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Tony’s Mortgage Minutes – September 21, 2015

Americans stepped up their spending on cars, restaurant meals, groceries, and clothing in August, suggesting that consumers will help sustain U.S. growth despite a broader global slowdown . The Commerce Department said last week that retail sales rose 0.2 percent in August, after advancing 0.7 percent in July. Sales have increased 2.2 percent over the past 12 months, as solid hiring has translated into surges in spending at auto dealerships and dining establishments.

What did the Fed do? As expected, the Federal Reserve kept interest rates near zero in a decision seen as an indicator that officials still lacked confidence in the strength of domestic economy in light of “recent global economic and financial developments.” The Fed still plans to raise interest rates this year, according to new economic projections published last week. Any debt with a floating, rather than fixed interest rate, could gradually get more expensive after the Fed finally moves. Homeowners with adjustable-rate mortgages, or ARMS, may want to refinance to get a fixed-rate mortgage. Their monthly payments may go up in the process, but they’ll be locking in some of the lowest fixed-mortgage rates in history. However, I personally can see the Fed waiting until after the first of the year to raise rates.

Home sales in the San Antonio area cooled off in August, dipping about 14 percent from July, according to data released by the San Antonio Board of Realtors. But, that’s common for this time of year with the start of school, real estate agents say. However, August home sales still were up 5.1 percent compared to last year at this time. Plus, median home prices were up 7.7 percent, in August compared to the same time period last year. The August median home price stood at $197,100 for the San Antonio area.
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Tony Stevenson
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© 2015 SWBC. All rights reserved. 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, CENTURY 21 The Hills Realty, 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, S.A. Express News and MBA News Link. 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. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)