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Daily Market Watch for Monday, February 27, 2017 (Courtesy of Larry Baer and Market Alert )
Short Term Trend (5 days or less): Favors steady rates and slightly lower prices.
Long Term Trend (6 days or more): Favors steady rates and slightly 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          



 
Commentary:

The January Durable Goods Orders headline number proved significantly stronger-than-expected – posting a gain of 1.8%.

Mortgage investors shrugged the outsized improvement off when details contained in the report showed the increase was fueled by a 70% jump in orders for passenger planes and a 60% jump in advanced bookings for fighter jets and related military goods. Striking out the highly volatile transportation component the data showed orders for other goods manufactured to last three-years or more fell 0.2% last month – the first decline in this measure in six months. Mortgage investors yawned.

Still to come this week will be the government’s first “guesstimate” of Q4 Gross Domestic Product (a measure of the value of all the goods and services produced in the country) will be a “conversation starter” on Tuesday. Wednesday will feature a trio of reports – January Income and Spending, the Institute of Supply Management’s January Manufacturing Index and the Fed’s Beige Book. The week will round out on Friday morning with the release of the Institute of Supply Management’s Service Sector Index.

Of all the items on the heavily populated economic calendar mortgage investors will likely pay closest attention to the core personal consumption expenditure index component of Wednesday’s Personal Income and Spending report. The core PCE index is the Fed’s favorite measure of inflation at the consumer level.

As I write, economists expect this measure of inflation to edge 0.1% higher from December’s reading of 0.1%. If so, the modest uptick is unlikely to materially affect the current trend trajectory of mortgage interest rates. A gain of 0.3% or more is almost certain to cause mortgage investors to begin aggressively anticipating a March rate hike from the Fed – and that is not the “stuff” the prospects for lower mortgage interest rates is made of.

As I mentioned in this week’s edition of “Viewpoint” --The biggest “wild card” of the week will undoubtedly be President Trump’s address Tuesday evening to a joint session of Congress. Wall Street has their fingers crossed Mr. Trump will lay out a detailed agenda addressing tax cuts for business and the middle class, as well as specific fiscal spending plans for upgrades to the nation’s infrastructure.

Talk about tax relief has been an especially big driver behind recent stock market gains. If the stock investment community comes away from this event with the impression Trump’s pro-growth policies are going to be slow in developing – stock traders’ patience will be sorely tested – and equity prices will be very vulnerable to the development of a round of moderate to heavy selling pressure.

Friday’s back-to-back speeches to be made by the two most influential members of the Federal Open Market Committee is in almost a dead heat for the “wild card” event of the week honors.

Many have convinced themselves the Fisher/Yellen speeches may contain hints about a March rate hike – an event that is not currently priced into the credit markets. In the unlikely event Mr. Fisher and/or Mrs. Yellen talk-up the possibility of an interest rate hike in March -- it is highly likely mortgage interest rates will have a very difficult time trying to find the necessary traction to move to yet lower levels.
 
Commentary and Chart Courtesy of Larry Baer and Market Alert

Recent Additions to The Sweetwater Real Estate Page View The Sweetwater Real Estate Page
2310 Seahorse Bend
Katy , Texas   77449
$250,000
Agent: Paul Guinn     281-236-7865
Realty Associates
Date listed on this site: 2/11/2017

Loan Officer: Jim Norris (RMLO #304627)

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2310 Seahorse Bend Katy Texas 77449
 
5450 Little Creek Ct
Fulshear , TX   77441
$339,000
Agent: Linda Holder     281-437-3490
Linda Holder Properties
Date listed on this site: 1/30/2017

Loan Officer: Jim Norris (RMLO #304627)

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5450 Little Creek Ct Fulshear TX 77441
 
12906 Golden Rainbow
Cypress , TX   77429
$354,900
Agent: Lisa Ross Smith     713-291-8298
Monarch Real Estate Group
Date listed on this site: 1/28/2017

Loan Officer: Jim Norris (RMLO #304627)

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12906 Golden Rainbow Cypress TX 77429
 
13010 Meadowline Dr.
Houston , TX   77083
$197,000
Agent: Sheila Joplin     (281)236-4555
Better Homes and Gardens Real Estate Gary Greene
Date listed on this site: 12/12/2016

Loan Officer: Jim Norris (RMLO #304627)

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13010 Meadowline Dr. Houston TX 77083
 
 
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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 Norris - 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

 

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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:Ellen 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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