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Rate Lock Advice and Mortgage Market Update

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

November 12, 2009 02:18 AM

Rate Lock Advice and Mortgage Market Update

November 12, 2009, 8:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are down -1/32 from Tuesday's close.
Jobless Claims came in a little lower than expected.

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 5.08% on Nov.11

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.593% Down 0.02%.

10 Year Treasury Currently 3.480% Down -0.02%

DJI Stocks $10,277.95, Down -13.31, -0.13%

European and Asian Markets Up 0.087%

Nymex Crude Oil Currently $78.20 Down $1.08

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-12-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 0.625, APR 4.867%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

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

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Comments(6)

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Jim Crawford

Long & Foster - Fredericksburg, VA

Jim Crawford Broker Associate Fredericksburg VA

Bill once again, thank you for your daily updates. I wonder if you have any thoughts on how long the rates will hold?

Nov 12, 2009 01:21 AM

Bill Ladewig

LoanOfficerSchool.com - Escondido, CA

Experience Is Your Advantage

Hi Jim, I think they will hold for the foreseeable future; as long as the recovery depends on low rates.

Nov 12, 2009 01:56 AM

Monique Combs

Royal Shell Real Estate - Bonita Springs, FL

Royal Shell Real Estate - Monique Combs

Hi Bill ~ Thanks for the update and advice. I'm glad your the expert, I will stick to selling homes and depend on Guru's like you!

Nov 12, 2009 10:22 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

Hi Bill,

Thanks for the link to the Think Big Work Small site - enjoyed the video, especially the part about what people should do if they receive a letter from their credit card bank hiking their credit card rate. I did not realize that some of the banks are raising rates as high as 30%! The video adivsed that if someone gets one of those letters, to stop using the credit card, call the bank and tell them that the credit card holder is opting out which would freeze their rate until the holder could transfer the balance or pay the debt off.

I pay my card off every month and usually don't pay any attention to rate hikes but this video convinced me that I should because what happens if for some reason I don't pay it off that month!

Nov 12, 2009 10:05 PM

Thanks Bill. I appreciate your response. Have a great one.

Nov 13, 2009 01:43 AM

Judi, wouldn't it be great if most people paid their cards off monthly. I betcha credit card rates would drop like a hot rock. :o)

A couple of weeks ago the TV news was talking about a card that charged 89.99%. I think that goes beyond "interest rate" to "viggerish"

Jim, your comments are appreciated, same to you.

Nov 13, 2009 03:55 AM

Rate Lock Advice and Mortgage Market Update

Comments(6)

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