Rate Lock Advice and Mortgage Market Update
September 23 , 2009, 10:15 AM ET
Important News
Last Friday, Hud announced sweeping FHA changes,
the most I have seen in my career
Press Release: HUD No. 09-177
Lock Advice: LOCK
MPS Prices just dropped 5/32 which may indicate an unfavorable midday rate change. There will be a 5-yr auction at 1:00 PM ET.
The Fed announcement will be released around 2:15 PM ET.
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 5.13% on Sep.23
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.767% Down 0.023%.
10 Year Treasury currently 3.050% Down -0.41%
DJI Stocks $9,847.03, Up 17.16, 0.17%
European and Asian Markets Up 0.147%
Nymex Crude Oil currently $69.10 Down $2.66
So far it has been a quiet morning but that could change this afternoon when the Fed announcement is released around 2:15 PM ET. No change in rates is expected, but the Fed's announcement may contain important information on the timing of future rate hikes and the status of the MBS purchase program. The MBS purchase program is currently scheduled to conclude at the end of the year after the purchase of up to $1.25 trillion. The statement may have a large impact on MBS prices.
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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
Rate Survey Where you will find the best rates
New FHA Condo Rules have been extended to November 2, 2009 - Story
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
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Bill Ladewig
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;)
Many thanks! Great information, as always....changes!