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After a early morning rally due to stocks falling into the abyss, both stocks and bonds are reversing course

After a early morning rally due to stocks falling into the abyss, both stocks and bonds are reversing course. The stock slide was the result of earnings and lack of top line revenues by the likes of J & J and Goldman Sachs. IBM posted the same type of results, hitting bottom line earnings but with a negative revenue bias going forward.

2010-07-20T13:56:23-05:00July 20, 2010|Austin Mortgage Market|

Seems like a good day to take advantage of the best Austin mortgage pricing in quite some time

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.

2010-04-27T15:51:42-05:00April 27, 2010|Austin Mortgage Market|

Austin MortgageMarket Update – For the week of April 26, 2010

The week ended on the most dramatically impressive new home sales numbers in 47 years. March's 26.9% increase was the biggest monthly sales gain since 1963, taking us to a 411,000 annual rate! Supply dropped to 6.7 months, inventories fell to 228,000 and the median price went to $214,000, up 4.3% versus last year. Some put the sales surge to the soon-to-expire tax credit, but the facts remain that the economy IS recovering and homes ARE substantially more affordable!

2010-04-26T10:14:38-05:00April 26, 2010|Inside Lending Newsletter|

SEC has charged Goldman Sachs with fraud on subprime loans

In breaking news, the SEC has charged Goldman Sachs with fraud on subprime loans. John Paulson (Paulson and Co.) seems to have been in the mix as well, selecting specific subprime securities and then shorting (betting against the security) with CDO’s through credit default swaps. It’s complicated and not a good situation for Paulson and Goldman. By the way, their stock is off $23.00 while the Dow is off over $100.00.

2010-04-16T15:11:29-05:00April 16, 2010|Austin Mortgage Market|

Austin Mortgage Market Update For the week of November 9, 2009

Big news for the housing market came Friday when the President signed a bill extending and broadening tax credits for homebuyers. Major points were first reported in an Inside Lending Bulletin last Thursday. The tax credits apply to contracts signed by April 30, 2010, that close by June 30. Income limits for eligibility have been increased to $125,000 per year for individuals and up to $225,000 per year for couples. Credits up to $8,000 continue for first-time buyers but there is now a $6,500 tax credit for buyers who've owned their current home at least five of the last eight years. However, homes selling for more than $800,000 are not eligible.

2009-11-09T09:04:23-06:00November 9, 2009|Inside Lending Newsletter|

Stocks will hold the key as to where Austin mortgage rates go next

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.

2009-10-29T13:02:22-05:00October 29, 2009|Austin Mortgage Market|

Austin Mortgage Market Update – For the week of October 19, 2009 – Vol. 7, Issue 42

For the third week in a row, rates on 30-year fixed-rate mortgages remained below 5% in Freddie Mac's Primary Mortgage Market Survey. The average for conforming mortgages was 4.92% with an average of 0.7 point (including the origination fee) for 80% loan-to-value ratio loans to borrowers with good credit.

2009-10-19T16:24:22-05:00October 19, 2009|Inside Lending Newsletter|