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RATE LOCK ADVISORY
August 11 , 2009, 8:00 AM PST
Rate Lock Advice: FLOAT
MBS AM prices are up +10/32. This AM, 2 Qtr Productivity showed an increase of 6.4%, above the consensus forecast of 5.5% but there was little immediate impact.
When MBS prices are up yields (rates) are down.
NOTE: Lock advice can change throughout the day. click for updates.
National Average Fixed Rate Mortgage
UP 0.04% at 5.35% on Aug.10
Fannie Mae Mortgage Backed Securities
MBS Opened at 5.071% Down 0.099%.
10 Year Treasury currently 3.70% Down -0.1%
DJI stocks 9,243.64,Down -94.31, -1.01%
European and Asian Markets Down -0.516%
Nymex Crude Oil currently $72.05 Down $1.24
WORRIED ABOUT AN OUT OF TOWN APPRAISER? If you are concerned about the value of your listing and need a local appraiser consider FHA financing where we can still control the appraiser selection
Where are the best rates: Mortgage Brokers or Direct Lenders? Rate Survey
The dreaded Stealth Rate Shopper Strikes Ditech full story
Click for inter-day Rate Lock and Market updates
This AM, 2 Qtr Productivity showed an increase of 6.4%, above the consensus forecast of 5.5%. Historically, companies usually were slow to lay off workers during economic downturns, because of the difficulty involved in replacing them when economic growth turned higher again. As a result, productivity would suffer, since there were more workers than necessary. During the current downturn, however, many companies appear to have scaled back employees as much as possible, and productivity gains reflected this. The data had little impact on MBS prices. No more economic data will be released today. Attention will now turn to the 3-Year Treasury auction at 1:00 PM ET.
Friday was bad news for Mortgage Markets. MBS prices were close to unchanged levels before the release of the Employment data. Against a consensus forecast for a loss of -300K jobs, the economy lost -247K jobs in July, and the May and June data was revised to show fewer job losses as well. This was the 19th straight month of job declines, but it was the smallest level of losses since August 2008.
The July Unemployment Rate fell to 9.4% from 9.5% in June, which was below the consensus for a rise to 9.6% and its first decline in 15 months. In addition, Average Hourly Earnings rose more than expected, and the average workweek increased. Overall, this report revealed unexpected strength in nearly every area, and MBS prices dropped sharply after the news. June Pending Home Sales rose 3.6%, the fifth consecutive monthly increase. Pending Home Sales are a leading indicator for future housing market activity.
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Time is running out, don't let your buyers delay, the $8,000 Tax Credit is expiring on November 30.
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
Your Fha Guru
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com
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