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Tony’s Mortgage Minutes – March 30, 2014

The San Antonio region’s unemployment rate fell to 3.8 percent in February from 3.9 percent in January, continuing a steady decline from 5.2 percent in February 2014, according to data released Friday by the Federal Reserve bank of Dallas. The last time the regions jobless rate was so low was in October 2000. It’s nearly half what it was at it’s peak during the era of the Great Recession, 7.9 percent in November 2011. Three percent in March 1999 is the lowest rate during the past 25 years, which is as far back as the data goes. “My contention still holds that San Antonio will slow somewhat this year,, but it will remain faster than the state average, and it won’t slow nearly as ,much as other energy areas,” said Keith Phillips, senior economist for the Federal Reserve Bank of Dallas.

“Home sales still rise” was a mini headline in the S.A. Express news last Wednesday. The article stated that sales of new homes in February climbed to their fastest pace in seven years, as an otherwise dormant housing market showed fresh signs of life. The Commerce Department said last Tuesday that new-home sales shot up 7.8 percent last month to a seasonal adjusted annual rate of 539,000, the strongest performance since February 2008. The Supply of existing homes is tight with an available supply of just 4.6 months compared to a historic average of of around 6 months a report from Realtors said last Monday.

Freddie Mac said the average for a 30-year fixed-rate mortgage declined to 3.69 percent from 3.78 percent week before last. The average rate for the 15-year fixed-rate fell to 2.97 percent from 3.06 percent for the same period.

This Wednesday, the Central Hill Country Board of Realtors will be having their monthly meeting/luncheon in Blanco at Old 300 Bar-B Que. Shirley Kessler is the special speaker. If you are a member or affiliate member, you will not want to miss this meeting. I can assure you, you will be glad you came.

Note: There will not be a Tony’s Mortgage Minutes article next week due to the Easter holiday weekend.

Quote of the week!

The best way to be missed when your gone is to
stand for something when you’re here. ——-Seth Godin, author

(This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, Market Watch Economic Calendar, and S.A. Express News. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email: (tstevenson@swbc.com.) SWBC Mortgage Corporation NMLS 9741, Corporate Office located at 9311 San Pedro Suite 100 San Antonio, TX 78216.

Sincerely,

Tony Stevenson
Senior Loan Officer, SWBC Mortgage Corporation
“Your Local Loan Officer”
NMLS# 216213

SWBC
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216
(210) 376-6133 – Direct
(800) 460-6990 – Toll Free
(210) 846-4666 – Mobile
(866) 782-9318 – Fax

VA/Texas Vet Loan Specialist…..
San Antonio and Texas Hill Country!

Website: www.swbcmortgage.com/stevenson