National Average Fixed Rate Mortgage
Up 2 basis point to 4.97% on 05-27-09
*A Basis Point (bps) is 1/100 of 1.00%
Fannie Mae Mortgage Backed Securities
(MBS) Up 46.4 basis points to 5.114%
Lock Advice: Lock
Our rate indicator has changed direction and is showing a temporary upward rate shift
DJI Stocks Opened 8,8386.60 Up 86.58 1.04%
European and Asian Markets Up 0.02%
10 Year Treasury currently 3.13% Down 40 basis points
Nymex Crude Oil $63.60 barrel, Up $0.15
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Rates Improved today
May 28, 2009, Treasuries yields are down this morning after yesterday’s biggest increase since January on speculation the U.S. economy won’t recover soon enough from the steepest recession in 50 years to keep yields at the highest level in six months.
U.S. government notes snapped four days of yield hikes that pushed the difference in yield between 2- and 10-year securities to a record on concern the flood of supply will overpower buying by investors and the Federal Reserve. Some charts bond traders use to gauge momentum indicated the rout may be reversed.
$8,000 Tax Credit Advance ON HOLD
Sources at HUD stated the tax credit advance or bridge loan is on hold until further notice.
Fannie MBS Issuance Hits Highest Mark Since 2003
Benefiting from historically low interest rates and a refinancing boom, Fannie Mae issued $87.8 billion in mortgage-backed securities in March, nearly doubling the previous month's volume.
1st Quarter Residential Loan Originations Jump 36%
Thanks to interest rates that were at or near historical lows, residential mortgage lenders saw their loan production jump by 36% in the first quarter, according to preliminary survey figures compiled by National Mortgage News and the Quarterly Data Report.
How To Apply For $8,000 First Time Buyer Tax Credit
Up to a $8000 Tax Credit is available from IRS
10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier
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