PM Rate Lock Advice & Mortgage Market Update

Rate Lock Advice & Mortgage Market Update

DAILY RATE LOCK ADVICE
March 25, 2010, 1:15 PT
Lock Advice is Updated Several Times Daily

Short Term Lock Advice for today's must lock loans:  LOCK. 
After yesterday's largest drop in over 6 months today's MBS prices roller coasted from up 4/32 to a low of -13/32 causing several lenders to repost unfavorable midmorning rate changes.  Presently, MBS prices are down 1/32 and the threat of further rate hikes has eased.
Jobless Claims came in a little lower than expected.
Interest rates run opposite MPS prices

Long Term Lock or Float Advice:  LOCK.
After a couple of meandering weeks, yesterday the market resumed it's direction downward.  Lock ASAP.

National Average Fixed Rate Mortgage
UP 0.05% at 5.03% on Mar.25

MBS Yields Opened at 4.838% Up 0.148%.

10 Year Treasury Currently 3.840% Up 0.15%

DJI Stocks Closed at $10,841.21,  Up 5.06, 0.05%

European and Asian Markets closed Up 0.767%

Nymex Crude Oil Currently $80.27 Down $0.34

• B of A agrees to cut loan amounts for underwater borrowers.  National Mortgage News
• US Housing Price Index Declined 6% from December to January News Release
• 11-year-old boy buys property worth $44 mn in Dubai  The Economic Times
• USDA Rural Housing Funds to Run Dry by April. Lenders Already Dropping the Program Mortgage News Daily
• Maybe there is help for Jumbo Loans.  Broker Universe
• CA Buyer and Broker convicted of loan Fraud Broker Universe
• Mortgage Brokers are the cheapest conduit to bring loans to market according to FHA Commissioner, David Stevens TBWS
• Homeowner Estimates as Good as Zillow? Appraisal Academics Think So  Housing Wire
• Homebuilders Expect FHA Changes to Hurt Sales HOUSINGWIRE
• Where's housing headed?  Follow rents. CNNMoney.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

California Rates 03-25-10, 1:15 PT
30 Year Fixed to $417,000
Rate 4.875%  Point 0.750, APR 5.028%
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 required

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