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.
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.
Once again, it’s time for the “Mother” of all economic [...]
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.
Both Weekly Unemployment Claims and Retails sales missed expectations as [...]