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.
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