Rate Lock Advice and Mortgage Market Update
September 9 , 2009, 9:00 AM PT
Lock Advice: FLOAT
MBS prices are down -2/32. The Fed's Beige Book will be released at 2:00 PM ET., and there will be a 10-yr auction at 2:00 PM ET.
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 0.01% at 5.17% on Sep.8
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.805% Up 0.007%.
10 Year Treasury currently 3.50% Up 0.03%
DJI stocks 9,560.67, Up 63.33, 0.67%
European and Asian Markets Up 0.326%
Nymex Crude Oil currently $70.44 Up $1.00
This morning, the US dollar dropped to the lowest level of the year. Also notable, LIBOR fell to a record low. The Fed's Beige Book will be released at 2:00 PM ET and there will be a 10-yr auction at 1:00 PM ET
The Mortgage Bankers Association weekly purchase activity index rose by 10%, while the refinancing activity index increased by 23%, the biggest jump since March.
The purchase index is now at the highest level since early January.
Average reported rates for the prior week fell to 5.02% from 5.15% for 30-yr fixed mortgages.
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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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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