Hello, friends!

The fed concluded it’s direct purchase program of mortgage backed securities on March 31st.  To our surprise, rate have held nicely although we are feeling some upward pressure this week.  Rates did jump up to the 5.25 level in early April but drifted back down nicely after economic concerns created some losses in the stock market.

As of today, lets consider it a gift and take every opportunity to lock your interest rate with your Loan Officer as soon as possible.  If you have not started with a loan officer, call or email me and let’s get the ball rolling on your financing.

Todays Rates:

30yr Fixed- 4.875% 0+1

15yr Fixed- 4.375% 0+0

FHA/VA 30yr- 4.875%

With a few pieces of information, and in a matter of hours, I can discern whether a refi will save you money. Contact me today, so we can grab you one of these low rates before they go up.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

Hello, friends!

Another week, a new story. It has finally happened. Last Thursday, the federal reserve increased its short-term interest rates as it slowly starts getting things back to normal. This increase in rates came on time as many predicted and as we get closer to the March 31st conclusion of the Federal Direct Purchase Program (feds buying up securities to keep rates down) we will see mortgage rates slowly increase over the next 30 days.

In my opinion I feel our 30yr fixed rates will sit at 5.5% 30 days from today. I hope for all our sakes I am wrong in my prediction but it has to happen some time as these historic low rates have been artificially subsidized by the Federal Reserve.

Once the money runs dry, the market will resume its normal business and rates will move back to the averages we see in slower economic times which hover in the mid to upper 5′s and lower 6′s in better times.

Last chance to refi if you’ve been procrastinating!

Todays Rates:

30yr Fixed- 4.875% 0+1

15yr Fixed- 4.375% 0+1

FHA/VA 30yr- 5.00%

USDA 100% financing- 5.00%

With a few pieces of information, and in a matter of hours, I can discern whether a refi will save you money. Contact me today, so we can grab you one of these low rates before they go up in March.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

Happy Monday, friends!

Let me start by saying how proud I am of Drew Brees and the Saints. What a great display of confidence and willpower!

The economic calendar is vacant today — leaving mortgage investors with little more than trading activity in the stock markets from which to take their directional cues for mortgage interest rates.  Higher stock prices tend to push mortgage interest rates higher while lower stock prices are usually supportive of steady to perhaps fractionally lower mortgage interest rates. Uncle Sam will be in the credit markets for three successive days beginning tomorrow — looking to borrow a total of $81 billion in the form of 3- and 10-year notes together with a package of 30-year bonds. Same tune, same story — borrow borrow borrow.

The silver lining is that rates are very attractive still and even though the pressure is coming from the end of the FED’s direct purchase program in March, rates today are at all-time lows. To take advantage of these rates in time for a refi though, you need to START TODAY — recent changes in the loan process have increased the length of time it takes to get closed.

Todays Rates:

30yr Fixed- 4.75% 0+1

15yr Fixed- 4.25% 0+1

FHA/VA 30yr- 4.875%

USDA 100% financing- 4.875%

With a few pieces of information, and in a matter of hours, I can discern whether a refi will save you money. Contact me today, so we can grab you one of these low rates before they go up in March.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

Happy Friday, everyone!

The weekend is finally here and the rate market is still hanging in there. Next week we have an avalanche of treasury auctions to the tune of $150billion or so that will either hurt or help our cause. If the auctions don’t draw solid demand from foreign and domestic investors, look for rates to inch up a bit.  If demand is solid, look to fractionally lower rates. I don’t think we’ll be able to move down to that 4.625% level but who knows.

Have fun with your family this weekend and let’s talk shop on Monday if you have mortgage needs we can help with.

Todays Rates:

30yr Fixed- 4.75% 0+1

15yr Fixed- 4.25% 0+1

FHA/VA 30yr- 4.875%

USDA 100% financing- 4.875%

Any and all questions can easily be answered over the phone or via email any time.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

I have been unable to blog the past week due to market changes and adapting to the new Good Faith Estimate. What seemed simple in theory has turned into a mess for lenders and home buyers/borrowers.

The trouble so far is that the new good faith estimate is so poorly designed that it tricks buyers into thinking higher costs for loans are being presented to them. The new GFE blocks most all lender fees into one section called “origination charges.” It shows this on top of listing origination fee or discount points.  Instead of adding transparency to mortgage banks this new form has turned into a nightmare for us all making borrowers and lenders shaky as they contemplate moving forward on a home loan.

What the brilliant people at the FED don’t realize in their inability to fix ANYTHING is that when they make a change like this new GFE, lenders double the time they spend with each borrower — first, explaining the new form and how odd it is compared to the plain english approach to the old GFE; second, as lenders, we are penalized for any mistakes on the estimate itself even small variances in fees that lenders have no control over such as title, transfer and some insurance fees.  As everyone knows, when you double the time an employee spends on anything, eventually, costs will go up. Why our pals up on the hill can’t figure out the basics of economics is beyond me.

As a lender, I am 100% honest with my clients and I’ve never mislead a buyer into a fee that was not valid. I can say that for almost every lender I know. I am sickened to think that we as lenders may be forced to charge more to our buyers to give them the same great service they deserve and we’ve always given.

Now that we’re getting the hang of this new set of rules I am hoping that everyone gets back into the groove of things by next week.

On a better note, I hope everyone smiled when my prediction came true regarding interest rates coming down around the 11th of January! Here is my gift to you, as rates are still great here at Urban Austin Mortgage …

Todays Rates:

30yr Fixed- 4.75% 0+1

15yr Fixed- 4.25% 0+1

FHA/VA 30yr- 4.875%

USDA 100% financing- 4.875%

Any and all questions can easily be answered over the phone or via email any time.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

If you’ve got an iPhone, you can now search through homes for sale via an app by Realtor.com!

The app, called Home Search, was launched on Wednesday and uses GPS to provide a map of houses for sale near you — a map you can refine based on distance, type of house, price range, as well as other criteria. It also lets you make notes on houses and give them a star rating, so you can keep track of the ones you love.

Although another app, Trulia, purports to do the same thing, Home Search’s results are more up to date, which is key for getting the real info on recent price drops on houses.

This is a great tool for getting the “lay of the land” when searching for a house, but your realtor is still going to be your most important asset, as very often they’ve seen the houses firsthand, can give you access to them and “translate” the information in the listing. If you need an Austin realtor, drop me a line and I’ll point you in the direction of several excellent ones.

In the meantime, go here to download the app: http://www.realtor.com/iphone

But before you start your home search in earnest … we all know it’s easy to get caught up in the thrill of the hunt, but you don’t want to fall in love with a house that you can’t afford. This is even more pertinent today, as banks loaning practices have changed dramatically and are much stricter. Avoid the heartbreak by touching base with me first — I’ll examine your income, assets and credit score to determine what price tier you can confidently pursue.

Hope you have a great weekend and happy home searching!

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

UA website - Austin Texas Home Loans
Quick Application

Happy Friday, everyone!

The Labor Department reported earlier this morning that 85,000 more jobs were lost in December than were created. Revisions to prior month’s figures showed the economy actually added 4,000 jobs in November rather than losing 11,000 as was initially reported. The government’s “do-over” for October resulted in reported job losses of 127,000.

The majority of economists had projected a headline payroll loss in December of 8,000. These same economists are now blaming their wide miss on December job market conditions on the weather — pointing out two major storms blanked the Northeast and Midwest during the data survey period.

In my judgment, the fact the national jobless rate reminded at 10.0% in December is the most significant and telling element of the entire report. The detail in this morning’s report showed there were 929,000 “discouraged workers” who had given up looking for a job, up from 642,000 a year earlier. The bid “so what” factor behind all this mumbo-jumbo is significant. If these people were still actively looking for work and had been counted as unemployed in the latest survey period — the national jobless rate would have been 10.4% or higher. Since the current story from the labor sector strongly suggests employment growth will remain puny for sometime yet to come – today’s job report is supportive of steady to potentially lower mortgage interest rates.

Looking ahead to next week — Uncle Sam will take center stage from Monday to Thursday. He’ll be in the credit markets looking to borrow roughly $100 billion in the form of inflation index 10-year notes on Monday, 3-year notes on Tuesday, 10-year notes on Wednesday and 30-year bonds on Thursday. Wednesday’s 10-year notes and Thursday’s 30-year bonds will likely exert the most potential upward pressure on mortgage rates.  —Larry B

Todays Rates:

30yr Fixed- 4.75% 0+1

15yr Fixed- 4.25% 0+1

FHA/VA 30yr- 5.00%

USDA 100% financing- 5.00%

Any and all questions can easily be answered over the phone or via email any time.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

The New Year has begun and rates having started to trim some of the gains we saw right before the holidays.  I still predict we will see better as we approach Jan 11th but I am still very pleased the market is coming back to us a little. Nothing is ever a “sure” bet in this industry. If it was, I would be retired by now. With that said, rates are better and if you are in the process of looking for a new home or ready to refinance your current one, call me. Pre-approval is very easy contrary to what the media likes to tell you.

Todays Rates:

30yr Fixed- 4.75% 0+1

15yr Fixed- 4.25% 0+1

FHA/VA 30yr- 5.00%

USDA 100% financing- 5.00%

Any and all questions can easily be answered over the phone or via email any time.

Sincerely,

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

UA website - Austin Texas Home Loans
Quick Application

Happy almost New Year!

The market wasn’t great this week, but that is typical for this time of year. Again, let’s keep our fingers crossed for better rates come Jan 10th or so.

Buckle up tonight. Use a designated driver if needed and have lots of fun! It’s a moral imperative.

Buckling down at home? Start the new year with a mortgage consultation! By applying on my website, we can begin to examine whether a refinance can save you money. Go to urbanaustinmortgage.com today and click on APPLY NOW to get yourself in position for the next rate drop.

Cheers,

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

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