Austin and San Antonio will be the first two U.S. cities to recover from the recession, according to a new national forecast from IHS Global Insight. The forecast from the Lexington, Mass. economic research firm suggests the two Texas cities will bounce back to their pre-recession job levels sometime next year.

Austin was also named one of the 20 best performing metropolitan areas in the second quarter of 2009, according to a study by the Brookings Institution. (Austin Business Journal).

No cities have totally avoided the foreclosure crisis, but some were able to sidestep the worst of it. These markets are now recovering quickly. The recovery is swiftest in those areas that didn’t have as much of a housing price run up to begin with, either because the economy in those areas has stayed healthy or the economy has been limited for decades and residents have adapted or left. Austin is ranked #2 as the city that fared best and is recovering the most quickly:

Stats from November in Austin, TX:
1. Number of Sales in the area for November 2009 are up 52% on a yearly basis.
2. Sales Volume is up 47%
3. The Average was up 4% from November 2008 to November 2009.

Respectfully,

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

Hello, Austin!

Again, not much to report today. As mentioned this week is holding much higher as trade volume is virtually standing still on the Wall Street level. 30-year fixed rates today are sitting about 5.00% while your 15-year fixed is at 4.5%. I don’t expect anything different for 10 days so lets all enjoy the end of 2009 and I will keep you updated in the event anything out of the ordinary happens.

Go to urbanaustinmortgage.com today and click on APPLY NOW to get yourself in position for the next rate drop.

Respectfully,

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

Welcome back, everyone!

I sincerely hope you all had safe travels and/or a very special Christmas at home. This week like last week will start and finish off with rates much higher than we have seen the last month. As I mentioned last week, we won’t see any relief from this uptick until corporate earnings start posting mid January and some expected lower earnings reports gives bonds (mortgage rates) a hand with some downward pressure.

I suspect we won’t see much of anything positive for a week or two, so hang in there.

It’s the perfect time to be gathering your info and or filling out a loan app while you wait for rates to retreat.  REMEMBER, you CAN’T simply lock a rate by submitting a loan app. You must go through the approval process first which can take several days. Prepare yourself now by starting early.

Today’s 30-year fixed rate is sitting around 5.25% with the big banks and closer to 5.00% with Urban Austin Mortgage.

Go to urbanaustinmortgage.com today and click on APPLY NOW to get yourself in position for the next drop.

Respectfully,

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

The week is wrapping up and mortgage rates are in the toilet. I don’t even have the heart to post them today. Don’t be overly concerned. Mortgage rates are based on trading in the stock market between stocks and bonds. Many traders take off the week of Christmas so trade volume is typically way down.

I predict rates will hover around 5.00% until after New Year’s. In January, America’s corporate earnings will start to roll out for 2009 and I have a feeling they will be a little less than  peachy compared to the upward surge the administration and media likes to promote.

Yes, the stock market is doing great and back over 10,000. US Business though is still down. Don’t believe that because unemployment claims are down that things are picking up. Just because the firing has stopped does not mean the hiring has begun.

In a nutshell, look for stock prices take a big hit around mid January which should cause a nice downward run in mortgage rates. Hopefully back down to the 4.75% level. Please don’t think I am all about doom and gloom. What I about is planning mortgages around mortgage rates which is directly reflected by how the economy is doing. Things will get better in 2010. I am certain about that.

Enjoy all the food and sweets and we can all look forward to some intense working out after the Rose Bowl to burn off the holiday pounds.

Merry Christmas, everyone!

Cheers,

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

Hey, gang!

I hope your weekend was relaxing and you don’t have too much last-minute shopping to do.

With nothing in the way of new macro-economic data to guide them the few mortgage investors still at their desks appear to be taking their directional cues for mortgage interest rates from trading action in the stock market. In today’s early going a solid rally in the stock market is exerting noticeable upward pressure on mortgage interest rats.

Today’s Urban Austin Mortgage Rates:
30yr fixed- 4.625% 0+1.5
15yr fixed- 4.125% 0+1.5
FHA/VA- 4.75% 0+1.5

USDA 100% financing- 4.75% 0+1.5

*These low rates are ONLY offered through Urban Austin Mortgage. The application process is FREE, simple and you can receive an approval in just a few hours. Let’s get to work!

Respectfully,

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