Rate Lock Advice and Mortgage Market Update

November 6, 2009, 9:00 AM PT

RATE LOCK ADVISORY

Lock Advice:  FLOAT
It has been an extremely volatile session this morning.  After reaching a recent low of -2/32, MBS prices turned higher again and are now up +7/32, above 9:45 et pricing of +5/32.
Initially, MBS Prices moved higher after the Unemployment Rate jumped to 10.2%, which was higher than expected.  The number of jobs lost in October was -190K, 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 0.02% at 5.06% on Nov.6

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.719% Down 0.009%.

10 Year Treasury currently 3.510% Down -0.06%

DJI Stocks $10,014.35,  Up 8.39, 0.08%

European and Asian Markets Up 0.373%

Nymex Crude Oil currently $77.35 Down $2.27

The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the audit that was due yesterday. Another credit tip from Kim Castro! See TBWS Video

Rates 11-06-09, 9:45 AM PT 
30 Year Fixed to $417,000
Rate 4.75%  Point 1.00,  APR 4.901%
APR Based on $350,000 Loan at 80% LTV
Above Rate 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

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