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Tony’s Mortgage Minutes – August 3rd 2015

August 3, 2015

The U.S. economy picked up speed between April and June after a winter crawl, helped by a boost in consumer spending that returned the nation to its pace of solid but unspectacular growth, new government data showed this past Thursday. “We’re an economy that just can’t get up to high speed,” said Stuart Hoffman, the chief economist for PNC Financial Services Group. “We’re getting closer to where we want to be, but we’re getting there slowly.”
The Federal Reserve appears on track to raise interest rates later this year but signaled Wednesday that it wants to see further economic gains and higher inflation before doing so. A statement from the Fed after its latest policy meeting provided no timetable.

Average long-term U.S. mortgage rates fell for a second straight week with key 30-year rate slipping below 4 percent. Freddie Mac says the average rate on a 30-year fixed rate mortgage declined to 3.98 percent from 4.04 percent a week earlier. This is good news for homebuyers. As far as “renters” go, U.S. home rental prices climbed much faster than incomes in June. But there are signs of slowing momentum around major job hubs such as New York, Los Angeles, and Washington. If you know someone who is renting, now may be a good time to give them a little push towards buying a home rather than renting.

Reminder: Next Friday-August 7th –August 9th, is the Texas sales tax holiday, bringing a bonanza for retailers and savings for parents looking to purchase back-to-school supplies and certain clothes for their kiddos returning to school soon. Texas shoppers are expected to save $87 million in state and local sales taxes, according to the state comptroller’s office.

Please remember me should anyone 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

www.swbcmortgage.com

apply on-line to: www.swbcmortgage.com/stevenson
cid:image003.png@01D0B289.EFFCF320
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. 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)

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

Moving To Kerrville: An Introduction

Tucked in the gorgeous Texas Hill Country, the little city of Kerrville is a place of friendly people, rich history, and expansive natural beauty.

Kerrville was established in 1856, originally a shingle making camp and mercantile hub for the area, and has been the seat of Kerr County since its foundation. The city is named for Major James Kerr, a doctor, congressman, and key leader in the Texas Revolution.

Today, Kerrville has a population of roughly 20,000 people, many of them families, and is served by the Kerrville Independent School District, an education system of early childhood development, four elementary schools, two middle schools, and two high schools. Several Christian and Catholic schools also provide alternative to the public schools. Additionally, Kerrville is home to Schreiner University, a 4-year liberal arts college.

For those unfamiliar with the Hill Country region, the area is ripe with beautifully rugged terrain. From streams and pastures in the countryside, to the rolling hills and gorgeous parks along the Guadalupe River (which runs through the heart of town), Kerrville is a place of natural appeal and small town charm.

The weather in this part of central Texas is remarkably pleasant throughout the year! Temperatures sometimes climb into the 90s in the summer, and rarely drop below 35 in the winter, avoiding some of the extremes many other areas experience. Spring and fall see significantly more rainfall that summer and winter, with the occasional hail and thunderstorm. For the most part, it’s moderate and comfortable throughout the year!

Kerrville is below the national average for cost of living, and boasts a lower unemployment rate than the state and national figures, as well as superior air and water quality. Crime rates in Kerrville fall slightly below the national average.

The city of Kerrville is also home to several annual events, including the Texas State Arts and Crafts Fair, the Kerrville Folk Festival, the Kerr County Fair, Kerrfest, and more! Throughout the year, residents and visitors can enjoy a wide range of activities and entertainment – from live music and theater to the city’s several art galleries and museums; from golf courses and tennis courts to nature centers and the city’s Municipal Olympic Pool facility!

As you can see, Kerrville is a whole lot more than just a little town in Texas. The air is clean, the people are friendly, and there’s no shortage of great ways to spend your time.

Right here, on the beautiful banks of the Guadalupe River, Kerrville strikes that balance between budding city and calm country town, with enough to keep you busy, but not so much that you can’t find some peace and quiet too.

Come on down to Kerrville and see for yourself – this warm community has something for just about everyone. You’ll feel right at home in no time!

If you’re considering moving to Kerrville, please contact us for helpful resources to make your move easier on you and your family.

Economic News Week Review: November 10, 2014

Economic News Week Review: November 10, 2014
By Tony Stevenson/SWBC Mortgage

An Associated Press report said that healthy job growth in the U.S. has reached a level of consistency unseen in nearly two decades. In the same week that voters signaled discontent with the U.S. economy, the government issued a report that showed employers have added at least 200,000 jobs for nine consecutive months-the longest such stretch since 1995. Combine it with an unemployment rate that has slid to 5.8 percent—the lowest since 2008—and the picture that emerged Friday was of a job market gaining increasing distance from the recession that officially ended nearly 5 ½ years ago. Other positive news is that U.S. factories were busier in October. Order, productivity and hiring all grew faster than they did in September, according to the Institute for Supply Management.

In other news from the Houston Chronicle: The price of a barrel of crude fell to its lowest price in three years this past Tuesday, as Saudi Arabia led what’s becoming an international standoff over who will blink first by cutting production. The slump will test the mettle of the U.S. energy surge and resolve of the Organization of the Petroleum Exporting Countries, a cartel of oil-exporting nations controlled by Saudi Arabia and other Middle Eastern nations, none of which want to be the first to risk losing oil dollars or its share of the global oil business. In Texas, oil companies and their suppliers are trying to figure out whether they should pour more money into the oil boom in Texas and North Dakota, as Saudi Arabia and it’s OPEC partners decide whether to flex their muscles in setting the price of black gold—a power they’ve welded for years but haven’t tried in face of the U.S. gusher. “There’s a game of chicken going on between OPEC and non-OPEC producers,”” said Tamara Esser, an energy analyst with Nasdaq. “No one wants to be the first mover. You’re in a weaker position.” To be honest, I personally am enjoying the lower gas prices at the pump-no matter how the prices went lower. This past weekend I paid $2.67 a gallon and I also saw other gas stations with prices lower than that.

Real Estate, Mortgage Industry, and Other Economic News

Mortgage rates edged up last week. Average U.S. long-term mortgage rates rose last week, with the benchmark 30-year loan crawling back over 4 percent, to 4.02 percent. It was the second straight week of increases in rates after they had fallen for five weeks amid concerns over global economic weakness. Plus, Fannie Mae and Freddie Mac posted profits for the July-September period as the U.S. housing market continued to recover. Fannie Mae reported it earned $3.9 billion in the third quarter. Freddie Mac posted Net income of $2.1 billion.

A mini headline in the Wall Street Journal on Sunday said that 33% of primary residences sold this year were purchased by first-time homebuyers, down from 38% last year to the lowest level since 1987, according to the National Association Realtors. The NAR said that the first-time-buyer share of home sales has typically hovered around 40% since 1981. The headwinds facing young buyers are well know: higher student loan debt, rising rents, and a weaker job market have made it harder for would be buyers to save for a down payment and qualify for a mortgage, particularly in a lending environment where banks are much less willing to overlook credit blemishes or spotty incomes. Another survey said that insufficient savings or incomes were the biggest headwinds keeping renters from buying homes. It is worth noting that the share of first-time home buyers didn’t increase during the housing bubble, when it was too easy to get a mortgage. That’s because home prices were rising. The share of first-time homebuyers fell to 36% in 2006, at the peak of bubble, from 40% in the prior three years.

If you see a Military Veteran-tell them thanks!

Economic data due this week: Monday: None scheduled. Tuesday: None scheduled-Veterans Day. Wednesday: Wholesale Inventories. Thursday: Weekly Jobless Claims. Friday: Retail sales. Friday: Import Price Index. Friday: Consumer Sentiment index. Friday: Business Inventories.

Quote of the week!

You don’t drown by falling into water. You only
drown if you stay there.
——-Zig Ziglar.
(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