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Rate Lock Advice and Mortgage Market Update

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

October 13, 2009 07:03 AM

PM Rate Lock Advice and Mortgage Market Update

Rates 10-13-09, 11:50 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 1.000, APR 4.772%
APR Based on $350,000 Loan at 80% LTV
Above Rates can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

RATE LOCK ADVISORY

October 13, 2009, 11:20 AM ET

Lock Advice: FLOAT
MBS prices are up +11/32. The latest comments from Fed officials suggested that rate hikes are still a long way off, which helped MBS markets. No economic data will be released today.

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
UP 0.01% at 5% on Oct.13

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.663% Up 0.127%.

10 Year Treasury currently 3.310% Down -0.09%

DJI Stocks $9,856.17, Down -29.63, -0.3%

European and Asian Markets Down -0.538%

Nymex Crude Oil currently $73.96 Up $0.69

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros and His Merry Band of Financial Thugs? Read Story.

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Rate Survey Where you will find the best rates