Rate Lock Advice & Mortgage Market Update
January 29, 2010, 9:30 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
MBS prices are unchanged from Thursday's close and up 6/32 from today's low. Favorable repricing is a possibility.
Fourth quarter GDP grew at 5.7%, above the consensus of 4.6%.
Consumer Sentiment came in at 74.4, 1.4 above 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 0.03% at 5.04% on Jan.28
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.742% Up 0.031%.
10 Year Treasury Currently 3.680% Up 0.02%
DJI Stocks $10,118.11, Down -2.35, -0.02%
European and Asian Markets Up 0.403%
Nymex Crude Oil Currently $73.83 Up $0.19
- FHA is Effectively Out of Making Condo Loans Story
- FHA Suspends Four Lenders Story
- FHA UFMIP will increase from 1.75% to 2.25% effective April 5. 2010
- Other FHA Changes are in the wind accordingto 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
California Rates 01-29-10, 2:00 PT
30 Year Fixed to $417,000
Rate 4.75%, Point 1.000 APR 4.876%
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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