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Mortgage Minutes January 11th, 2016

The year has started off with a bang or a thud-depending on your perspective. Volatility erupted anew in the financial markets causing anxiety about global growth. Plus, oil prices experienced a week of big declines that showed economic turmoil in China now overshadows tension in the Mideast on trading floors. That’s the bad news.

The good news: “U.S. job market ends 2015 up” was a mini headline in the S.A. Express News last week. The article stated that in an impressive sprint at 2015’s end, employers added 292,000 workers to their payrolls in December, the government said on Friday, punctuating a year of healthy growth. The unemployment rate remained at 5 percent in December and that was because large numbers of people went looking for work. The jobless rate, which has declined since topping 10 percent in October 2009, continues to hover just above what economists consider full employment—the point where further declines could start to push up inflation. Plus, experts are also optimistic about San Antonio in 2016.

Heading into 2016, San Antonio-area real estate agents can expect to eclipse the 24,948 home sales from January to November 2015, the most sold during that period in recent memory, Mark Dotzour a retried economist from the Texas A&M Real Estate Center, told the San Antonio board of Realtors at the organization’s annual housing forecast last week. The question for me is how much longer can the housing market sustain these numbers until inventory becomes a real issue? It is a seller’s market to be sure.

Keep in mind that home buyers have it good too. Still proof home sales will continue their march upward is the fact that mortgage rates remain at historically low levels. Mortgage rates were mixed last week, with the key 30-year rate slipping back under 4 percent to 3.97 percent, according to Freddie Mac. But the average 15-year mortgage rate rose to 3.26 percent from 3.26 percent the week before.

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

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9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216f

© 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 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(