Rate Lock Advice and Mortgage Market Update
September 4 , 2009, 3:45 PM PT
Rate Lock Advice: LOCK
Mid morning price increase is a risk. MBS prices are down -5/32 (FNMA 30-yr 4.5 at 100.20), below 9:45 et pricing of unchanged.
Job losses in August were -216K, which was very close to expectations, and the immediate reaction was small.
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
Unchanged at 5.18% on Sep.4
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.786% Down 0.005%.
10 Year Treasury currently 3.440% Up 0.11%
DJI stocks 9,441.27, Up 96.66, 1.03%
European and Asian Markets Up 1.416%
Nymex Crude Oil currently $66.27 Down $0.53
Unemployment Rate report: The economy lost -216K jobs in August, and the June and July figures were revised lower by -49K. This was the smallest level of monthly job losses since August 2008 and was far below the monthly average of -691K seen during the first quarter of the year.
The biggest surprise in the report came from the Unemployment Rate, which jumped from 9.4% to 9.7%, above the consensus forecast of 9.5%. The last time that the Unemployment Rate reached this level was in 1983. The unexpected increase was mostly due to discouraged workers returning to the work force to look for jobs. A bright spot in the data was a larger than expected gain in Average Hourly Earnings, a proxy for wage growth, which rose at a 2.6% annual rate. The length of the average workweek remained flat.
No more economic data will be released today. MBS markets will close early at 2:00 PM ET.
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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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