Rate Lock Advice and Mortgage Market Update
September 2 , 2009, 10:45 AM PT
Rate Lock Advice: FLOAT
Favorable repricing may be possible. MBS prices are up +8/32 (FNMA 30-yr 4.5 at 100.29), above 9:45 et pricing of +4/32. Early investors may have priced at lower levels. Second quarter Productivity was revised higher than expected to 6.6%.
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Unchanged at 5.2% on Sep.2
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.766% Down 0.034%.
10 Year Treasury currently 3.310% Down -0.07%
DJI stocks 9,318.53, Up 7.93, 0.09%
European and Asian Markets Down -1.246%
Nymex Crude Oil currently $67.06 Down $0.95
This morning,Second quarter Productivity was revised higher to 6.6%, which was a little above the consensus forecast. Factory Orders will be released at 10:00 et, and the FOMC minutes will come out at 2:00 et.
The Mortgage Bankers Association weekly purchase activity index fell by 1%, while the refinancing activity index decreased by 3%.
WORRIED ABOUT HVCC AND 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.
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Your Fha Guru
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