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Daily Market Watch for Wednesday, August 24, 2016 (Courtesy of Larry Baer and Market Alert )
Short Term Trend (5 days or less): Favors steady rates and lower prices -- but just barely.
Long Term Trend (6 days or more): Favors steady rates and lower prices -- but just barely.
                      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 pace of existing home sales slipped 3.2% lower in July. Compared to this same time last year – existing home sales are lower by 1.6%. Mortgage investors did not react to the data since most believe the slowdown in sales is probably more of a function of listings constraints – as opposed to a drop in demand.

As they do every Wednesday, the Mortgage Bankers of America have released their Mortgage Application Survey figures for the week ended August 19th. Overall loan demand slipped 2% lower last week. Refinance requests were down by 3% while purchase money demand was 0.3% lower.

On a four-week moving average basis, refinance activity is down 10% on a month-over-month basis but it is up 53% compared to this same time last year. Requests for purchase money mortgages were down 5.9% from a month earlier but they are 8.9% higher than the year ago mark.

For the week ended August 19th, refinance requests accounted for 62.4% of all single-family mortgage applications taken.

The contract rate for 30-year fixed-rate conforming mortgages rose 3 basis-points during the survey period. The interest rate is 2 basis-points lower than where it was four-weeks ago and it is 41 basis-points lower than the year-ago mark.

Economists and central bankers from all over the world will gather for the Kansas City Fed’s confab in Jackson Hole, Wyoming beginning on Thursday, August 25th. Fed Chairman Janet Yellen will be a keynote speaker on Friday, August 26th and most observers expect her to reinforce the idea the Fed will move at a very slow pace with regard to any further tightening of short-term interest rates.

To highlight the “go slow” strategy for Fed rate hikes columnist Mark Hubert analyzed all the changes in the Fed’s benchmark short-term interest rates going back to 1990. What he discovered is there was no instance when the Fed bumped-up short-term interest rates two months prior to a presidential election. In other words, it is highly unlikely the Fed will move to push through a rate hike before December of 2016 – and that’s good news for the prospect of relatively steady mortgage interest rates for a while yet.

Still to come on this week’s economic calendar is tomorrow’s July Durable Goods Orders numbers and the government’s second “guesstimate” of Q2 Gross Domestic Product on Friday.

As I mentioned earlier in this commentary -- look for all of the scheduled events for the week to amount to little more than a warm-up act for Friday’s second revision of the Q2 Gross Domestic Product figures and Janet Yellen’s address to the attendees at the Jackson Hole conference. The Q2 GDP numbers are expected to be largely unchanged and Mrs. Yellen is expected to make it abundantly clear the Fed intends to take their time before pulling the trigger on another rate hike.
 
Commentary and Chart Courtesy of Larry Baer and Market Alert

Recent Additions to The Sweetwater Real Estate Page View The Sweetwater Real Estate Page
5906 BIRDWOOD RD.
HOUSTON , TX.   77074
$273,000
Agent: JANIE Y LEE     832.677.5899
REALTY ASSOCIATES
Date listed on this site: 8/14/2016

Loan Officer: Jim Norris (RMLO #304627)

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5906 BIRDWOOD RD. HOUSTON TX. 77074
 
9820 Lace Flower Way
Conroe , TX   77385
$176,000
Agent: Tricia Frazier     832-233-7215
Realty Associates
Date listed on this site: 8/12/2016

Loan Officer: Jim Norris (RMLO #304627)

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9820 Lace Flower Way Conroe TX 77385
 
22218 Meadowrock Drive
Spring , Texas   77389
$169,900
Agent: Raul Ramos     832-418-6066
Lions Gate Realty
Date listed on this site: 8/11/2016

Loan Officer: Jim Norris (RMLO #304627)

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22218 Meadowrock Drive Spring Texas 77389
 
19123 Mill Ferry Ln.
Katy , Texas   77449
$185,000
Agent: Sheila Joplin     (832)334-0001
Better Homes and Gardens Real Estate Gary Greene
Date listed on this site: 7/14/2016

Loan Officer: Jim Norris (RMLO #304627)

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19123 Mill Ferry Ln. Katy Texas 77449
 
12515 Ravensway
Cypress , TX   77429
$212,000
Agent: Lisa Ross Smith     713-291-8298
Monarch Real Estate Group
Date listed on this site: 7/9/2016

Loan Officer: Jim Norris (RMLO #304627)

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12515 Ravensway Cypress TX 77429
 
5426 Coral Ridge Dr
Houston , TX   77069
$297,000
Agent: Lynnette Gronewold     832-229-8795
RE/MAX Northwest
Date listed on this site: 6/25/2016

Loan Officer: Jim Norris (RMLO #304627)

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5426 Coral Ridge Dr Houston TX 77069
 
8114 Hideaway Lake Ci
Spring , TX   77389
$5,800
Agent: ELSA MARTINEZ     832-860-8609
Texas Home Group Realtors
Date listed on this site: 6/8/2016

Loan Officer: Jim Norris (RMLO #304627)

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8114 Hideaway Lake Ci Spring TX 77389
 
13015 Advance Dr
Houston , TX   77065
$140,000
Agent: Lisa Ross Smith     713-291-8298
Monarch Real Estate Group
Date listed on this site: 5/25/2016

Loan Officer: Jim Norris (RMLO #304627)

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13015 Advance Dr Houston TX 77065
 
 
Announcements
Title & Date Announcement
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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