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Tony’s Mortgage Minutes November 23rd, 2015

Texas shoppers have another reason to be thankful this Thanksgiving! They will pay slightly less for Thanksgiving dinner than last year, according to the Texas Farm Bureau. The typical dinner will cost $46.48 this year, down 0.66 percent from $46.79 last year. Nearly all Thanksgiving ingredients tracked by the bureau declined in price this year, including stuffing (6% drop), and whole milk (13.3% drop). Even the price of turkey went down in Texas, thanks to lower fuel and grain costs. It makes sense that fuel would help drive costs down as that cost affects all of us-including delivery and commercial truck drivers. As a matter of fact, traders kept oil just above $40 a barrel Friday after an industry report showed yet another drilling slowdown across the U.S.

Mark Dotzour, College Station real estate economist, spoke to a group this past week and said that one sector still has enough gas in the tank to drive economic growth and that is housing construction. Even though Texas’ oil and gas industry is waning, he stated that the length of economic recovery depends on whether “we are building more housing this year, the year after that, and the year after that.” He continued that, “ housing construction is rested, so there are several years of economic growth left.” San Antonio and the rest of Texas is behind demand for housing he added. “We have a huge housing shortage,” citing 8 to 12 percent annual price jumps in houses.

For home buyers seeking a mortgage, the average long term mortgage rates edged slightly lower this past week after two straight weeks of sharp increases. Freddie Mac said the average rate on a 30-year fixed-rate mortgage fell to 3.97 percent from 3.98 percent the week before. Lower mortgage rate is something we all can add to our “things to be thankful for” this week!

Note: I would like to wish my Wife, Gayla Stevenson, a happy birthday today. What is she doing on her birthday? She is taking me to the doctor. Now how special is that? She is what I am thankful for!

Have a Happy Thanksgiving!

Please remember me to anyone you know that may need a mortgage!

Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
apply on-line to: www.swbcmortgage.com/stevenson

9311 San Pedro Avenue, Suite 100

San Antonio, Texas 78216

© 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)