PM Rate Lock Advice & Mortgage Market Update

Rate Lock Advice & Mortgage Market Update

DAILY RATE LOCK ADVICE
April 7, 2010, 3:00 PT
Lock Advice is Updated Several Times Daily

Short Term Lock Advice for Today's must lock loans:  FLOAT
MBS prices closed up +17/32, There was a second of round of improved prices after some lenders improved their midmorning prices.
Favorable results from the 10-yr auction helped MBS markets.
Consumer Credit will be released at 3:00 ET. 
Interest Rates run opposite MBS prices

Long Term Lock or Float Advice:  FLOAT With Caution.
There is a reasonably good chance we have seen a temporary halt to the downturn we have experienced for the past 30 days. 

National Average Fixed Rate Mortgage
UP 0.02% at 5.2% on Apr.7

MBS Yields Opened at 4.953% Down 0.029%.

10 Year Treasury Currently 3.980% Down -0.03%

DJI Stocks Closed $10,897.52,  Down -72.47, -0.66%

European and Asian Markets closed Down -0.157%

Nymex Crude Oil Currently $85.65 Down $1.19

• Employers added most jobs in 3 years in March STLToday
• House Prices Slip Amid Fears of a Double Dip Housing Wire
• 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
• 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

California Rates 04-07-10, 1:30 PT
30 Year Fixed to $417,000
Rate 4.875% Point 0.875, APR 5.025%
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

Compare Rates from Major Lenders Survey