PM Rate Lock Advice & Mortgage Market Update

Rate Lock Advice & Mortgage Market Update

January 26, 2010, 2:15  PT

RATE LOCK ADVISORY

Lock Advice:  FLOAT
MBS prices are currently up 3/32, down from today's high of 6/32
Consumer Confidence increased slightly and demand was average for today's 2-Year bond auction.  

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 0.01% at 5.07% on Jan.26

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.687% Down 0.024%.

10 Year Treasury Currently 3.660% Up 0.04%

DJI Stocks Closed Today at $10,194.29,  Down -2.57, -0.03%

European and Asian Markets closed Down -0.09%

Nymex Crude Oil Currently $74.71 Down $0.55

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• FHA UFMIP will increase from 1.75% to 2.25% effective April 5. 2010
• Other FHA Changes are in the wind according to FHA Commissioner David H Stevens on a conference call to reporters Tuesday. besides changed UFMIP, FHA plans to lower maximum seller contributions from 6% to 3% and they will increase the downpayment requirement up to 10% for low FICO scores. The official FHA bulletin was released on Jan. 21st. Read Bloomberg report
• (BOG) Bank Owned Government where Stupidity is king. See the lastest TBWS Video
• Vote on To Big To Fail. Move your money to local banks and credit unions

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California Rates 01-26-10, 8:30 PT
30 Year Fixed to $417,000
Rate 4.75%, Point 0.875, APR 4.884%

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 Cost Estimates.
No Application or Credit Report required

Compare Rates from Major Lenders Survey

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Education is Consumer's Only Real Protection. 
Listed below are some educational articles.

• What You Should Know About APR
• How To Shop for Mortgage Rates.
• Beware of Misleading Lender Advertising
• Education is the best consumer protection
• Rates and Point Relationship Explained

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

 

 

 

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage