Category Archives: Uncategorized

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.  … Continue reading

One in every 355 U.S. homes are in some stage of foreclosure, a new record.

Both Weekly Unemployment Claims and Retails sales missed expectations as Claims rose 4K and Retail Sales fell .1%.The market had been looking for a drop in Weekly Claims of 9K.  Continuing Claims fell 141K to the lowest level since April.  … Continue reading

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 … Continue reading

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 … Continue reading

YES, $8,000 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 … Continue reading

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%)

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 … Continue reading

April Housing Starts fell to a new record low this morning, down 12.8% 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 … Continue reading

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.  … Continue reading

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 … Continue reading

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.  … Continue reading