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Daily Market Watch for Tuesday, November 21, 2017 (Courtesy of Larry Baer and Market Alert )
Favors steady rates and fractionally lower prices.
Long Term Trend (6 days or more): Favors stable rates and steady to fractionally lower 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          


Earlier this morning the National Association of Realtors reported October Existing Homes Sales climbed 2.0% higher on a month-over-month basis – driven in large part by an improvement in areas hit hardest by Hurricanes Harvey and Irma. The pace of Existing Home Sales for 2017 is currently 0.9% below the year-ago level. The seasonal adjusted median home price for October was $252,310 up 1.2% from September and up 5.4% from October 2016. Inventory levels remain critically low across most of the country. Mortgage investors shrugged.

The Mortgage Bankers of America have released their Mortgage Application Survey for the week ended October 13th one day earlier than usual. Overall single-family mortgage demand climbed 3.1% higher. Refinance activity jumped 6.3% higher on a week-over-week basis and purchase money loan requests essentially unchanged.

On a four-week moving average basis, refinance activity is down 5.5% over the past month and it is 34.0% lower than this same time last year. Purchase-money mortgage loan requests are down 3.3% over the past month, and they are 10.7% above year-ago levels.

For the week ended November 10th, refinance applications accounted for 51.3% of all single-family mortgage applications filed.

The contract rate for 30-year fixed-rate conforming mortgages ended the week unchanged at 4.18%. The interest rate is four basis points higher than four weeks ago, and it is 23 basis points higher than the year-ago mark.

The following is a repeat from yesterday's commentary;

Mortgage interest rates continue to hover in an exceptionally tight range as mortgage investors choose to be very cautious as Congress grapples with crafting the most far-reaching overhaul of the U.S. tax system in 31 years.

The House passed their version of tax reform last week Thursday, and the Senate expects to vote on their version of changes to the code sometime right after the Thanksgiving break. The House vote fell straight down party lines, and it is highly likely the Senate vote will reflect complete party bias as well.

The Senate is trying to pass their bill through a process known as “reconciliation,” which requires only a simple majority vote. To be considered eligible for “reconciliation” – the total tax bill, according to budget rules, can only add $1.5 trillion to the national debt over ten years, and it cannot add to the deficit beyond that window.

The Senate’s passage of its bill is not a certainty. Republicans have 52 seats of the 100 seats available in the Senate. If they lose more than two votes – the effort to pass the tax measure will likely fail, and the whole idea will be back to “square one” -- at least in terms of Republican efforts to pass the bill on a straight party line vote.

No one’s sure what the final package will look like, or for that matter whether tax reform legislation will likely ever actually see the light of day. With the level of uncertainty surrounding this major issue so high -- mortgage investors have adopted a “better-safe-than-sorry” strategy and moved into their foxholes with their helmets on and their heads down while they await the final Congressional showdown.

From a credit market investor’s perspective, a steep cut to the corporate tax rate will likely ratchet up inflation pressures. If so, the upward pressure on interest rates, including mortgage interest rates, will be pronounced.

It is also worth noting the government debt ceiling must be renegotiated and approved before the current extension expires on Friday, December 8th.

The mortgage-market will operate on a regular schedule on Wednesday, November 22nd, it will be closed on Thursday, November 23rd for the Thanksgiving holiday and the market will close early on Friday, November 24th at 2:00 p.m. ET.
Commentary and Chart Courtesy of Larry Baer and Market Alert

Recent Additions to The Sweetwater Real Estate Page View The Sweetwater Real Estate Page
404 Allenwood Dr.
Allen , TX   75002
Agent: Mattye P. Smith     214-443-4949
Skyline Realty
Date listed on this site: 9/28/2017

Loan Officer: Jim Norris (RMLO #304627)

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404 Allenwood Dr. Allen TX 75002
2522 Creighton Drive
Garland , TX   75044
Agent: Mattye P. Smith     214-443-4949
Skyline Realty
Date listed on this site: 9/27/2017

Loan Officer: Jim Norris (RMLO #304627)

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2522 Creighton Drive Garland TX 75044
25 Florence Way St
Missouri City , TX   77459
Agent: Scott Mendell     281-433-7621
Berkshire Hathaway HomeServices AP
Date listed on this site: 9/26/2017

Loan Officer: Jim Norris (RMLO #304627)

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25 Florence Way St Missouri City TX 77459
Title & Date Announcement

Contact Information



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


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



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

Brenham:Sandra Starnes (RMLO #298126)
119 W Commerce Street
Brenham, TX 77833

Houston:Jim Norris (RMLO #304627)
12010 Miramar Shores Dr
Houston, Tx 77065
(281) 970-1082 ext 1
(866) 717-4556 ext 1
Houston:Ellen Roloff Norris (RMLO #304630)
12010 Miramar Shores Dr
Houston, TX 77065
281-970-1082 ext 2
866-717-4556 ext 2


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