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Mortgage Minutes February 8th, 2016

In an article this past Sunday in the S.A. Express News a headline read, “Who’s afraid of $30 crude?” The article continued to state that Texas has a message for $30 crude doomsayers:  Bring it on!  A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel according to Bloomberg Intelligence. “It may be harder to kill many U.S. E&P’s than analysts originally thought,” Bloomberg Intelligence analyst William Foiles said in the a report.  “The wide range of break-evens undermines efforts to come up with a single threshold for U.S. shale producers.  Still, with Iran entering the oil exporting business and the U.S. being allowed to export oil now, for me the just is still out concerning what and how exactly our Texas economy will be affected.  There have been job layoffs, but from what I have read and understand is that those leaving the oil fields are finding their way to construction jobs in Texas.  So, I report again that the Texas economy is doing wonderful in my opinion.

Nationally, weekly job aid rose 8,000 to a seasonally adjusted 285,000, the Labor department said.  The four-week average increased slightly to 284,750.  The number of people collecting job aid has dropped 5.5 percent in the past year.

Better news for homebuyers seeking a mortgage.  Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72 percent this past week, down from 3.79 percent the week before.

 

February has just begun.  We have Super Bowl Sunday  behind us.  Valentine’s Day is coming up. The San Antonio Stock Show and Rodeo is about to kickoff. Winter is in full swing.  However, in Texas, you couldn’t tell that winter is in full swing.  On Groundhog day, Texas Pete didn’t see his shadow (Texas Pete is our own weather forecasting rattlesnake in case you didn’t know). So, if all holds true, we should have an early Spring.  Yes, it has been chili lately but, the sun keeps shining on our state.  The sun keeps shining on our state’s economy and real estate market too.  It is a wonderful time to buy a home in our beautiful state!

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
www.swbcmortgage.com
 
apply on-line to:  www.swbcmortgage.com/stevenson
 
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

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)