We look to still be headed for better Austin mortgage rates. With the bounce back today, these are very nice levels.
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
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.
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.
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.
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.
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.
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.
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.
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.