RATE LOCK ADVISORY
August 19 , 2009, 8:30 AM PST
Rate Lock Advice: FLOAT
Lock Advice: Float. MBS prices are up +10/32. Should be a quiet day as there is no economic data will be released today.
When MBS prices are up, yields (rates) are down.
NOTE: Lock advice can change throughout the day .
National Average Fixed Rate Mortgage
Unchanged at 5.23% on Aug.18
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.846% Up 0.003%.
10 Year Treasury currently 3.440% Down -0.07%
DJI stocks 9,205.02, Down -12.92, -0.14%
European and Asian Markets Down -0.587%
Nymex Crude Oil currently $72.46 Up $0.05
Weakness in global stock markets has helped MBS markets recover yesterday's losses this morning. The
The Mortgage Bankers Association weekly purchase activity index rose by 4%, while the refinancing activity index increased by 7%. Average reported rates for the prior week fell to 5.15% from 5.38% for 30-yr fixed mortgages.
Yesterday, July PPI showed a decline of -0.9% from June, and PPI decreased -6.8% from one year ago. Core PPI fell -0.1% and increased at a 2.6% annual rate. Both PPI and Core PPI came in lower than the consensus forecasts.
PPI measures the change in prices, paid by producers, for a fixed basket of capital and consumer goods. It also measures the change in prices received by the manufacturing, mining, agriculture and electric utility industries.
Similar to last week's CPI report, yesterday's data indicates that inflation is not a concern in the short-term. July Housing Starts came in at 581K annual units, below the consensus forecast of 600K. Building Permits, a leading indicator, also fell short of expectations. The weakness came entirely from multi-family units.
No more economic data will be released today.
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.
Read recent HVCC Wall Street Journal Article
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
Click for current Lending news and information
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
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage
Comments(5)