Rate Lock Advice and Mortgage Market Advisory
Wednesday, August 26, 4:00 PM PT
Rate Lock Advice: FLOAT
MBS prices closed up 1/32. Durable Orders came in a little stronger than expected. July New Home Sales rose 10% from June to an annual rate of 433K units, above the consensus forecast of 390K, and at the highest level since September.
RATE NOTES:
When MBS prices are up, yields (rates) are down.
Lock advice can change throughout the day .
Good economic news is Bad news for Rates.
National Average Fixed Rate Mortgage
Down 0.01% at 5.2% on Aug.26
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.831% Down 0.025%.
10 Year Treasury currently 3.430% Down -0.01%
DJI stocks Closed this afternoon at 9,543.52, Up 4.23, 0.04%
European and Asian Markets Up 0.125%
Nymex Crude Oil currently $70.85 Up $0.15
Today, MBS prices closed unchanged below the 9:45 AM ET initial lender pricing level of +1/32.
Despite today's economic news, it was a quiet session. Durable Orders came in a little stronger than expected. July New Home Sales rose 10% from June to an annual rate of 433K units, above the consensus forecast of 390K, and the highest level since September. Inventories dropped to a 7.5-month supply, which was the lowest level since April 2007.
Demand for the 5-yr Treasury auction was a little stronger than average. The bid-to-cover was 2.51 and foreign buyers purchased 56% of the total.
Thursday, Preliminary GDP and Jobless Claims will be released at 8:30 AM ET. In addition, there will be a 7-yr Treasury auction at 1:00 PM ET
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
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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
August 2009, Rate Lock Advice and Mortgage Market Update
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