Rate Lock Advice and Mortgage Market Update
December 7, 2009, 3:30 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
MBS prices closed up +15/32 , above 9:45 ET pricing of +6/32, and at the high for the day. Fed Chief Bernanke continues to indicate that the Fed will keep the fed funds rate low for an extended period of time to help the economic recovery.
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
UP 0.01% at 4.92% on Dec.7
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.578% Up 0.034%.
10 Year Treasury Currently 3.430% Down -0.05%
DJI Stocks closed Monday at $10,390.11, Up 1.21, 0.01%
European and Asian Markets Down -0.243%
Nymex Crude Oil Currently $73.90 Down $1.57
Brokers, If you value your business then please watch this three minute video
See TBWS Video
Rates 12-07-09, 2:40 PT
30 Year Fixed to $417,000
Rate 4.500% Point1.375, APR 4.678%
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
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.