PM Rate Lock Advice & Mortgage Market Update

PM Rate Lock Advice & Mortgage Market Update

DAILY RATE LOCK ADVICE
February 25, 2010, 1:45:00 PT
Advise on Site is Updated Several Times Daily

Today's Lock Advice for loans requiring immediate action:   FLOAT.  . 
MBS prices are up +9/32. Jobless Claims were higher than expected, while Durable Orders were mixed. The immediate reaction was a jump in MBS prices.  Rates move opposite MBS prices

Long 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
Down 0.01% at 5.07% on Feb.25

MBS Yields Opened at 4.723% Down 0.01%.

10 Year Treasury Currently 3.70% Up 0.01%

DJI Stocks closed at $10,321.03,  Down -53.13, -0.51%

European and Asian Markets closed Down -1.298%

Nymex Crude Oil Currently $78.29 Down $1.71

• 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 02-25-10, 11:25 PT
30 Year Fixed to $417,000
Rate 4.75%  Point 0.750, APR 4.853%
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.
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