-nervous-about-the-old-high-yield-mark-at-4-0-being-the-bottom/) - Oh what a difference a day makes. Yesterday’s failure from major resistance provided food for the bears. Today we are seeing a continuation of the pattern. Currently, the 10 year note is off a smooth point, mortgage backs off 29/32’s, and stocks up 70 on the big board. The 10 year note is at a - [The mortgage price you see today, will probably not be there two hours from now let alone tomorrow](https://www.maxleaman.com/the-mortgage-price-you-see-today-will-probably-not-be-there-two-hours-from-now-let-alone-tomorrow/) - Trading has been brisk for a Monday morning/afternoon, adding to Friday’s rally in bonds/MBS. Stocks are taking it on the chin, down 180 points on the Dow and 54 points on the Naz. The stock slide/bond rally, got going across the pond when the World Bank revised 2009 global growth from minus 1.7% to minus - [YES, $8,000 First-Time Homebuyer Tax Credit CAN be used as down-payment on an FHA loan](https://www.maxleaman.com/yes-8000-first-time-homebuyer-tax-credit-can-be-used-as-down-payment-on-an-fha-loan/) - Effective 6/22/09 , the $8,000 first-time homebuyer tax credit can be used as down payment on an FHA loan. Below are some highlights of the program. Please note there is only a limited amount of funds, $5 million. It is first come first serve and when its gone its gone. Please let me know if - [Mortgage pricing translation; don’t expect reprices for the better of any great proportion. ](https://www.maxleaman.com/mortgage-pricing-translation-don’t-expect-reprices-for-the-better-of-any-great-proportion/) - The market has been a little tipsy this morning, primarily on the Housing news and the start of the FOMC meeting (interest rate change and policy statement 6/24 at 1:15 pm cst). Details of today’s 2 year note auction just hit the tape. 40 billion crossed the screen with a strong bid to cover ratio - [We favor the market consensus which calls for no change in mortgage rates or policy statement. ](https://www.maxleaman.com/we-favor-the-market-consensus-which-calls-for-no-change-in-mortgage-rates-or-policy-statement/) - Traders, both in stocks and bonds are on edge this morning as the FOMC decision looms. Earlier today, Durable Goods Orders surprise to the upside, posting a plus 1.8% while the ex-transportation index rose 1.1%. Economist were expecting a drop of .6%. Although this is a volatile piece of data, the strong showing will translate - [The Fed also reiterated that they will purchase 1.1 trillion in mortgage backs by year end in an effort to keep mortgage rates low. ](https://www.maxleaman.com/the-fed-also-reiterated-that-they-will-purchase-1-1-trillion-in-mortgage-backs-by-year-end-in-an-effort-to-keep-mortgage-rates-low/) - Fast market conditions exist with the 10 year note currently down 11/32’s (yield 3.69%), mortgage backs off 3/32’s, and stocks up 40 something on the Dow. No talk of exit strategy or change in the Fed Funds rate. For the most part, the statement was “Ham on Rye”. Talk of continued weakness in the economy - [High probability of a worsening mortgage price change. ](https://www.maxleaman.com/high-probability-of-a-worsening-mortgage-price-change/) - High probability of a worsening price change. Technical structure is forming an outside day down which is bearish in nature as well. - [FOMC Announcement](https://www.maxleaman.com/fomc-announcement/) - Release Date: June 24, 2009 For immediate release Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing - [For now, the price change alert is off but caution is still advised. ](https://www.maxleaman.com/for-now-the-price-change-alert-is-off-but-caution-is-still-advised/) - Mortgage backs seem to be the only instrument holding their own as we enter the final hour of trading. The 10 year note (down 14/32’s to yield 3.70%) and stocks (closing down 23 points as a late day slide developed) want nothing to do with the Fed. In our opinion, the part of their statement - [Early estimates call for job losses of 370K and the unemployment rate to print 9.6%](https://www.maxleaman.com/early-estimates-call-for-job-losses-of-370k-and-the-unemployment-rate-to-print-9-6/) - After a roller coaster month, started by the surprise payroll figures for May (minus 345K), we have returned to the scene of the crime. Today has been a quiet, no news day. The balance of the week will heat up in a hurry with Consumer Confidence, Case Shiller Home Price Index, and Chicago Purchasing Managers - [Tough to tell if we are seeing stabilization or some kind of an outlier, given the changes in manufacturing (auto makers) coming down the line in that region](https://www.maxleaman.com/tough-to-tell-if-we-are-seeing-stabilization-or-some-kind-of-an-outlier-given-the-changes-in-manufacturing-auto-makers-coming-down-the-line-in-that-region/) - Mixed markets have greeted us on this last day of the month, quarter, and midyear mark. Stocks opened unchanged but have drifted lower (down 100) on the heels of today’s consumer confidence report. Consumer Confidence slipped 5.5 points to 49.3. The market was looking for a slight gain to 55.0. Both present and future expectations - [With housing affordability at an all time high and 8K from Uncle for first time buyers, the improvement is meager at best.](https://www.maxleaman.com/with-housing-affordability-at-an-all-time-high-and-8k-from-uncle-for-first-time-buyers-the-improvement-is-meager-at-best/) - Report. Citing job losses of 473K with the Unemployment Rate at 9.6%, the print was well above expectations. Pending Home Sales were also released, squeaking out a .1% increase from the April figure. With housing affordability at an all time high and 8K from Uncle for first time buyers, the improvement is meager at best. - [Many of the Wall Street firm are in our same neighborhood, looking for Nonfarm Payrolls to fall 500K plus. Given any number over 400K, we would expect bonds and mortgage pricing to hold their own or rally slightly. Given a number of 500K plus (losses), improvement in mortgage pricing of .50 bps would not be a surprise. ](https://www.maxleaman.com/many-of-the-wall-street-firm-are-in-our-same-neighborhood-looking-for-nonfarm-payrolls-to-fall-500k-plus-given-any-number-over-400k-we-would-expect-bonds-and-mortgage-pricing-to-hold-their-own-or/) - Nonfarm Payrolls – Minus 363K Unemployment Rate – 9.6% Average Workweek – Unchanged Average Hourly Earnings – Unchanged Remember just one month ago. 4.875% was trading at a premium until the May Employment Report shocked the “street” with a minus 345K print (we were looking for minus 550K). With the consensus call at 363K, we - [Expecting 1% to 1 ½% growth could be in vogue for years. What this means for our mortgage industry is a period of low rates well into the future. ](https://www.maxleaman.com/expecting-1-to-1-½-growth-could-be-in-vogue-for-years-what-this-means-for-our-mortgage-industry-is-a-period-of-low-rates-well-into-the-future/) - Just like a blind squirrel finding a nut every once in a while, our jobs estimate came close to the mark. Nonfarm Payrolls fell 467K, Unemployment Rate 9.5%. and the Workweek/Average Hourly Earnings virtually unchanged. Jobs losses were across the board with only the health care and education sectors showing any gains. Even the government - [Light news week ahead “should” keep the market quiet. Stocks and the auctions will spark the volatility. ](https://www.maxleaman.com/light-news-week-ahead-“should”-keep-the-market-quiet-stocks-and-the-auctions-will-spark-the-volatility/) - The market has taken a moment to catch its breath, dipping in consolidative fashion on both stocks and bonds. Stocks are feeling the effects of last Thursday’s sour payroll numbers, currently off 35 points on the big board. Perception has turned on a dime from one of “green shoots” in a stabilizing economy to one - [Looking at the bigger picture, it’s hard to see much of any growth coming from a consumer that is becoming increasingly delinquent on credit card debt, home improvement loans, and quality first mortgages](https://www.maxleaman.com/looking-at-the-bigger-picture-it’s-hard-to-see-much-of-any-growth-coming-from-a-consumer-that-is-becoming-increasingly-delinquent-on-credit-card-debt-home-improvement-loans-and-quality-firs/) - After an early morning dip, notes, bonds, and mortgage backs are seeing a comeback. Stocks on both the Dow and the Naz are in the soup, down 83 and 23 respectfully. The 3 year auction is in the books with 35 billion of the new issue crossing the tape to yield 1.519%. Indirect bidders were - [Potential mortgage price changes for the better should be around the corner, given that current levels hold](https://www.maxleaman.com/potential-mortgage-price-changes-for-the-better-should-be-around-the-corner-given-that-current-levels-hold/) - Results of the 10 year auction just hit the tape, trading at a yield 3.365%. Indirect bidders took nearly 50% of the deal (very strong) while the bid to cover was 3.28 to 1 (strong). The issues was bid 5.5 bps through the screen, meaning that everyone and their mother wanted to buy it. The - [Continued selling in a thin market has taken the yield on the 10 year note right back to the highest level in months (3.37%)](https://www.maxleaman.com/continued-selling-in-a-thin-market-has-taken-the-yield-on-the-10-year-note-right-back-to-the-highest-level-in-months-337/) - Continued selling in a thin market has taken the yield on the 10 year note right back to the highest level in months (3.37%). The selling has come out of thin air, with mortgage bankers selling supply into the down trade. With Junior traders about to take the reins at fixed income desks, thin market - [Illiquid market trading is pushing the market around this morning](https://www.maxleaman.com/illiquid-market-trading-is-pushing-the-market-around-this-morning/) - Illiquid market trading is pushing the market around this morning. We started the day with the 10 year note up 8/32’s, trading at a yield of 3.17%. However, within the last few minutes, traders have turned sellers in treasuries and mortgage backed securities. Currently, we are off 17/32’s on the note (yield 3.26%) while MBS - [Maybe a price change for the better in the making! ](https://www.maxleaman.com/maybe-a-price-change-for-the-better-in-the-making/) - Just off the wire, the FOMC sees significant risk to the downside within the economy and at the same time, bumping their forecast of unemployment, now going to 9.0% to 9.5% and GDP coming in at minus 2% for the second quarter. Their comments tried to be on the positive side but the numbers they - [April Housing Starts fell to a new record low this morning, down 12.8% to 458K units](https://www.maxleaman.com/april-housing-starts-fell-to-a-new-record-low-this-morning-down-128-to-458k-units/) - April Housing Starts fell to a new record low this morning, down 12.8% to 458K units. The April decline was due in most part to a 42% drop in multi-family housing units. Single family homes were not much better, falling to a record low 185K units. The West had a good month, up 26.6% while - [Expect mortgage pricing to hold if we can stay below 3.25% on the 10 year note](https://www.maxleaman.com/expect-mortgage-pricing-to-hold-if-we-can-stay-below-325-on-the-10-year-note/) - It’s been a busy Monday in the market. Stocks caught an early bid on the heels of some upgrades on financial stocks and a better than expected earnings report from Lowe’s. The only news of the day came via the National Association of Home Builders/Wells Fargo Housing Market Index which rose 2 points to 16. - [Given the high profile data this week, mortgage pricing and note yields have done well](https://www.maxleaman.com/given-the-high-profile-data-this-week-mortgage-pricing-and-note-yields-have-done-well/) - CPI, inflation at the consumer level, hit the tape unchanged on the “headline” number and up .3% on the core index (ex-food and energy). The print was close to expectations with the core level just a touch higher than predicted. Within the numbers: energy fell 2.4% (should reverse next month due to oil prices), food - [Retail Sales Decline ](https://www.maxleaman.com/retail-sales-decline/) - After several weeks of improving economic forecasts, weaker than expected economic data this week tempered some of the optimism for a near-term recovery, which was favorable for mortgage markets. Tame inflation data and sustained Fed purchases of mortgage-backed securities (MBS) also helped. As a result, mortgage rates fell moderately during the week. With a - [Keep an eye on stock market direction as mortgage pricing will trade just the opposite](https://www.maxleaman.com/keep-an-eye-on-stock-market-direction-as-mortgage-pricing-will-trade-just-the-opposite/) - The menu today features a bowl of bank stocks coming to market, all in an attempt to take care of their stress test needs, oversold conditions in treasuries due to last week’s plate full of auction paper, and a touch of Fed buying in long dated treasuries to prop up the market. Converting all of - [Improved Economic Outlook ](https://www.maxleaman.com/improved-economic-outlook/) - Increased optimism about the pace of an economic recovery helped the stock market and hurt bond markets this week. As a result, mortgage rates ended the week a little higher. Mortgage rates are being pressured by concerns that an economic rebound will bring increased inflation sooner than recently thought. In addition, large Treasury auctions are - [Fed Stays Course and Mortgage Rates Rise ](https://www.maxleaman.com/fed-stays-course-and-mortgage-rates-rise/) - Mortgage rates moved lower ahead of Wednesday's Fed meeting, but they rose following the Fed announcement and ended the week a little higher. Demand for the $101 billion in this week's Treasury auctions was average, and foreign investors purchased a healthy 29% to 33% of each auction. The stock market ended the week with little - [Mortgage pricing today has been more about timing than anything](https://www.maxleaman.com/mortgage-pricing-today-has-been-more-about-timing-than-anything/) - Meant to post yesterday: Today’s stock swoon, due to financial sector led selling, has given us a little boost this morning. Earlier today, Leading Economic Indicators fell .3% to 98.1, .1% worse than expectations. The board’s lagging indicator index fell .4% as only one of the seven components advanced. While stock market gains, money supply - [Mortgage pricing will worsen TODAY](https://www.maxleaman.com/mortgage-pricing-will-worsen-today/) - Just a heads up as the 10 year note is off 30/32’s (yield 2.94%) and MBS off 10/32’s. Any close in futures 2:00 pm cst or cash 4:00 pm cst at current levels will not look pretty on the chart. Price change for the worse is around the corner... - [With monthly, weekly, and daily charts mixed, expectations are for this level to hold and return towards the middle of the range. This would improve mortgage pricing should it occur. Trouble is, correlations between chart work, cash trading, Fed manipulation, and policy maker mumbo jumbo are nonexistent. In other words, the best advice is to form a plan and execute or, give an hour or two, the opportunity may be gone. ](https://www.maxleaman.com/with-monthly-weekly-and-daily-charts-mixed-expectations-are-for-this-level-to-hold-and-return-towards-the-middle-of-the-range-this-would-improve-mortgage-pricing-should-it-occur-trouble-is-cor/) - Both the market and the weather are stormy in Austin. Both bonds and stocks are in the red. The only news of the day has been the Michigan Sentiment Survey, posting a gain of 4.6 points to 61.9. Current conditions rose 3 points to the highest level since December 2008 while future expectations rose 5 - [Just in the last hour, sellers have entered and without the Fed in the market buying, the bears are in control. ](https://www.maxleaman.com/just-in-the-last-hour-sellers-have-entered-and-without-the-fed-in-the-market-buying-the-bears-are-in-control/) - Sellers are leaning on the market, giving the fast money types little resistance since the Fed is not in today’s market. Weekly Unemployment Claims fell 44K to 610K, well below market estimates for a 655K print. Continuing Claims rose once again to a record 6.022 million. We don’t see this as any huge improvement - [We expect a good close (below 2.81%) and see the market as neutral/bullish near term, trading at current levels or a little better near the center of the range](https://www.maxleaman.com/we-expect-a-good-close-below-281-and-see-the-market-as-neutralbullish-near-term-trading-at-current-levels-or-a-little-better-near-the-center-of-the-range/) - Happy Tax Day! CPI, inflation at the consumer level, fell .1% while the core index was up .2%. Forecasters were looking for a plus .1% print on the headline number and a plus .1% number within the core sector. Falling food, energy, and transportation costs more than offset the a rise in goods and services, - [Bonds, notes and mortgage backs have rallied this morning as stocks take a breather from their 25% bear market pop](https://www.maxleaman.com/bonds-notes-and-mortgage-backs-have-rallied-this-morning-as-stocks-take-a-breather-from-their-25-bear-market-pop/) - Bonds, notes and mortgage backs have rallied this morning as stocks take a breather from their 25% bear market pop. Volume on all fronts, equities and fixed income are light as most of the world’s markets are closed for “Easter Monday.” Hope you and yours had a nice weekend as well. As we mentioned, stocks - [Great job by those borrowers who locked in your Austin mortgage rate yesterday. You caught the market at its best level in quite some time.](https://www.maxleaman.com/great-job-by-those-borrowers-who-locked-in-your-austin-mortgage-rate-yesterday-you-caught-the-market-at-its-best-level-in-quite-some-time/) - Says she had enough of me The opening words to a great song by George Strait, seems to be the way the market treats us mortgage bankers lately. After a ½ point rally late Tuesday and Wednesday, Thursday’s market has taken a U turn, giving back most of those gains. Weekly claims may have had - [Another sign of stabilization in a recessionary economy](https://www.maxleaman.com/another-sign-of-stabilization-in-a-recessionary-economy/) - Mortgage backed securities rallied in late afternoon trading yesterday, then proceeded to follow the trend higher (additional rally) early this morning. Applications for mortgages in the latest MBA survey, jumped 11.1% on the purchase index and 3.2% for refinances. Not bad as a little stability and hope seems to be entering the market. Same thing - [ Overall, we like the neutral bias with steady to slightly improving mortgage pricing](https://www.maxleaman.com/overall-we-like-the-neutral-bias-with-steady-to-slightly-improving-mortgage-pricing/) - Bears are back on the prowl, eating their way into gains of late on both the Dow and the Naz. Pessimism about weak 1st quarter earnings and undisclosed toxic assets on stateside bank balance sheets are mostly to blame. Profit taking, after a 25% rally from the March bottom is also in play. With the Dow - [With the environment for Austin mortgage pricing so helter skelter, one must move quickly to have a chance](https://www.maxleaman.com/with-the-environment-for-austin-mortgage-pricing-so-helter-skelter-one-must-move-quickly-to-have-a-chance/) - Like a true natures child, the market was born, born to be wild. Great lyrics and certainly fits the markets of late. With the environment for mortgage pricing so helter skelter, one must move quickly to have a chance. Take for example, the move just a month ago on the FOMC announcement. Since that - [Given the weak economic conditions and heavy Fed buying influence, we feel this is closer to a bottom than a new bearish move in the making](https://www.maxleaman.com/given-the-weak-economic-conditions-and-heavy-fed-buying-influence-we-feel-this-is-closer-to-a-bottom-than-a-new-bearish-move-in-the-making/) - Meant to post this late Friday. Notes, bonds, and mortgage backs are taking a little heat as low volume selling continues to pepper the market. Currently, stocks are off 20 points, 10 year note off 34/32’s, and mortgage backs are off 11 to 14/32’s depending on the note rate. If you look at the attached - [Mortgage pricing worse, stock prices worse](https://www.maxleaman.com/mortgage-pricing-worse-stock-prices-worse/) - Meant to post this Friday. March payrolls hit the skids for another 663K job losses while the unemployment rate jumped to 8.5%, a 25 year high. January figures raised the most eyebrows as revisions pushed job losses to 741K, the largest one month decline since October 1949. Jobs were shed in all sectors of the - [It’s hard to see mortgage pricing or rates getting worse any time soon](https://www.maxleaman.com/it’s-hard-to-see-mortgage-pricing-or-rates-getting-worse-any-time-soon/) - Meant to post this late Thursday. Once again, tomorrow’s featured economic release will be the Employment Report for March. Set to hit the tape at 7:30 am cst Friday, more than one economist is expecting the largest one month drop in 60 years. With consumer spending at a standstill and factory output continuing to slide, - [A mortgage price change for the worse is right around the corner](https://www.maxleaman.com/a-mortgage-price-change-for-the-worse-is-right-around-the-corner/) - Just a quick update as we see the market start to slip away. Currently, mortgage backs are off a smooth 9/32’s from yesterday’s close. Since we priced down 3/32’s, a price change for the worse is right around the corner. Stocks are flying, up over 300 on the big board and the 10 year note - [Austin Mortgage Rates Hold Low Levels ](https://www.maxleaman.com/mortgage-rates-hold-low-levels/) - The Fed announcement last week about an expansion of the mortgage-backed securities (MBS) purchase program pushed mortgage rates down to the lowest levels in decades, according to the weekly surveys from the Mortgage Bankers Association (MBA) and Freddie Mac. This week, mortgage rates held the improvement, ending nearly unchanged from last Friday. The Treasury unveiled - [There’s an old saying among traders, “don’t fight the Fed.” Certainly fits in today’s market and maybe we should add “let the big dog eat.”](https://www.maxleaman.com/there’s-an-old-saying-among-traders-“don’t-fight-the-fed”-certainly-fits-in-today’s-market-and-maybe-we-should-add-“let-the-big-dog-eat”/) - Fast market conditions exist as the 10 year note has gone from plus 9/32’s to down 9/32’s in the last 15 minutes. Short term patterns that pointed to higher levels (rally), met their objectives and have slipped away from the best levels of the day. Earlier today, Personal Income hit the tape down .2% - [Stocks off 17 on the Dow yet all markets have a high degree of volatility. This market is nothing to mess around with. ](https://www.maxleaman.com/stocks-off-17-on-the-dow-yet-all-markets-have-a-high-degree-of-volatility-this-market-is-nothing-to-mess-around-with/) - Although the Fed has been in buying the long end of the curve (10 year note/30 year bond), their bid has faded. Currently, the 10 year note is off 37/32’s, trading at a yield of 2.79%. The bond is off over 2 points. Mortgage backs have started to fade as well, now off 6/32’s. Stocks - [We believe the slow grind to higher yields, worsening mortgage pricing has nearly run its course](https://www.maxleaman.com/we-believe-the-slow-grind-to-higher-yields-worsening-mortgage-pricing-has-nearly-run-its-course/) - Treasury traders have had to be quick as a cat , sidestepping the land mines such as China, Fed, Treasury, Capitol Hill, 98 billion in auction paper this week, and Barney Frank lifting their wallet. Less than a week a ago, the 10 year note was trading near 2.50% post FOMC shock and awe. Today, - [Overlapping patterns suggest that the selling last Wednesday (afternoon), Thursday, and Friday was corrective in nature so the possibility of lower mortgage rates/better pricing has a high probability](https://www.maxleaman.com/overlapping-patterns-suggest-that-the-selling-last-wednesday-afternoon-thursday-and-friday-was-corrective-in-nature-so-the-possibility-of-lower-mortgage-ratesbetter-pricing-has-a-high-probability/) - Lots to talk about on this Monday morning. Overseas, it appears as if Treasury Secretary Geithner smoozed the Chinese, helping to smooth relations with their ongoing appetite for Uncle Sam’s debt. China came out endorsing the continued purchase of Treasuries even in spite of our dollar’s weakness. Hum. Wonder what he promised to buy? Speaking - [Given the firepower the Fed is willing to throw at the market via Quantitative Easing, we would not expect to see mortgage rates rise much further. We are however very close to a worsening price change](https://www.maxleaman.com/given-the-firepower-the-fed-is-willing-to-throw-at-the-market-via-quantitative-easing-we-would-not-expect-to-see-mortgage-rates-rise-much-further-we-are-however-very-close-to-a-worsening-price-chan/) - Market wise, we see this as a period of consolidation, one that is more about fatigue. So much has been going on with TARP, TALF, AIG, FOMC, and U and ME that the market is simply wore out. Given the firepower the Fed is willing to throw at the market via Quantitative Easing, we would not expect to see mortgage rates rise much further. We are however very close to a worsening price change. - [Fed Surprise Lowers Mortgage Rates ](https://www.maxleaman.com/fed-surprise-lowers-mortgage-rates/) - Thanks to a Fed announcement (see below) which exceeded all expectations, it was a big week for mortgage markets. Mortgage rates ended the week down significantly, falling near the lows reached in January. The stock market and Treasury market also performed well during the week. Following Wednesday's meeting, the Fed shocked investors with an - [Fast market conditions exist in both bonds and stocks as traders try to adjust to the phrase, “what is value”](https://www.maxleaman.com/fast-market-conditions-exist-in-both-bonds-and-stocks-as-traders-try-to-adjust-to-the-phrase-“what-is-value”/) - Fast market conditions exist in both bonds and stocks as traders try to adjust to the phrase, “what is value.” The 10 year note, which was up as much as 10/32’s, is currently down 12/32’s. Mortgage backs, especially in the low coupon (4.50% to 4.875% note rates) were up as much as 15/32’s in the early - [The 10 year note dropped 50 basis points, posting the biggest one day rally (over 4 points) I’ve ever seen](https://www.maxleaman.com/the-10-year-note-dropped-50-basis-points-posting-the-biggest-one-day-rally-over-4-points-i’ve-ever-seen/) - Yesterday’s shock and awe move by the Federal Reserve has once again thrown us another challenge. The 10 year note dropped 50 basis points, posting the biggest one day rally (over 4 points) I’ve ever seen. Mortgage backs have followed suit, up about 1 point or more from Tuesday’s close. These are unprecedented times. - [FOMC interest rate change and policy statement - Lower mortgage rates are on the way](https://www.maxleaman.com/fomc-interest-rate-change-and-policy-statement-lower-mortgage-rates-are-on-the-way/) - Release Date: March 18, 2009 For immediate release Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending. Weaker sales prospects and difficulties in obtaining - [In situations like this, Goldilocks would tell you to take advantage of mortgage pricing](https://www.maxleaman.com/in-situations-like-this-goldilocks-would-tell-you-to-take-advantage-of-mortgage-pricing/) - Retail Sales hit the tape this morning, down .1% while the ex-autos component rose .7%. Both were better than expected. January sales were revised higher as well, up 1.8% from the previously reported plus 1.0%. The slight decline in February was due to a 4.3% drop in auto and auto parts sales, the largest decline - [Call the market neutral with a slight edge toward the bears. Mortgage pricing should however, hang it there a current levels. ](https://www.maxleaman.com/call-the-market-neutral-with-a-slight-edge-toward-the-bears-mortgage-pricing-should-however-hang-it-there-a-current-levels/) - Meant to post this yesterday.... Fed Chief Ben Bernanke, speaking on Financial Reforms to Address Systemic Risk, finally gave the market a dose of clear communication in both his speech and the Q and A period. I thought his delivery was straight forward, definitive, and at times funny. He repeated the statement that the Fed, - [If this happens, your 401K which is now a 201K, will turn into a 101K...](https://www.maxleaman.com/if-this-happens-your-401k-which-is-now-a-201k-will-turn-into-a-101k/) - Ah, meant to post this Friday.... Yesterday’s close on the Dow, a 6-year low, has brought back the flight to quality crowd who are hitting the offer for bonds, notes, mortgage backs, gold, and anything else that fall under the safe haven umbrella. Stocks took out the November low, punishing most sectors, especially the financials. - [This type of market will typically tread water until better info becomes available, forming a trending market](https://www.maxleaman.com/this-type-of-market-will-typically-tread-water-until-better-info-becomes-available-forming-a-trending-market/) - Both stocks and bonds have been a little sloppy today, trading in opposite directions. Stocks opened on the plus side, getting a lift from White House statements talking about keeping banks and other financial institutions in private hands, not having any intentions of nationalizing them. Citibank, however, is back with hat in hand, looking for - [We expect the lower levels to hold and better mortgage pricing to emerge into next week](https://www.maxleaman.com/155/) - Sorry -- this post was from yesterday -- couldn't get to WordPress! Here it is: With 5 minutes to go, stocks have rallied back from down over 150 points to nearly unchanged. With that trade, bonds set sail, falling off a cliff on the chart. Currently, the 10 year note is down 39/32’s (yield 2.94%) - [Our one trick pony (Federal Treasury) buying mortgage backs, attempting to keep mortgage rates low](https://www.maxleaman.com/our-one-trick-pony-federal-treasury-buying-mortgage-backs-attempting-to-keep-mortgage-rates-low/) - Slip sliding away, you know the closer your destination , the more you slip sliding away. Simon and Garfunkel hit song not only talks about lost opportunities in life but in mortgage pricing as well. Case in point: Weekly unemployment Claims up 36K to 667K, Continuing Claims up 114K, both record highs Durable Goods, down - [Overall, you can see that we are talking about 2 or 3 years of repair work ahead of us](https://www.maxleaman.com/overall-you-can-see-that-we-are-talking-about-2-or-3-years-of-repair-work-ahead-of-us/) - Take a look at this chart dating back to 1996. The chart represents the futures contract equivalent of the Dow Jones 500. First of all, look at the two tops which occurred in 2000 and 2007. This is what traders call a “classic double top.” Next look at the channel line which starts in - [Looks good but as many trader has said in the past, “don’t get married to it”](https://www.maxleaman.com/looks-good-but-as-many-trader-has-said-in-the-past-“don’t-get-married-to-it”/) - Meant to post this yesterday.... Doom and gloom as grabbed the stock market by the throat this morning, sending stocks reeling for nearly 300 points on the big board. Pick your poison, whether it be: The Stimulus (Spending) Plan, The market’s lack of confidence in Treasury Secretary Geithner, Global economies and equities slumping, State and - [Stimulus Plan First-Time Homebuyer Tax Credit](https://www.maxleaman.com/stimulus-plan-first-time-homebuyer-tax-credit/) - Stimulus Plan First-Time Homebuyer Tax Credit The Stimulus Plan was signed into law by President Obama today. It contains a new tax credit for first-time homebuyers. Essentially, first-time homebuyers within certain income limits who purchase a home in 2009 before December 1, 2009 will receive a tax credit of up to $8,000. The program is - [If red is in vogue, then both bonds and stocks have dressed appropriately. ](https://www.maxleaman.com/if-red-is-in-vogue-then-both-bonds-and-stocks-have-dressed-appropriately/) - Happy Friday the thirteenth and Valentines eve. If red is in vogue, then both bonds and stocks have dressed appropriately. Stocks off 42 points on the big board, the 10-year note down 1 point( yield 2.85%), 30-year bond down 2 and 3/4th point (yield 3.60%), and mortgage backs off a smooth ½ point. The University - [Hot off the wire, the Obama Administration just announced plans to lower financing costs for homeowners with problem mortgages](https://www.maxleaman.com/hot-off-the-wire-the-obama-administration-just-announced-plans-to-lower-financing-costs-for-homeowners-with-problem-mortgages/) - Hot off the wire, the Obama Administration just announced plans to lower financing costs for homeowners with problem mortgages. After testing the means of the borrower and setting a new value for the home, the government will subsidize the monthly mortgage payments. FNMA and FHLMC will assist in the process. Not much change with mortgage - [Market reaction has been bearish for both bonds and stocks](https://www.maxleaman.com/market-reaction-has-been-bearish-for-both-bonds-and-stocks/) - Weekly Unemployment Claims dropped 8K to 623K while Continuing Claims rose 11K to a new record high. The four-week moving average rose to 607K, the first time we’ve been in the 600 handle since November 1982. Retail Sales were also released, surprising to the upside with a print of plus 1%. The ex-autos component was - [8 major bank CEO’s are testifying before Congress on “How I spent the TARP money” ](https://www.maxleaman.com/8-major-bank-ceo’s-are-testifying-before-congress-on-“how-i-spent-the-tarp-money”/) - Earlier today: The December Trade Deficit fell 4% to 39.9 billion, the lowest level since February 2003. Exports of goods and services fell 6% to 133.8 billion, the lowest level since May 2007. Imports fell roughly the same percentage and together, narrowed the trade gap with China by 13.8%. In other news, we - [Overall, call it neutral with a slight edge to the bulls](https://www.maxleaman.com/overall-call-it-neutral-with-a-slight-edge-to-the-bulls/) - Yesterday, Mortgage Backed Securities closed up 24/32s. Stocks had a not so good day (don’t look at your 401K). The market responded to vagueness in the rescue package put forth by Treasury Secretary Geithner as it seems the market knew everything about what he was going to say before he said it. Maybe he’s been - [Best bet is to take the money and run (good pricing), at least for February and early March mortgages](https://www.maxleaman.com/best-bet-is-to-take-the-money-and-run-good-pricing-at-least-for-february-and-early-march-mortgages/) - Treasury Secretary Geithner announced his Financial Stability Program of 500 billion in government financing with the possibility to roll it up to 1 billion. The “public-private” investment fund, comprised of the Fed, FDIC, the Treasury, and private capital will determine the prices for troubled, illiquid assets. Another part of the plan, TALF (troubled assets relief - [Good time to take advantage of the rally as god knows what those on the Hill will do to us as the day moves on](https://www.maxleaman.com/good-time-to-take-advantage-of-the-rally-as-god-knows-what-those-on-the-hill-will-do-to-us-as-the-day-moves-on/) - Markets are locked and loaded with the: Treasury Secretary Geithner’s rescue plan announcement coming at 10:00 am CST, Federal Reserve Chairman Bernanke’s testimony before the House Financial Services Committee around high noon, and the vote on the stimulus package due around 1:00 CST. Geithner’s baby is about 1.5 trillion, aimed at buying securities backed by - [All the fireworks will come from Capitol Hill](https://www.maxleaman.com/all-the-fireworks-will-come-from-capitol-hill/) - Just hit the wire, the new stimulus plan has just been tentatively agreed upon in the Senate. That plan, along with TARP II, the new and improved rescue plan for financial institutions, will be revealed on Monday. At this time, details are sketchy. Should make for a volatile, manic Monday. Stocks were the - [What you are seeing here is consumer who is unemployed or under-employed, going into full-preservation mode](https://www.maxleaman.com/what-you-are-seeing-here-is-consumer-who-is-unemployed-or-under-employed-going-into-full-preservation-mode/) - Nonfarm Payrolls fell 598K, blowing by market expectations of minus 525K. The unemployment rate also jumped, posting a 7.6% level, the highest in more than 16 years. Service sector jobs did the most damage, falling 279K while most of us built in a number closer to 230K. Overall, the number is something of concern as - [The higher the jobs loss number, the more the market will rally](https://www.maxleaman.com/the-higher-the-jobs-loss-number-the-more-the-market-will-rally/) - Once again, it is time for the high profile jobs report. Set for tomorrow at 7:30 am cst, market expectations are for the following; Nonfarm Payrolls – Minus 524K jobs Unemployment Rate – 7.5% Hourly Earnings – Plus .2 Hourly Workweek – 33.3 hours If you look at the industry-by-industry numbers, along with the weekly - [This market is not out of the woods by any means but the potential for a nice rally to develop is clear](https://www.maxleaman.com/this-market-is-not-out-of-the-woods-by-any-means-but-the-potential-for-a-nice-rally-to-develop-is-clear/) - Weekly Unemployment Claims hit the tape this morning, up 35K to 626K while Continuing Claims rose to a record 4.788 million. It’s interesting that in each case the current data is bumping up against or surpassing record high levels that were hit in the fall of 1982. That period marked the peak of jobless claims - [This market is dangerous and waiting for 4% to 4.5% mortgage rates is fool’s gold (at least for now)](https://www.maxleaman.com/his-market-is-dangerous-and-waiting-for-4-to-45-mortgage-rates-is-fool’s-gold-at-least-for-now/) - To borrow from the great Winston Churchill: I cannot forecast to you the action of the markets. It is a riddle, wrapped in a mystery, inside an enigma; but perhaps there is a key. For now, the “key” is supply and demand, especially when it comes to treasuries and mortgage-backed securities. Capitol Hill is not - [December Pending Home Sales Beat Expectations](https://www.maxleaman.com/december-pending-home-sales-beat-expectations/) - December Pending Home Sales hit the tape: plus 6.3%, printing the index at 87.7. This was the highest reading since September 2008. Economists were expecting the index to come in at 82.3. Pending Home Sales rose in areas where affordability conditions improved such as the South and Midwest. The West and Northeast posted negative numbers. - [Expect mortgage rates and pricing to hold steady (at current levels)](https://www.maxleaman.com/expect-mortgage-rates-and-pricing-to-hold-steady-at-current-levels/) - 4th Quarter GDP fell 3.8%, the slowest quarterly pace in 27 years. The number however, was better than market expectations of minus 5.5%. The drop was due in large part to another sharp decline in consumer spending. Business investment was also down, falling 19.1%. The Employment Cost Index was also released, up .5% and - [Traders refer to this kind of a day as ‘blood in the street”](https://www.maxleaman.com/traders-refer-to-this-kind-of-a-day-as-‘blood-in-the-street”/) - No place to hide in the market today. Mortgage backs down 31/32’s, 10-year note down 1 and 7/8th points, and the Dow off 228. Traders refer to this kind of a day as ‘blood in the street.” Today, Mortgage Market Guide's Barry Habib makes a great point about the Fed’s involvement in purchasing MBS and how - [Feds Balk, Market Walks](https://www.maxleaman.com/feds-balk-market-walks/) - Rational market behavior is not the theme for today. Economic data was downright nasty, yet bonds and mortgage backs are both in the red. Weekly Unemployment Claims hit the tape up 3K to 588K while Continuing Claims rose to record highs. Durable Goods orders were no better, falling 2.6% and excluding transportation, dropped 3.6%. We - [Main focus for the markets: FOMC statement](https://www.maxleaman.com/main-focus-for-the-markets-fomc-statement/) - The FOMC statement was the main focus for the markets today, with the long end of the treasury curve and mortgage backed securities taking the brunt of the selling after the release. Word has it that the lack of commitment by the Fed to buy long-dated treasury issues sparked the selling, even though the statement - [Fed kept the target funding rate unchanged](https://www.maxleaman.com/fed-kept-the-target-funding-rate-unchanged/) - Touting a significant Global slowdown, the Fed kept the target funding rate unchanged. In the policy statement, the language concerning the purchase of Agency paper (MBS) remained unchanged. They did however, open up the possibility of buying treasuries to keep interest rates stable. Fast markets exist with mortgage back securities down 3 to 5/32’s, stocks - [Fed talk of good bank, bad bank scenario sends Dow up 128 points](https://www.maxleaman.com/fed-talk-of-good-bank-bad-bank-scenario-sends-dow-up-128-points/) - Day two of the Federal Open Market Committee meeting is upon us with results/policy statement due out at 1:15 pm CST. The Fed is expected to stand Pat with the potential to announce the addition purchase of treasuries and/or other consumer-backed paper (credit card debt, car loans, etc.). Talk on the street has also surface - [Expect the tight-range trade to continue](https://www.maxleaman.com/expect-the-tight-range-trade-to-continue/) - A quiet, yet positive trade has developed today with month's end and nasty weather setting in. Earlier this morning, S & P Case Shiller Home Price Indices continued to set new record lows as the 10-City Index fell 27% and the 20-City Index fell 25%. Phoenix and Las Vegas posted the largest declines, year-on-year of ## Pages - [Home](https://www.maxleaman.com/) - Max Leaman Team is the #1 Austin Mortgage Team to purchase, refinance and renovate property anywhere in Texas. Email LeamanTeam@LoanPeople.com or call (512) 710-1400. Leaman Team at LoanPeople offers Austin mortgage with conventional, FHA, VA loan, investment property loan, jumbo loan, condo mortgage, non-warrantable condo loans, divorce mortgage, USDA loan, DSCR, Non-QM loan, bank statement loans, ITIN and foreign national loans, asset qualifier loans, down payment assistance and renovation loans to name only a few loan products. - [About](https://www.maxleaman.com/about-mortgage/) - Since 2001, Leaman Team's daily mission is to deliver incredible rates and speed with five-star service. Call Leaman Team today - (512) 710-1400. You can reach Leaman Team quickly by office phone (512) 710-1400 or by email LeamanTeam@LoanPeople.com. Headquartered in Austin, Texas, Leaman Team provides home financing for properties located anywhere in AL, AR, CO, FL, GA, LA, MD, MI, MS, NM, OK, TN, TX, VA & WA. - [Contact](https://www.maxleaman.com/contact-mortgage/) - Contact Leaman Team | LoanPeople - Call now (512) 710-1400 or email LeamanTeam@LoanPeople.com. We respond to inquiries ASAP, usually within 10 minutes during work hours. If you or someone you know has questions about home financing, we are here to help! - [Austin FHA Loan](https://www.maxleaman.com/mortgage-resources/mortgage-programs/austin-fha-loan/) - Austin FHA Loan - Austin FHA loans with Leaman Team have excellent Austin mortgage rates, low fees, and close on time. Get a great Austin FHA loan with Leaman Team. Serving Austin, Dallas, Houston, Fort Worth, San Marcos, San Antonio and all of Texas. Call now: (800) 301-3405. - [Quick Links](https://www.maxleaman.com/links/) - Great Mortgage RatesPURCHASE & REFINANCE Call (512) 710-1400, use the form or email LeamanTeam@LoanPeople.com. Contact Us First Name * Last Name * Email * Phone Real Estate Agent How'd You Hear About Us? Message to Leaman Team reCAPTCHA If you are human, leave this field blank. 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Use this free mortgage calculator to calculate your monthly mortgage payment and determine your mortgage interest rate. Serving the greater borrowers nationwide, including Round Rock, Georgetown, Austin and Central Texas area. Call today - (512) 293-1239 - [Loan Types](https://www.maxleaman.com/mortgage-resources/mortgage-programs/loan-types/) - Mortgage ResourcesCall (512) 710-1400 or email LeamanTeam@LoanPeople.com. Mortgage Resources Mortgage Calculators Mortgage Programs & FAQs Mortgage Blog Condo Mortgage Specialists Texas Zip Code Maps Mortgage 101 Articles Credit Articles Archives – Past News, Articles, and Information Loan TypesLeaman Team | LoanPeople Freddie Mac began surveying rates in 1971 and today, conventional mortgage rates are still - [Mortgage Document Checklist](https://www.maxleaman.com/mortgage-resources/mortgage-101-articles/mortgage-document-checklist/) - Mortgage Checklist: Documents Needed - Quick Tips for Getting Started on Your Home Purchase. Buying a home can be a complex process, but it doesn't have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when Max Leaman needs them. Call today - (800) 301-3405. - [Travis County Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/travis-county-map/) - Official Travis County Map PDF. FREE Travis County, Texas Map. Serving the greater Round Rock, Georgetown, Austin and Central Texas area. Call today - (800) 301-3405. - [Texas County Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/texas-county-map/) - Texas Counties Map (PDF) - FREE Texas county map of all Texas Counties, including but not limited to Travis County, Dallas County, Harris County, Williamson County, Hays County, Denton County, Johnson County, Caldwell County, Ellis County, Brazos County, and Llano Counties Map. - [Waco Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/waco-zip-code-map/) - Waco Zip Code Map - FREE Waco zip code map for the greater Waco, Texas area. Waco zip codes include: 76701, 76702, 76703, 76704, 76705, 76706, 76707, 76708, 76710, 76711, 76714, 76715, 76716, 76795, 76797, 76798, 76799. - [Midland-Odessa Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/midland-odessa-zip-code-map/) - Midland-Odessa Zip Code Map - FREE zipcode map of Midland, Odessa, and Goldsmith. View zip codes of the greater Petroplex area of Midland-Odessa, TX. Midland/Odesssa zip codes include: 79760, 79761, 79762, 79763, 79764, 79765, 79766, 79768, 79769. - [Lubbock Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/lubbock-zip-code-map/) - Lubbock Zip Code Map - FREE Zipcode Map of Lubbock, Texas. Lubbock zip codes include: 79401, 79402, 79403, 79404, 79405, 79406, 79407, 79408, 79409, 79410, 79411, 79412, 79413, 79414, 79415, 79416, 79423, 79424, 79430, 79452, 79453, 79457, 79464, 79490, 79491, 79493, 79499. - [El Paso Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/el-paso-zip-code-map/) - El Paso Zip Code Map - FREE Zipcode Map El Paso, Texas. Central El Paso Downtown El Paso, Sunset Heights, East El Paso, Ysleta, Far East El Paso-Montana Vista, Mission Valley El Paso (Lower Valley and Ysleta, Texas), Northwest El Paso (Commonly known as West El Paso or Upper Valley), Northeast El Paso, and West Central El Paso. El Paso zip codes include: 9901, 79902, 79903, 79904, 79905, 79906, 79907, 79908, 79910, 79911, 79912, 79913, 79914, 79915, 79916, 79917, 79918, 79920, 79922, 79923, 79924, 79925, 79926, 79927, 79929, 79930, 79931, 79932, 79934, 79935, 79936, 79937, 79938, 79940, 79941, 79942, 79943, 79944, 79945, 79946, 79947, 79948, 79949, 79950, 79951, 79952, 79953, 79954, 79955, 79958, 79960, 79961, 79966, 79968, 79973, 79974, 79975, 79976, 79977, 79978, 79980, 79982, 79983, 79984, 79985, 79986, 79987, 79988, 79989, 79990, 79991, 79992, 79993, 79994, 79995, 79996, 79997, 79998, 79999, 88510, 88511, 88512, 88513, 88514, 88515, 88516, 88517, 88518, 88519, 88520, 88521, 88523, 88524, 88525, 88526, 88527, 88528, 88529, 88530, 88531, 88532, 88533, 88534, 88535, 88536, 88538, 88539, 88540, 88541, 88542, 88543, 88544, 88545, 88546, 88547, 88548, 88549, 88550, 88553, 88554, 88555, 88556, 88557, 88558, 88559, 88560, 88561, 88562, 88563, 88565, 88566, 88567, 88568, 88569, 88570, 88571, 88572, 88573, 88574, 88575, 88576, 88577, 88578, 88579, 88580, 88581, 88582, 88583, 88584, 88585, 88586, 88587, 88588, 88589, 88590, 88595. - [Corpus Christi Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/corpus-christi-zip-code-map/) - Corpus Christi Zip Code Map - FREE Zipcode Map Corpus Christi, Texas covering the greater Corpus Christi and Kingsville areas in the Aransas, Kleberg, and San Patricio counties. Corpus Christi, Texas zip codes include: 78401, 78402, 78403, 78404, 78405, 78406, 78407, 78408, 78409, 78410, 78411, 78412, 78413, 78414, 78415, 78416, 78417, 78418, 78419, 78426, 78427, 78460, 78461, 78463, 78465, 78466, 78467, 78468, 78469, 78470, 78471, 78472, 78473, 78474, 78475, 78476, 78477, 78478, 78480. - [San Antonio Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/san-antonio-zip-code-map/) - San Antonio Zip Code Map - FREE Zipcode Map of San Antonio, Texas. Map shows greater San Antonio area of Bexar, Medina, and Comal counties. San Antonio zipcodes include: 78201, 78202, 78203, 78204, 78205, 78206, 78207, 78208, 78209, 78210, 78211, 78212, 78213, 78214, 78215, 78216, 78217, 78218, 78219, 78220, 78221, 78222, 78223, 78224, 78225, 78226, 78227, 78228, 78229, 78230, 78231, 78232, 78233, 78234, 78235, 78236, 78237, 78238, 78239, 78240, 78241, 78242, 78243, 78244, 78245, 78246, 78247, 78248, 78249, 78250, 78251, 78252, 78253, 78254, 78255, 78256, 78257, 78258, 78259, 78260, 78261, 78262, 78263, 78264, 78265, 78266, 78268, 78269, 78270, 78275, 78278, 78279, 78280, 78283, 78284, 78285, 78286, 78287, 78288, 78289, 78291, 78292, 78293, 78294, 78295, 78296, 78297, 78298, 78299. - [Fort Worth Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/fort-worth-zip-code-map/) - Ft. Worth, TX Zip Code Map - FREE Fort Worth Zipcodes and Neighborhoods Map. View large Zip Code Map of Ft. Worth Texas, including but not limited to: Fort Worth, Arlington, Crowley, Grapevine, Southlake, Azle, Colleyville, Benbrook, Mansfield, Lakeside, Everman and more! - [Houston Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/houston-zip-code-map/) - Houston, TX Zip Code Map (PDF) - FREE Houston Zip Codes and Neighborhoods Map. View large Zip Code Map of Houston, Texas, including but not limited to: Pasadena, Pearland, Baytown, Conroe, Deer Park, Friendswood, Galveston, Lake Jackson, La Porte, League City, Missouri City, Sugar Land, Texas City, The Woodlands, Alvin, Angleton, Bellaire, Clute, Dickinson, Freeport, Galena Park, Humble, Jacinto City, Katy, La Marque, Richmond, Rosenberg, South Houston, Stafford, West University Place and more! - [Dallas Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/dallas-zip-code-map/) - Dallas, TX Zip Code Map (PDF) - FREE Dallas Zipcodes and Neighborhoods Map. View large Zip Code Map of Dallas Texas, including but not limited to: Dallas, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson and more! - [City of Austin Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/city-of-austin-zip-code-map/) - Austin zip code map NEW and EXTENDED beyond the greater Austin area including Central Austin, South Austin, NW Austin, East Austin, Cedar Park, Leander, Georgetown, Round Rock, West Austin, Westlake, and Lake Travis to Lago Vista, Bastrop, Wimberley, Lockart, Coupland, Taylor and beyond. - [DFW Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/dfw-zip-code-map/) - Dallas-Ft. Worth, TX Zip Code Map (PDF) - FREE DFW Zipcodes and Neighborhoods Map. View large Zip Code Map of Dallas-Ft. Worth Texas, including but not limited to: Dallas, Fort Worth, Arlington, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson, Grapevine, Crowley and more! - [Texas Zip Code Maps](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/) - Texas Zip Code Maps - FREE Austin, Dallas, Ft. Worth, DFW, Houston and Travis County Zipcode Maps and Neighborhoods. Cities including but not limited to: Austin, Dallas, Fort Worth, Houston, Arlington, Cedar Park, Leander, Georgetown, Round Rock, Westlake, Lake Travis, Lago Vista, Bastrop, Wimberley, Lockart, Coupland, Taylor, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson, Grapevine, Crowley and more. - [Greater Austin Area Zip Code Map](https://www.maxleaman.com/mortgage-resources/texas-zip-code-maps/austin-zip-code-map/) - Official City of Austin, TX Zip Code Map PDF. FREE Austin Zipcodes and Neighborhoods. Serving the greater Round Rock, Georgetown, Austin and Central Texas area. Call today - (512) 710-1400. - [Mortgage Reviews](https://www.maxleaman.com/mortgage-reviews/) - Austin mortgage lender client testimonials and reviews. Best lenders in Austin, Dallas and Houston for trusted mortgage lending services in the greater Round Rock, Georgetown, Austin and Central Texas area. Call today: (512) 710-1400. - [Investors: Options for Investors with More Than 20 Financed Properties, 15% Down Payment Options](https://www.maxleaman.com/mortgage-resources/mortgage-programs/investors-approval-for-up-to-10-residential-mortgages/) - Investor Loans, Options for Borrowers with More than 20 Financed Properties - Two (2) week closings available. 15% Down Payment options. Call now: (512) 710-1400. - [Texas VA Lender - Texas VA Loan](https://www.maxleaman.com/mortgage-resources/mortgage-programs/austin-va-lender/) - Texas VA Lender - Frequently Asked Questions (FAQ) - VA Loans offer 100% Financing up to $424,100 for military personnel & veterans. Every day, military personnel and veterans enter the real estate market, unaware there is a financing option exclusively for them. Call now: (800) 301-3405. - [Conventional Mortgage Loans](https://www.maxleaman.com/mortgage-resources/mortgage-programs/austin-conventional-mortgage-rates/) - Austin Conventional Loan Rates - Conventional mortgage rates are still at historically low levels. Freddie Mac began surveying rates in 1971 and mortgage rates in 2023 are still at record-setting low levels. There has never been a better time to buy a home or refinance your current mortgage. Call (800) 301-3405. - [Mortgage Calculators](https://www.maxleaman.com/mortgage-resources/mortgage-calculators/) - Mortgage ResourcesCall (512) 710-1400 or email LeamanTeam@LoanPeople.com. Mortgage Resources Mortgage Calculators Mortgage Programs & FAQs Mortgage Blog Condo Mortgage Specialists Texas Zip Code Maps Mortgage 101 Articles Credit Articles Archives – Past News, Articles, and Information Mortgage CalculatorsMortgage Calculators are for education purposes only. Calculators assume 740 credit score, no origination fees, and no points - [Condo Mortgage Specialists](https://www.maxleaman.com/mortgage-resources/austin-condo-mortgage/) - Austin Condo Loan - Max Leaman is an Austin condo mortgage expert. 2-week closing available. Why condo mortgage experience matters: Many mortgage lenders tell REALTORS® and qualified borrowers they cannot provide a condo loan due to the client's particular condo project. The real reason for their reluctance is most lenders are inexperienced with condo loans. Since 2001, Leaman Team has closed condo mortgages on time or early. - [Mortgage Resources](https://www.maxleaman.com/mortgage-resources/) - Mortgage Resources - The mortgage resources provided in this section of the mortgage website are intended for home loan clients and visitors to have quick access to quality information about their home financing. Call Max Leaman, Branch Manager/Senior Loan Officer, today - (800) 294-4101. - [In-House Jumbo Mortgage Loans](https://www.maxleaman.com/mortgage-resources/mortgage-programs/austin-jumbo-loan/) - Austin Jumbo Loan - In-House Jumbo Lending. Low Texas Jumbo Loan Mortgage Rates. Leaman Team offers this amazing jumbo loan rate Texas, Oklahoma, Florida and Colorado for luxury home clients. Call Leaman Team now (512) 710-1400 or email LeamanTeam@LoanPeople.com to get today's LOW Texas jumbo rate. - [San Antonio Homestead Exemption Forms - Frequently Asked Questions (FAQ)](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/san-antonio-resources/san-antonio-homestead-exemption-forms-frequently-asked-questions-faq/) - San Antonio Homestead Exemption Forms - Frequently Asked Questions (FAQ) - Bexar, Medina, and Comal County Homestead Exemption Forms and more Homestead Exemption Forms for the greater San Antonio area. It’s that time of year again - tax time! One way to lower your property taxes is to file your Homestead exemption form. By filing this form, you can reduce the taxable amount of your property’s value and thus reduce the amount of taxes you will have to pay in future years. - [Houston Homestead Exemption Forms - Frequently Asked Questions (FAQ)](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/houston-resources/houston-homestead-exemption-forms-frequently-asked-questions-faq/) - Houston Homestead Exemption Forms - Frequently Asked Questions (FAQ) - Harris County, Chambers, Brazoria, Liberty, Galveston, Houston, Montgomery, San Jacinto, Waller, Washington County Homestead Exemption Forms and more Homestead Exemption Forms for the greater Houston area. It’s that time of year again - tax time! One way to lower your property taxes is to file your Homestead exemption form. By filing this form, you can reduce the taxable amount of your property’s value and thus reduce the amount of taxes you will have to pay in future years. - [Dallas Homestead Exemption Forms - Frequently Asked Questions (FAQ)](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/dallas-homestead-exemption-forms-frequently-asked-questions-faq/) - Dallas Homestead Exemption Forms - Frequently Asked Questions (FAQ) - Dallas County, Collin County, Johnson County and more Homestead Exemption Forms for the greater Dallas area. It’s that time of year again - tax time! One way to lower your property taxes is to file your Homestead exemption form. By filing this form, you can reduce the taxable amount of your property’s value and thus reduce the amount of taxes you will have to pay in future years. - [Austin Homestead Exemption Forms - Frequently Asked Questions (FAQ)](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/austin-homestead-exemption-forms-frequently-asked-questions-faq/) - Austin Homestead Exemption Forms - Frequently Asked Questions (FAQ) - Travis County, Williamson, Hays, and Caldwell County Homestead Exemption Forms. One way to lower your property taxes is to file your Homestead exemption form. By filing this form, you can reduce the taxable amount of your property’s value and thus reduce the amount of taxes you will have to pay in future years. Austin mortgage resources for homeowners. - [TDHCA 90-Day DPA - $8,000 First-Time Homebuyer Tax Credit](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2009-archive-mortgage-news-articles/tdhca-90-day-dpa-8000-first-time-homebuyer-tax-credit-for-down-payment-and-closing-costs/) - TDHCA 90-Day DPA - $8,000 First-Time Homebuyer Tax Credit for Down-Payment and Closing Costs - A matter-of-fact, easy to understand article from Prime Lending Austin about the new stimulus plan and first-time homebuyer tax credit. Answers the question: who qualifies for the credit programs? What are the credit amounts Do I have to repay the credits? Will I have to claim the stimulus plan homeowner tax credits on my taxes? Where can I get more information about the New Stimulus Plan and First-Time Homebuyer Tax Credits? - [Housing Affordability Near Highest Level In 18 Years](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2009-archive-mortgage-news-articles/housing-affordability-near-highest-level-in-18-years/) - Housing Affordability Hovers Near Highest Level In 18 Years: Houses are the cheapest they've been since 1991. Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders (Aug. 19, 2009). You have the financial opportunity of a lifetime. - [Frequently Asked Questions (FAQ): HERA and HVCC](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2009-archive-mortgage-news-articles/hera-and-hvcc-faq/) - Answers to Frequently Asked Questions (FAQ) about the Housing Economic Recovery Act (HERA), Truth-In-Lending Act (TILA), Mortgage Disclosure Improvement Act (MDIA), and the Home Valuation Code of Conduct (HVCC). These new government guidelines have been adopted by Fannie Mae and Freddie Mac. - [Understanding HERA and HVCC Guidelines](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2009-archive-mortgage-news-articles/understanding-hera-and-hvcc/) - What happened? Going into effect on July 30, 2009, the Housing Economic Recovery Act (HERA) contains an amendment to the Truth-In-Lending Act (TILA), named the Mortgage Disclosure Improvement Act (MDIA). Effective as of May 1, 2009, the Home Valuation Code of Conduct (HVCC) has been adopted by Fannie Mae and Freddie Mac. - [2009 Archive Mortgage News Articles](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2009-archive-mortgage-news-articles/) - 2009 Archive Mortgage News Articles - Past articles about the Austin, Texas mortgage and National real estate markets. Information about past real estate news in Austin as well as Austin mortgage news of the past. - [$8,000 First-Time Homebuyer Tax Credit](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/8000-first-time-homebuyer-tax-credit/) - First-Time Homebuyer Tax Credit: New Stimulus Plan - Answers the question: who qualifies for the credit programs? What are the credit amounts Do I have to repay the credits? Will I have to claim the stimulus plan homeowner tax credits on my taxes? Where can I get more information about the New Stimulus Plan and First-Time Homebuyer Tax Credits? - [UPDATED - $8,000 First-Time Homebuyer Tax Credit](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/updated-8000-first-time-homebuyer-tax-credit/) - Answers to the most frequently asked questions (FAQ) about the $8,000 and $6,500 homebuyer tax credits. What are the homebuyer tax credit amounts? Who qualifies for the homebuyer tax credits? What qualifications must homebuyers meet to receive the homebuyer tax credits? Do I have to sell my current residence to qualify for the repeat homebuyer tax credit? What are the deadlines for the hombuyer tax credits? Do I have to repay the tax credits? - [$8,000 Homebuyer Tax Credit Extended, Expanded to $6,500 for Repeat Homebuyers](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/8000-homebuyer-tax-credit-extended-expanded-to-6500-for-repeat-homebuyers/) - 8,000 Homebuyer Tax Credit Extended, Expanded to $6,500 for Repeat Homebuyers - Frequently Asked Questions (FAQ) - Homebuyer Tax Credit Facts: EXTENDED! Up to $8,000 tax credit available to first-time homebuyers. NEW! Up to $6,500 tax credit available to repeat homebuyers. NEW DEADLINES! Start Date: both tax credits apply to home purchases occurring after November 6, 2009. Contract Date: both tax credits apply to contracts signed by April 30, 2010. Close Date: both tax credits apply to home purchases closed before June 30, 2010. To qualify for the $6,500 tax credit, repeat buyers must have used the home sold or being sold as a primary residence consecutively for 5 of the previous 8 years. The tax credit is not repaid if the home is used as a primary residence for 3 years or more. EXPANDED! Qualifying income limits have been raised: From $75,000 to $125,000 (single tax return); From $150,000 to $225,000 (joint tax return). Tax credit may be awarded only on homes purchased for $800,000 or less. More incentives to buy a home: Housing affordability is near its highest level in 18-years; Mortgage rates remain at 37-year lows. - [Increase in Upfront Premiums for FHA Mortgage Insurance](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/increase-in-upfront-premiums-for-fha-mortgage-insurance/) - FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This is a .5% increase. Case numbers are generally assigned when there is a contract with a property address, and a closing date AND the borrower has committed to go forward with the loan - [Mortgage Rates Hit Lowest Levels of 2010](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/mortgage-rates-hit-lowest-levels-of-2010/) - Austin mortgage rates eased back once again this week to the lowest level of the year. New construction on one-family homes rose for the fourth consecutive month in April and represented the strongest pace since August 2008. Moreover, homebuilder confidence rose for the 2nd straight month in May to the highest level since August 2007 - [HUD Takes Action To Speed Resale Of Foreclosures - FAQ](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/hud-takes-action-to-speed-resale-of-foreclosures-faq/) - HUD Takes Action To Speed Resale Of Foreclosures. With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties. - [HUD Announces FHA Changes Starting October 4th, 2010](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/hud-announces-fha-changes-starting-october-4th-2010/) - HUD Announces FHA Changes Starting October 4th, 2010 - How are HUD Guidelines Changing? When do Policy Changes Take Effect? How Will These Changes Effect Borrowers? Why is HUD Changing Guidelines? - [2010 Archive Mortgage News Articles](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2010-archive-mortgage-news-articles/) - 2010 Archive Mortgage News Articles - Past articles about the Austin, Texas mortgage and National real estate markets. Information about past real estate news in Austin as well as Austin mortgage news of the past. - [FHA Increases MIP April 2012](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2012-archive-mortgage-news-articles/fha-increases-mip-april-2012/) - FHA Increases MIP April 2012 - The Federal Housing Administration (FHA) has announced that a new premium structure for FHA-insured single family mortgage loans will go into effect April 1st and June 1st. The new premium structure was developed to bolster capital reserves and protect FHA’s Mutual Mortgage Insurance (MMI) Fund. - [2012 Archive Mortgage News Articles](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2012-archive-mortgage-news-articles/) - 2012 Archive Mortgage News Articles - Past articles about the Austin, Texas mortgage and National real estate markets. Information about past real estate news in Austin as well as Austin mortgage news of the past. - [Where to See Fourth of July Fireworks in San Antonio, Texas](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/san-antonio-resources/where-to-see-fourth-of-july-fireworks-in-san-antonio-texas/) - 2017 Where to See Fireworks in San Antonio, New Braunfels, Kerville & More - 2017 Places to View 4th of July Fireworks in San Antonio, Texas - Downtown San Antonio, Texas, City of New Braunfels fireworks, Kerville fireworks, Lockhart Texas fireworks, fireworks for the fourth of July in San Antonio, and information about fourth of July events in the greater San Antonio area. - [San Antonio Halloween Things to Do 2016](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/san-antonio-resources/san-antonio-halloween-things-to-do/) - Halloween 2016 San Antonio - Things to do in San Antonio for Halloween 2016 including: Sisters Grimm Ghost Tour, Riverwalk Coffins on Parade, Woodlawn Theatre Monster Bash, Alamo Heights Spooktacular, Access Ability Fest, Fright Fest Fiesta Texas, Sea World Halloween, Botanical Garden Halloween Festival, Monster Bash at the Children's Museum, and the 13th Floor Haunted House. - [San Antonio Resources](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/san-antonio-resources/) - San Antonio Resources - San Antonio, Texas area information including holiday festivities in San Antonio, news and events in San Antonio, things to do in San Antonio, San Antonio school calendars, Houston area guides and resources. Serving the greater San Antonio area of Bexar, Medina, and Comal counties. Call today - (800) 301-3405. - [Where to See Fourth of July Fireworks in Houston, Texas](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/houston-resources/where-to-see-fourth-of-july-fireworks-houston/) - 2017 Where to See Fireworks in Houston, Sugar Land, Katy, Galveston & More - 2017 Places to View 4th of July Fireworks in Houston, Texas - Downtown Houston, Texas, City of Sugar Land fireworks, Galveston fireworks, Katy Texas fireworks, fireworks for the fourth of July in Baytown and Conroe, and information about fourth of July events in the greater Houston area. - [Houston Halloween Things to Do 2016](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/houston-resources/houston-halloween-things-to-do/) - Houston Halloween 2016 - Things to Do for Halloween in Houston including: Nightmare on the Bayou, Howl-o-Ween Fest, Pumpkin Patches, Houston Zombie Walk, Haunted Houses, Screamworld, Discovery Green Park's Scream on the Green, Halloween Movies at Miller Houston, Monster Mash Run, Dog walks and dog costume contests and more Halloween things to do in Houston! - [2018-2019 Houston Area School Calendars](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/houston-resources/2018-2019-houston-area-school-calendars/) - 2018-2019 Back to school calendars for Pasadena, Pearland, Baytown, Conroe, Deer Park, Friendswood, Galveston, Lake Jackson, La Porte, League City, Missouri City, Sugar Land, Texas City, The Woodlands, Alvin, Angleton, Bellaire, Clute, Dickinson, Freeport, Galena Park, Humble, Jacinto City, Katy, La Marque, Richmond, Rosenberg, South Houston, Stafford, West University Place and more! - [Houston Resources](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/houston-resources/) - Houston Resources - Houston, Texas area information including holiday festivities in Houston, news and events in Houston, things to do in Houston, Houston school calendars, Houston area guides and resources. Serving the greater Houston, Sugar Land, Katy, Bay Town, Galveston, Texas City and Central Texas area. Call today - (800) 301-3405. - [Where to See Fourth of July Fireworks in Dallas, Texas](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/where-to-see-fourth-of-july-fireworks-in-dallas-texas/) - 2017 Places to View 4th of July Fireworks in Dallas, Texas - Downtown Dallas, Texas, City of Ft. Worth, Arlington fireworks, Addison fireworks, fireworks for the fourth of July in Addison and Frisco, and information about fourth of July events in the greater DFW area. - [Dallas Halloween Things to Do 2016](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/dallas-halloween-things-to-do/) - Dallas Halloween 2016 - Things to do in Dallas for Halloween - Haunted Houses, Parties, Pumpkin Patches, Boo at the Zoo - Halloween activities for Kids in Dallas, Fort Worth and greater DFW. Six Flags Fright Fest, Hangman's House of Horrors, Flower Mound Pumpkin Village, Halloween at the Heard, Cutting Edge Haunted House, Legends of McKinney Ghost Walk and much more! - [2018-2019 Dallas Area School Calendars](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/dallas-area-school-calendars-2017-2018/) - Dallas School Calendars for Dallas Texas, including but not limited to: Dallas, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson and more! - [Dallas Resources](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/) - Dallas Resources - Dallas, Texas area information including holiday festivities in Dallas, news and events in Dallas, things to do in Dallas, Dallas school calendars, Dallas area guides and resources. Serving the greater Dallas, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson and Central Texas area. Call today - (800) 301-3405. - [Quick Facts About Austin's Mandatory Energy Audit](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/quick-facts-about-austins-mandatory-energy-audit/) - Quick Facts About Austin’s Mandatory Energy Audits. Answers to questions about the Austin energy audit ordinance. Ordinance at-a-glance: Takes effect June 1, 2009 (applies to any deed that transfers on or after this date). Seller must disclose to a prospective buyer the results of an energy audit of the home at the same time the seller makes the other disclosures required under Texas law. Applies to most single family residences (four units or less) that receive electricity from Austin Electric Utility. - [City of Austin Requires Energy Audit Before Property Sale](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/city-of-austin-requires-energy-audit-before-property-sale/) - Austin Energy Audit FAQs - The Austin City Council approved the Austin Energy Conservation Audit and Disclosure Ordinance, which requires all residential properties to have an energy audit completed by a certified auditor before the property can be sold and closed. The audit is required for properties that are 10 years or older, within the Austin city limits, and that receive services from the Austin Electric Utility. - [Austin, TX to Host Formula One Grand Prix 2012-2021 - Frequently Asked Questions (FAQ)](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/austin-tx-to-host-formula-one-grand-prix-2012-2021-frequently-asked-questions-faq/) - Formula 1 in Austin - The City of Austin, Texas will host the Formula One United States Grand Prix™ for years 2012 through 2021. Answers to the following questions: Where will the Formula 1 Track be built in Austin, TX? How much money will Formula 1 bring to Austin? How many jobs will Formula 1 bring to Austin, Texas? How will F1 impact Austin real estate? - [Where to See Fourth of July Fireworks in Austin](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/where-to-see-fourth-of-july-fireworks-in-austin/) - 2017 Places to View 4th of July Fireworks in Austin Texas - Downtown Austin, Texas, City of Round Rock, Lake Travis fireworks in Lakeway, Volente Beach Fireworks, fireworks for the fourth of July at Carlos and Charlie's, and information about fourth of July events at The Backyard for Willie nelson's Picnic. - [2018-2019 Austin Area School Calendars](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/2018-2019-austin-area-school-calendars/) - 2018-2018 Back to school calendars for Austin, Bastrop, Del Valle, Dripping Springs, Eanes, Georgetown, Hays, Hutto, Lago Vista, Lake Travis, Leander, Liberty Hill, Lockhart, Luling, Manor, Marble Falls, Pflugerville, Round Rock, San Marcos, Taylor, and Wimberley! Click the links to open PDF calendars for Austin area school districts 2018-2019. - [Halloween in Austin 2018](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/halloween-in-austin/) - Halloween in Austin 2018 - 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! - [Austin Resources](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/) - Austin Resources - Austin area information including: holiday festivities in Austin, news and event sin Austin, things to do in Austin, Austin school calendars, Austin area guides and resources. Serving the greater Round Rock, Georgetown, Austin and Central Texas area. Call today - (512) 765-4300. - [Thank You](https://www.maxleaman.com/thank-you/) - Mortgage ResourcesCall (512) 710-1400 or email LeamanTeam@LoanPeople.com. Mortgage Resources Mortgage Calculators Mortgage Programs & FAQs Mortgage Blog Condo Mortgage Specialists Texas Zip Code Maps Mortgage 101 Articles Credit Articles Archives – Past News, Articles, and Information Thank You – Message SentThank you for contacting Leaman Team. Our lender team will be in touch as soon - [6 Tips to Lower Your Home Costs](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/homeowner-tips-articles/6-tips-to-lower-your-home-costs/) - 6 Tips to Lower Your Home Costs - A Quick Look at Your Home Budget to See If We Can't Do a Better Job of Staying on Top of the Costs - These days, most people are trying to control their expenses a little more tightly. Often they don't realize how much they're paying to live in their homes. So let's take a look at that home budget and see if we can't do a better job of staying on top of the costs. - [Homeowner Tips Articles](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/homeowner-tips-articles/) - Homeowner Tips Texas - Homeowner tips, information and additional resources. Serving the greater Round Rock, Georgetown, Austin and Central Texas area. Call today - (800) 301-3405. - [Market Update](https://www.maxleaman.com/marketupdate/) - Austin Mortgage Blog - Updated Daily - Everything Austin homebuyers and Austin, Texas homeowners need to know about the Austin mortgage market. - [Mortgage Application](https://www.maxleaman.com/mortgage-application/) - Apply for an Austin Mortgage - Leaman Team Mortgage Application - On average, clients need only 11 minutes to complete the loan application. Simply provide a rough idea of what you have. Leaman Team | LoanPeople is available to walk you through the loan application in-person or over the phone. - [Loan Process Step-By-Step](https://www.maxleaman.com/mortgage-resources/mortgage-101-articles/the-loan-process-step-by-step/) - Texas Mortgage Process - Step-by-Step How the Loan Process Works - Step-by-step how the loan process works. Pre-Qualification, Loan Search, Loan Application, Documentations, The Hunt, Appraisal, Insurance, Mortgage Insurance, Loan Processor's Review, Underwriter's Review, Closing, Funding, and CONGRATULATIONS! You are a homeowner. Call today - (800) 301-3405. - [5 Reasons to Refinance](https://www.maxleaman.com/mortgage-resources/mortgage-101-articles/5-reasons-to-refinance/) - 5 Reasons to Refinance Your Mortgage - If you can improve your interest rate by at least two percentage points it is a good time to refinance. While that may work as a general rule of thumb, the truth is there are many reasons to refinance. Here are a few. - [How Much Should You Borrow?](https://www.maxleaman.com/mortgage-resources/mortgage-101-articles/how-much-should-you-borrow/) - Texas Mortgage - How Much Should You Borrow? What factors to consider when determining your Austin mortgage amount. This article will help you determine the amount of money to borrow for your mortgage. For a free consultation, call Austin mortgage expert, Max Leaman, today - (800) 301-3405. - [Dos and Don'ts During the Mortgage Process](https://www.maxleaman.com/mortgage-resources/mortgage-101-articles/dos-and-donts-during-the-mortgage-process/) - Austin Mortgage - Dos and Don'ts During the Mortgage Process: Important Tips for Closing Your Mortgage Without Problems. The following Austin mortgage 'Dos 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. Call today - (800) 301-3405. - [Mortgage 101 Articles](https://www.maxleaman.com/mortgage-resources/mortgage-101-articles/) - Texas Mortgage 101 - The mortgage articles in this section of the website provide information about Austin mortgage refinancing and loans for new Austin home purchases. Call today - (800) 301-3405. Whether you are a first time home buyer or a seasoned investor, understanding more about your home financing can help you choose the loan product that suit your needs. - [Archives - Past News, Articles, and Information](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/) - Past articles about the Austin, Texas mortgage and real estate markets. Articles about the $8,00 and $6,500 Homebuyer Tax Credits, and information about past real estate news in Austin as well as Austin mortgage news of the past. - [Credit Articles](https://www.maxleaman.com/mortgage-resources/credit-articles/) - Mortgage Credit Articles - The credit articles in this section of the website provide information about how to improve or repair your credit score, how the credit scoring system works, and how to protect your credit in the event of an unforeseen event such as divorce or premature death. - [Protecting Your Credit During Divorce](https://www.maxleaman.com/mortgage-resources/credit-articles/protecting-your-credit-during-divorce/) - During a divorce, one thing that shouldn’t change is the credit status you’ve worked so hard to achieve. Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, maxing out credit cards, and a breakdown in communication can lead to the annihilation of at least one spouse’s credit. The good news is it doesn’t have to be this way. By taking a proactive approach and creating a specific plan to maintain one’s credit status, anyone can ensure that “starting over” doesn’t have to mean rebuilding credit. - [Understanding Credit Scoring and Credit Repair](https://www.maxleaman.com/mortgage-resources/credit-articles/understanding-credit-scoring-and-credit-repair/) - Understanding Credit Score and Credit Repair - A good credit score translates into lower interest rates for home-shopping borrowers. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter. Here are a few suggestions. - [Jumbo ARM Loan Texas](https://www.maxleaman.com/mortgage-resources/mortgage-programs/jumbo-arm-loan-texas/) - Austin Jumbo Mortgage Lender - Jumbo ARM Mortgage Details. Finance your jumbo mortgage with Max Leaman and experience award-winning service from application to closing. Great rates, low fees, and close on time. Jumbo mortgage options are available for purchase and refinance loans. - [USDA Loan Texas](https://www.maxleaman.com/mortgage-resources/mortgage-programs/usda-loan-texas/) - Austin USDA Lender - 102% Financing for Rural USDA Home Mortgages with Max Leaman. Read benefits of Texas USDA loans. The USDA Guarantee Rural Housing program provides financing for qualified borrowers purchasing eligible homes. Properties must be located in an area defined as rural by the USDA. Income-producing properties do not qualify. USDA home loans are incredibly popular. - [2018-2019 San Antonio Area School Calendars](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/san-antonio-resources/san-antonio-area-school-calendars-2018-2019/) - San Antonio Area School Calendars - 2018-2019 Back to school calendars for the greater San Antonio-New Braunfels area and more! San Antonio ISD, New Braunfels, Northside, North East ISD, Pleasanton, Kerrville, Judson ISD and more. - [San Antonio Zipcode Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/san-antonio-resources/san-antonio-zipcode-map/) - San Antonio Zipcode Map - FREE Zip Code Map of San Antonio, Texas. Map shows greater San Antonio area of Bexar, Medina, and Comal counties. San Antonio zip codes include: 78201, 78202, 78203, 78204, 78205, 78206, 78207, 78208, 78209, 78210, 78211, 78212, 78213, 78214, 78215, 78216, 78217, 78218, 78219, 78220, 78221, 78222, 78223, 78224, 78225, 78226, 78227, 78228, 78229, 78230, 78231, 78232, 78233, 78234, 78235, 78236, 78237, 78238, 78239, 78240, 78241, 78242, 78243, 78244, 78245, 78246, 78247, 78248, 78249, 78250, 78251, 78252, 78253, 78254, 78255, 78256, 78257, 78258, 78259, 78260, 78261, 78262, 78263, 78264, 78265, 78266, 78268, 78269, 78270, 78275, 78278, 78279, 78280, 78283, 78284, 78285, 78286, 78287, 78288, 78289, 78291, 78292, 78293, 78294, 78295, 78296, 78297, 78298, 78299. - [Houston Zip Code Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/houston-resources/houston-zipcode-map/) - Houston, TX Zipcode Map (PDF) - FREE Houston Zipcodes and Neighborhoods Map. View large Zip Code Map of Houston, Texas, including but not limited to: Pasadena, Pearland, Baytown, Conroe, Deer Park, Friendswood, Galveston, Lake Jackson, La Porte, League City, Missouri City, Sugar Land, Texas City, The Woodlands, Alvin, Angleton, Bellaire, Clute, Dickinson, Freeport, Galena Park, Humble, Jacinto City, Katy, La Marque, Richmond, Rosenberg, South Houston, Stafford, West University Place and more! - [2011 Archive Mortgage News Articles](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/2011-archive-mortgage-news-articles/) - 2011 Archive Mortgage News Articles - Past articles about the Austin, Texas mortgage and National real estate markets. 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The Leaman Team assures you there is no reason to panic and we are working diligently to implement the tool so you and your clients feel minimal or no impact. In fact, our hope is the appraisal tool will be an opportunity to improve processes for all parties: clients, REALTORS®, lenders and Fannie Mae (FNMA). - [Fort Worth Zip Code Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/ft-worth-zipcode-map/) - Fort Worth, TX Zipcode Map - FREE Ft. Worth Zip Codes and Neighborhood Map. View large Zipcode Map of Fort Worth, TX, including but not limited to: Ft. Worth, Arlington, Crowley, Grapevine, Southlake, Azle, Colleyville, Benbrook, Mansfield, Lakeside, Everman and more! - [Dallas Zipcode Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/dallas-zipcode-map/) - Dallas, TX Zipcode Map - FREE Dallas Zip Codes and Neighborhood Map. View large Zipcode Map of Dallas, TX, including but not limited to: Dallas, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson and more! - [DFW Zip Code Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/dallas-resources/zipcode-map-dfw/) - Dallas-Fort Worth, TX Zip Code Map - FREE DFW Zip codes and Neighborhoods Map. View large Zipcode Map of Dallas-Fort Worth Worth Zip Code Map - Dallas-Fort Worth Texas, including but not limited to: Dallas, Ft. Worth, Arlington, Highland Park, Addison, University Park, Grand Prairie, Balch Springs, Carrollton, Garland, Richardson, Grapevine, Crowley and more! - [FHA Loans with FICO Credit Score 620 and Higher](https://www.maxleaman.com/mortgage-resources/mortgage-programs/fha-loans-with-fico-credit-score-620-and-higher/) - FHA Credit 620 - Credit scores 620 and above can get an FHA loan in all 50 states with PrimeLending. If your credit is the following, you may qualify for an FHA loan: 620, 621, 622, 623, 624, 625, 626, 627, 628, 629, 630, 631, 632, 633, 634, 635, 636m 637, 638, 639, 640 and up. PrimeLending has secured an exclusive agreement with investors, allowing Max Leaman to offer FHA loans to borrowers with credit scores of 620 and higher. Most other lenders require FICO credit scores of 640 or higher for FHA loans. Max Leaman can close FHA loans in 30 days or less. - [Owelty Liens](https://www.maxleaman.com/mortgage-resources/mortgage-programs/owelty-liens/) - FAQ - Owelty Deeds Austin - Owelty deeds are a type of deed that allows the owner of a home to utilize the equity they have in the home to assist in dividing up their property. This action is commonly utilized in divorces or in "buying out" one party's interest in a property which has been recently inherited by multiple people. - [City of Austin Zip Code Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/austin-zipcode-maps/) - City of Austin Zip Code Map - Zip Codes in Austin, Texas: 78613, Cedar Park 78617, Del Valle 78634, Hutto 78653, Manor 78660, Pflugerville 78664, Round Rock 78681, Round Rock 78701, Austin 78702, Austin 78703, Austin 78704, Austin 78705, Austin 78717, Austin 78719, Austin 78721, Austin 78722, Austin 78723, Austin 78724, Austin 78725, Austin 78726, Austin 78727, Austin 78728, Austin 78729, Austin 78730, Austin 78731, Austin 78732, Austin 78733, Austin 78735, Austin 78741, Austin 78742, Austin 78744, Austin 78745, Austin 78746, West Lake 78750, Austin 78751, Austin 78752, Austin 78753, Austin 78754, Austin 78756, Austin 78757, Austin 78758, Austin 78759, Austin - [Greater Austin Area Zip Code Map](https://www.maxleaman.com/mortgage-resources/archive-mortgage-news/austin-resources/austin-zipcode-map/) - Austin Resources - Austin Zip Code Map - Colorful zip code map of Austin - large zipcode map image for detailed viewing. Austin zip codes include: 78613, Cedar Park 78617, Del Valle 78634, Hutto 78653, Manor 78660, Pflugerville 78664, Round Rock 78681, Round Rock 78701, Austin 78702, Austin 78703, Austin 78704, Austin 78705, Austin 78717, Austin 78719, Austin 78721, Austin 78722, Austin 78723, Austin 78724, Austin 78725, Austin 78726, Austin 78727, Austin 78728, Austin 78729, Austin 78730, Austin 78731, Austin 78732, Austin 78733, Austin 78735, Austin 78741, Austin 78742, Austin 78744, Austin 78745, Austin 78746, West Lake 78750, Austin 78751, Austin 78752, Austin 78753, Austin 78754, Austin 78756, Austin 78757, Austin 78758, Austin 78759 - [Legal](https://www.maxleaman.com/legal/) - Great Mortgage RatesPURCHASE & REFINANCE Call (512) 710-1400, use the form or email LeamanTeam@LoanPeople.com. Contact Us First Name * Last Name * Email * Phone Real Estate Agent How'd You Hear About Us? Message to Leaman Team reCAPTCHA If you are human, leave this field blank. 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