Rate Lock Advice & Mortgage Market Update
Rate Lock Advice & Mortgage Market Update
DAILY RATE LOCK ADVICE
February 25, 2010, 8:00 PT
Advise on Site is Updated Several Times DailyToday's Lock Advice for loans requiring immediate action: FLOAT. .
MBS prices are up +8/32. Jobless Claims were higher than expected, while Durable Orders were mixed. The immediate reaction was a jump in MBS prices. Rates move opposite MBS pricesLong Term Lock or Float Advice: LOCK.
On February 10th Rates started up and began a reversal of a down trend held since December, 2009.National Average Fixed Rate Mortgage
Unchanged at 5.08% on Feb.24MBS Yields Opened at 4.723% Down 0.01%.
10 Year Treasury Currently 3.70% Up 0.01%
DJI Stocks $10,213.19, Down -160.97, -1.55%
European and Asian Markets Down -1.191%
Nymex Crude Oil Currently $78.03 Down $1.97
- Feb 23, 2009; FHA COMMISSIONER DAVID STEVENS said that Mortgage Brokers are the cheapest conduit to bring loans to market TBWS
- Homebuilders Expect FHA Changes to Hurt Sales HOUSINGWIRE
- Where's housing headed? Follow rents. CNNMoney.com
- Housing construction up 2.8 percent in January. StLtoday.com
- OneWest Bank's sweetheart deal with our Bank Owned Government (BOG) Must See Video
- Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
- FHA is Effectively Out of Making Condo Loans 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 announced on a conference call to reporters January 19th. 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
California Mortgage Rates 02-24-10, 11:25 PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.00, APR 4.872%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application or Credit Report requiredCompare Rates from Major Lenders Survey
Education is Consumer's Only Real Protection.
- 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 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
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