Austin, TX home loan rates

Happy Friday!

The market has turned nicely for us today and rates have eased down .125%

30yr fixed – 4.625% 0+1
15yr fixed – 4.125% 0+1
5yr ARM – 3.75%

Larry Bear Market Specialist:
“Trading volume in the mortgage market so far today has been light and sporadic — with the few transactions that are being completed drawing higher prices for the underlying security.

There is really not much to talk about in terms of economic news — even though some media sources are trying to make a mountain out of a mole hill with their breathless announcement that the University of Michigan’s consumer sentiment index fell four (4) percentage points in October. Hmmm, let’s see, I wonder if the fact the national jobless rate jumped to a 26-year high during the month might have bummed consumers out just a bit. I have yet to see one mainstream media report that drills down into the data deep enough to discover that while the index fell back to about the level seen in July and August — it remains comfortably above its cyclical lows.

Take today’s consumer sentiment report with a grain-of-salt. Mortgage investors are generally far more interested in what the consumer is actually doing — as opposed to how they say they are feeling during a telephone interview. Consumers’ true underlying sentiment will be abundantly clear when the Commerce Department releases the October Retail Sales figures Monday at 8:30 a.m. ET. Interestingly enough, the headline number is expected to have posted a 0.9% gain — a handsome recovery from September’s 1.5% slump. The ex. auto component of the report is expected to have matched September’s 0.5% improvement. Not bad for the supposedly crestfallen consumer most media sources would have you believe currently dominates the retail marketplace.”

Things are good right now. Enjoy your weekend!

D. Stephen Steakley, Jr.
Austin, Texas Home Loan Expert
512-577-8898 ph
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