PM Rate Lock Advice and Mortgage Market Update

Rate Lock Advice and Mortgage Market Update

November 21, 2009, 9:00 PT

Next week should be an intersting week in Mortgage Land.  A wide range of economic data will be released during the shortened week ahead.

Existing Home Sales will come out on Monday. GDP, Consumer Confidence, and the FOMC Minutes from the November 4th Fed meeting will be released on Tuesday. Durable Orders, Personal Income, Core PCE inflation, New Home Sales, and Consumer Sentiment will all be packed in on Wednesday. In addition, there will be Treasury auctions on Monday, Tuesday, and Wednesday. Mortgage markets will be closed on Thursday for Thanksgiving.

RATE LOCK ADVISORY

Lock Advice:  FLOAT With CAUTION
The Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices closed +2/32. 
No economic data was released Friday.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.370% Up 0.01%

DJI Stocks closed Friday $10,318.16,  Down -14.28, -0.14%

European and Asian Markets closed the week Down -0.758%

Nymex Crude Oil Currently $77.47 Down $0.58

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 11-20-09, 11:00AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
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

• How to Find Legitimate Rate Quotes
• What is APR
• What is Yield Spred Premium (YSP)
• Avoid Closing Day Nightmares

President signs the First Time Buyer Tax Credit Extension Read Story

RATE LOCK ADVISORY

Lock Advice:  FLOAT With CAUTION
The Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices closed +2/32. 
No economic data was released Friday.

        RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.370% Up 0.01%

DJI Stocks closed Friday $10,318.16,  Down -14.28, -0.14%

European and Asian Markets Down -0.758%

Nymex Crude Oil Currently $77.47 Down $0.58