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deficits

Home > Posts > Tag: deficits

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.

2010-01-13T17:02:38-06:00January 13, 2010|Austin Mortgage Market|

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.

2009-09-24T22:20:07-05:00September 24, 2009|Austin Mortgage Market|