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Daily Market Watch for Friday, November 17, 2017 (Courtesy of Larry Baer and Market Alert )
Favors steady rates and steady to fractionally higher prices -- but just barely.
Long Term Trend (6 days or more): Favors stable rates and generally steady 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:

Mortgage interest rates hovered in an exceptionally tight range this week as mortgage investors chose to be very cautious as Congress grappled with crafting the most far-reaching overhaul of the U.S. tax system in 31 years.

The House passed their version of tax reform yesterday, and the Senate expects to vote on their version of changes to the code sometime right after the Thanksgiving break. The House vote fell straight down party lines, and it is highly likely the Senate vote will reflect complete party bias as well.

The Senate’s passage of its bill is not a certainty. Republicans have 52 seats of the 100 seats available in the Senate. If they lose more than two votes – the effort to pass the tax measure will likely fail, and the whole idea will be back to “square one.”

No one’s sure what the final package will look like, or for that matter whether tax reform legislation will likely ever actually see the light of day. With the level of uncertainty surrounding this major issue so high -- mortgage investors have adopted a “better-safe-than-sorry” strategy and moved into their foxholes with their helmets on and their heads down while they await the final Congressional showdown.

From a credit market investor’s perspective, a steep cut to the corporate tax rate will likely ratchet up inflation pressures. If so, the upward pressure on interest rates, including mortgage interest rates, will be pronounced.

It is also worth noting the government debt ceiling must be renegotiated and approved before the current extension expires on Friday, December 8th.

The only thing on today's economic calendar is the October Housing Starts and Building Permit report.

The Commerce Department announced earlier this morning the pace of new home construction rose to its highest level in nearly a year as builders picked up the pace after hurricane-related delays in September. October housing starts climbed 13.7%. Starts for single-family homes gained 5.3% over the prior month while multi-family (five or more units) increased 37.4%.

Building permits, a harbinger of coming construction, were up 5.9% led by a 13.9% month-over-month gain in multi-family permits. Permits to build single-family residential units were up 1.9%.

This report did not influence the trend trajectory of mortgage interest rates one way or the other today. Mortgage investors largely discount single month stats for this data series. The reason why? In the detail of this release Commerce Department statisticians point out the values represented in this report are exceptionally volatile by a wide margin. They go on to say there is a 90% chance the actual headline housing start gain will probably prove to be a value somewhere between 3.2% and a 24.2%.

The coming holiday-shortened week’s economic calendar will feature October Existing Home Sale on Tuesday, October Durable Goods Orders on Wednesday morning followed by the release of the minutes from the Fed’s two-day meeting that concluded on November 1st that same afternoon. There is nothing here likely to influence the current trend trajectory of mortgage interest rates one way or the other.

The mortgage-market will operate on a regular schedule on Wednesday, November 22nd, it will be closed on Thursday, November 23rd for the Thanksgiving Holiday and the market will close early on Friday, November 24th at 2:00 p.m. ET.
 
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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MANAGEMENT  

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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