Rate Lock Advice and Mortgage Market Update
September 9 , 2009, 3:00 PM PT
Lock Advice: FLOAT
MBS prices closed the day up 1/32.
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 0.01% at 5.16% on Sep.9
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.805% Up 0.007%.
10 Year Treasury currently 3.470% Down 0%
DJI stocks $9,547.22, Up 49.88, 0.53%
European and Asian Markets Up 0.328%
Nymex Crude Oil currently $69.86 Up $0.42
Today closed on a quiet session. Demand was about average for the 10-Yr auction. Foreign buyers purchased 55% of the total.
The Fed's Beige Book reported that economic activity is stabilizing or rising in 11 of the Fed's 12 regions, which was a significant improvement from the prior survey. Business spending was behind most of the increase, while consumer spending generally remained "soft". Separately, the Fed's Evans suggested that it's too early for the Fed to tighten credit.
Tomorrow, the Trade Balance and Jobless Claims will be released at 8:30 et. There will be a 30-yr auction at 1:00 PM ET
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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Click for inter-day Rate Lock and Market updates
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Time is running out, don't let your buyers delay, the $8,000 Tax Credit is expiring on December 1, 2009.
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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