IF YOU’RE LOOKING TO BUY OR SELL A SAN ANTONIO, TEXAS, HOME, VISIT THE BEST SITE FOR REALTY ADVICE AND ASSISTANCE AT SANANTONIOHOMEQUEST.COM.
NOW, HERE’S THE LATEST NEWS EXTRACT FROM MIKE CLOVER’S WEEKLY MORTGAGE NEWSLETTER FOR THE WEEK OF 11 NOVEMBER 2012.
MORTGAGE MARKET COMMENTARY:
Mortgage rates barely wiggled around last week, even as stock markets moved significantly. While the knee-jerk reaction was to blame the election for the stock markets’ declines, the more likely reason is the impending “fiscal cliff.” Even with money flowing into bond markets, mortgage rates moved very little. Beyond the election and the aftermath of Sandy, there was little economic news to influence mortgage rates to any meaningful degree.
Retail sales and industrial production are the dominant economic reports due this week. It is likely that they will confirm that we are continuing this seemingly endless mode of slow growth. Rates and stock markets are more likely to be influenced, in coming weeks, by the discussions in Washington regarding the fiscal cliff. The more likely it looks that partisan politics will scuttle a deal, the more likely rates will continue trending downward. Likewise, if we see growing hope of a deal, which is very likely needed to avoid another recession, then rates may start ticking upward.
HOUSING MARKET IMPROVING IN MORE METRO AREAS:
Last week, the National Association of Home Builders (NAHB) and First American released their monthly Improving Markets Index. Twenty-two more metro areas were added to the list. To be included, the metro areas had to show at least six consecutive months of posted gains in housing permits, employment, and home prices. 125 metro areas are now listed as “improving.” In November 2011, there were only thirty metro areas on the list.
Homewood Mortgage, LLC - 18170 Dallas Parkway, Ste 304, Dallas, Texas 75287
mike.clover@homewoodmortgage
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