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Daily Market Watch for Friday, April 29, 2016 (Courtesy of Larry Baer and Market Alert )
Short Term: Favors steady rates and slightly higher prices
Long Term: Favors steady rates and slightly higher prices
                      30 Year Fixed (National Average)
15-Minute Daily Chart of the Fannie Mae 5.0% - 30 Year from mktalert.net

 

Dow Jones Industrial Average Last 5 Days          



 
Commentary:

The March Personal Income and Spending figures released this morning by the Commerce Department were generally mortgage market friendly.



Incomes advanced by a solid 0.4% while spending gained a very modest 0.1%. The core personal consumption expenditure index (a fancy name for the Fed’s favorite measure of inflation pressure at the consumer level) posted a blunt 0.1% month-over-month gain. On a year-over-year basis the core PCE index climbed 1.6% -- well below the Fed’s targeted growth rate of 2.0%. Boiling all this mumbo-jumbo down to its bare essence -- the story here is inflation pressures are currently benign – and that is good news for the prospects of steady to perhaps fractionally lower mortgage interest rates ahead.



In a separate report, the Labor Department said employment costs rose at a slightly faster pace in the first three months of 2016 than they did in the final quarter of 2015 – but not by much. The employment cost index was up 0.6% in the first three months of the year after climbing 0.5% in the final three-month stanza of last year. Mortgage investors yawned.



The decision to leave benchmark short-term interest rates “unfooled-around-with” by members of the Federal Open Market Committee proved solidly supportive of the prospects for steady interest rates and noticeably improved rate sheet prices from most mortgage investors this week.



Looking ahead to the coming week’s economic calendar the private Institute of Supply Management is scheduled to release its survey of manufacturing activity for April on Monday. Wednesday’s data barrage will include ADP’s private employment survey, Q1 Productivity and Labor Costs, March Factory Orders, and the Institute of Supply Management’s survey of activity in the Service Sector. The big “kahuna” of economic news comes on Friday with the release of the April Nonfarm payroll figures.



My models are warning the coming week may include more whip-saw price action than we’ve seen in a while as unsettled investors race back-and-forth between fearing a heavy sell-off in the mortgage market is right around the corner – and fearing missing out on more price gains if the current rally continues. The price range probably won’t amount to much – but the see-saw price action will likely be noticeable.




My TrueCast model is indicating any price volatility should be taken with the proverbial “grain-of-salt” unless the Fannie Mae 3.5% 30-year mortgage-backed security breaches 104.593 to the downside on a closing basis. Should this event occur it will be time to immediately convert any “floating” loan to “locked” and adopt a “lock ‘em if you got ‘em” pipeline risk management strategy until further notice.
 
Commentary and Chart Courtesy of Larry Baer and Market Alert

Recent Additions to The Sweetwater Real Estate Page View The Sweetwater Real Estate Page
13015 Advance Dr
Houston , TX   77065
$140,000
Agent: Lisa Ross Smith     713-291-8298
Monarch Real Estate Group
Date listed on this site: 4/17/2016

Loan Officer: Jim Norris (RMLO #304627)

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13015 Advance Dr Houston TX 77065
 
5544 Lawson
Houston , TX   77023
$339,990
Agent: Karen Cook     832-443-3642
Realty Associates
Date listed on this site: 4/3/2016

Loan Officer: Jim Norris (RMLO #304627)

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5544 Lawson Houston TX 77023
 
6161 Reims Rd #205
Houston , TX   77036
$34,000
Agent: Laura Van Duyn     (713) 291-9034
Daumas Realty
Date listed on this site: 3/17/2016

Loan Officer: Jim Norris (RMLO #304627)

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6161 Reims Rd #205 Houston TX 77036
 
 
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The BBB awarded Sweetwater the Gold Star Award for 2015!
3/18/2015
The BBB awarded Sweetwater the Gold Star Award for the 8th time in 9 years. The Gold Star is awarded to companies who have shown outstanding customer service for three consecutive years.

Contact Information

 

MANAGEMENT  

Jim Norris - President (RMLO #304627)
12010 Miramar Shores Dr.
Houston, TX 77065
(281) 970-1082 ext 1
(866) 717-4556 ext 1 Toll Free

jim@sweetwatermortgage.com 

Elle Roloff - Operations Manager (RMLO #304630)
12010 Miramar Shores Dr.
Houston, TX 77065
(281) 970-1082 ext 2
(866) 717-4556 ext 2 Toll Free
elle@sweetwatermortgage.com

 

LOAN OFFICERS

Brenham:Gayle Valentine-Hill (RMLO #298234)
119 W Commerce St
Brenham, TX 77833
979-353-4234


Email:gayle@texashomeplacemortgage.com
Brenham:Sandra Starnes (RMLO #298126)
119 W Commerce Street
Brenham, TX 77833
979-353-4234
979-251-0726

Email:sandra@texashomeplacemortgage.com
Houston:Jim Norris (RMLO #304627)
12010 Miramar Shores Dr
Houston, Tx 77065
(281) 970-1082 ext 1
(866) 717-4556 ext 1
Email:jim@sweetwatermortgage.com
Houston:Elle Roloff-Norris (RMLO #304630)
12010 Miramar Shores Dr
Houston, TX 77065
281-970-1082 ext 2
866-717-4556 ext 2
Email:elle@sweetwatermortgage.com

 

 
 
  
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