Ladewig's AM Market Brief - 09/22/08 10:18 AM

Via Bill Ladewig:
Monday, Sept. 22, 2008
Mortgage rates are Up this morning.ADVICE:  Lock for short term closingsMarket looks like we have about a week of higher rates.  The question for long term locks... if you don't lock, will rates return to current prices before time to close?       FNMA 30Yr Mortgage Backed Securities (MBS) up 4 basis points* to 5.738%. * One Basis Point (bps) is 1/100 of a percent.
10 Year T-Bill yield up 8 bps  to 3.88%
DJI Stocks are Down $133 at 8:30 AM PST58% of the World markets are down 5:45 AM.
Crude Oil currently Up to $106.41 per … (0 comments)

Libor Changes Expected | Mortgage Rates Expected To RISE. - 09/20/08 09:29 PM
Chances are your mortgage interest rate is tied to the Libor. That means that virtually everyone you know also has a mortgage tied to the Libor. When the Libor rate increases...so will your payments on your adjustable rate mortgage.
The biggest jump in the London interbank (Libor) lending rate in at least seven years could wreak further havoc on the U.S. housing market and there's nothing the Federal Reserve can do about it.
About 6 million U.S. mortgages, including almost all subprime home loans and 41 percent of prime ARMs, are linked to the London Interbank Offered Rate, or Libor, according … (0 comments)

 

Phil Nash

Belleville, IL

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