Rate Lock Advice and Mortgage Market Update
September 3 , 2009, 12:15 PM PT
Rate Lock Advice: FLOAT
Market has improved so hold locks for must lock loans for a while. MBS prices are up 4/32 from the 9:45 AM ET lender intial posting time. Jobless Claims matched expectations.
RATE NOTES:
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
Down 0.02% at 5.18% on Sep.3
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.79% Up 0.025%.
10 Year Treasury currently 3.330% Up 0.04%
DJI stocks 9,296.24, Up 15.57, 0.17%
European and Asian Markets Up 0.301%
Nymex Crude Oil currently $66.93 Down $0.29
This morning, weekly Jobless Claims matched the consensus forecast of 570K. ISM Services will be released at 10:00 et. In addition, the Treasury will announce the size of upcoming Treasury auctions.
Yesterday, the MBA released a proposal concerning the future of Fannie Mae and Freddie Mac. While the MBA suggested the elimination of the two agencies, it would replace them with a new agency which would perform many of the same functions with many of the same people, such as packaging mortgages into MBS. It would also maintain a government guarantee of principal and interest. It's very early in the process, but if lawmakers eventually approve a plan of this nature, then there would most likely be little negative impact on mortgage rates.
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.
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
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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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