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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.

2010-11-01T13:23:54-05:00November 1, 2010|Austin Mortgage Market|

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.

2010-01-04T16:19:54-06:00January 4, 2010|Austin Mortgage Market|

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.

2009-12-03T11:20:49-06:00December 3, 2009|Austin Mortgage Market|

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.

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.

2009-08-04T18:33:56-05:00August 4, 2009|Austin Mortgage Market|