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Daily Market Watch for Wednesday, November 22, 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          



 
Commentary:

October Durable Goods Orders, a “guesstimate” of the pace of orders for everything military aircraft to washing machines, in other words, items manufactured to last three years or more, slumped 1.2% last month. The decline was primarily created by a significant drop in commercial and private aircraft. Excluding the always volatile transportation component of this index, durable goods orders posted a modest 0.4% gain.

The October decline for durable goods orders comes after three consecutive months of hefty gains. This report will be watched a bit more closely in coming months – but right now the data points to solid momentum in the manufacturing sector moving into the new year. Mortgage investors gave this morning’s durable goods orders data nothing more than a passing glance.

To no one's surprise, the number of Americans standing in line to file first-time claims for government jobless benefits fell by 13,000 to 239,000 during the week ended November 18th. Layoffs are at their lowest levels since the early 1970s, and the national jobless rate remains at 4.1% -- a point many economists believe represents full employment for the nation’s workforce. In any case, another decent report from the labor sector did not catch mortgage investors by surprise. The data had no discernible impact on the current trend trajectory of mortgage interest rates.

Later this afternoon at 2:00 p.m. ET the Fed will release the minutes from their October 31st through November 1st Open Market Committee meeting. The economy was chugging along at a solid pace when committee members went into the session, and there was nothing much for them to consider during their gathering that might cause them to postpone their broadly anticipated 25 basis point rate hike in mid-December. This document is not likely going to cause mortgage investors to unwind the December rate hike they have already priced into the market.

The mortgage market will close early on Friday, November 24th at 2:00 p.m. ET. The economic calendar on that day is empty. We will be reporting trading action in the mortgage markets as usual, but our office will be closed. My next Daily Commentary will appear on Monday, November 27th.

The coming week’s economic calendar will feature October New Home Sales on Monday.

The government will release their revised “guesstimate” of the pace of third-quarter economic growth (GDP) Wednesday morning at 8:30 a.m. ET. Fed Chairman Janet Yellen will be on Capitol Hill Wednesday at 10:00 a.m. ET to deliver the Fed’s assessment of the state of the economy to a Joint Economic Committee of Congress.

On Thursday at 8:30 a.m. ET mortgage investors will get a look at the current pace of inflation at the consumer level when the October Personal Income and Spending report hits the newswires. Buried in the body of this report is the personal consumption expenditure index, the Fed’s favorite measure of inflation on Main Street, USA.

The last item on the next week’s busy economic calendar will be Friday’s 10:00 a.m. ET release of the private Institute of Supply Management’s November Manufacturing Index.

Uncle Sam will be conducting a three-part, two-day debt auction next week as well. He plans to sell $26 billion of 2-year notes and $34 billion of 5-year notes on Monday and follow all that up with the sale of $28 billion of 7-year notes on Tuesday.



The combined weight of $88 billion worth of supply from the Treasury Department, a densely populated economic data calendar and the continuing churn created by Congressional efforts to craft a major overhaul of the U.S. tax code and get the current debt ceiling lifted by December 8th will likely make it very difficult, if not impossible for mortgage interest rates to gain noticeable traction toward lower levels next week.
 
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
$269,900
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
$263,500
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
$415,000
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
 
 
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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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