Rate Lock Advice and Mortgage Market Update

Rate Lock Advice and Mortgage Market Update

October 1, 2009, 11:05 AM ET

Important FHA News
09-18-2009, Hud announced sweeping FHA changes, the most I have seen in my career
Press Release: HUD No. 09-177

RATE LOCK ADVISORY

Lock Advice:  FLOAT
MBS prices are up +14/32 and there have been midmorng price improvements by several lenders.
Jobless Claims came in a little higher than expected, while Personal Income was close to the consensus.

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 5.08% on Oct.1

10 Year Treasury currently 2.930% Down -0.38%

DJI Stocks $9,552.21,  Down -160.07, -1.65%

European and Asian Markets Down -1.616%

Nymex Crude Oil currently $70.29 Down $0.32

This morning's weak stock market helped MBS markets. The four-week average dropped to 548K and Weekly Jobless Claims rose to 551K, above the consensus forecast of 535K.

August Personal Income rose 0.2% and Spending jumped 1.3%, close to expectations. The Cash for Clunkers program boosted spending. Core PCE annual inflation rate rose a docile 1.3%.

ISM Manufacturing, Construction Spending, and Pending Home Sales will be released this morning at 10:00 ET. In addition, the Treasury will announce the size of upcoming Treasury auctions at 11:00 AM ET. Fed Chief Bernanke is testifying about financial regulation.

Bill Introduced to Extend $8,000 First Time Buyer Tax Credit Read Story.

Click to Become A Four Minute Rate Shopping Genius.

Misleading advertising hurts everyone
Click for Article

FREE Calculator makes most mortgage calculations a cinch. Check it out.

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

August 2009, Rate Lock Advice and Mortgage Market Update

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