VOL. 110 | NO. 80 | Tuesday, April 23, 1996
lj 10/5 cates
Market Commentary. During the week ahead, several announcements will have an impact on the mortgage market, according to Albert Santi, branch manager of Signet Mortgage. Last week, interest rates on 30-year fixed conventional and government loans were almost unchanged. The market seems to be nearing a point where there is hope of improving rates for the short term, he said.
However, the bond market will be tested this week with two large Treasury auctions. At the time of this writing, the bond market is having a good day, and hopefully this will be a sign of things to come in the week ahead. Santi predicts improving rates for the week ahead.
On Tuesday, goods and services trade data will be released and is expected to be up $3.8 billion to $14.1 billion. Later in the day, there will be a $18.75 billion auction of two-year Treasury notes.
Durable goods orders will be released on Wednesday and are expected to be down .1 percent. Later in the day, there will be a $12 billion auction of five-year Treasury notes.
The existing home sales report will be released on Thursday and is expected to be down 1.8 percent.
As usual, expected or lower than expected economic indicators will be good for the bond and mortgage market. Also, how investors react to the Treasury auctions will have a strong affect on the mortgage market.
Transactions. Spring Creek Ranch L.P., a Tennessee limited partnership, borrowed $10.4 million from First Tennessee Bank N.A., securing the loan with about 793 acres of Spring Creek Ranch L.P. property in Shelby County, according to a trust deed filed April 12 in the Shelby County Registers Office.
Collins Avenue Realty LLC, a Tennessee limited liability company, borrowed $2.2 million from Union Planters National Bank, securing the loan with property on Collins Street and U. S. Highway 64, according to a trust deed filed April 19 in the Shelby County Registers Office.
Summit Homes LLC, a Tennessee limited liability company, borrowed $1 million from Leader Federal Bank for Savings, securing the loan with seven lots in Planters Ridge PD, according to a trust deed filed April 19 in the Shelby County Registers Office.
Yorkshire Properties L.P., a Tennessee limited partnership, purchased the Yorkshire Center property on Quince Avenue from the Missouri State Employees Retirement System for $2.5 million, according to a special warranty deed filed April 17 in the Shelby County Registers Office.
Nehemiah Community Development Corp., a Tennessee corporation, borrowed $2 million from The Nehemiah Plan Trust, securing the loan with property on Fairway Avenue, according to a trust deed filed April 16 in the Shelby County Registers Office.