DAILY MORTGAGE INTEREST RATE LOCK ADVICE
February 2, 2011, 9:00 AM PST
LOCK ADVICE CHANGES SEVERAL TIMES DAILY CLICK FOR UPDATE
Mortgage Interest Rate lock Advice for locks within 3 days: LOCK on any Down Day.
Mortgage Points based on Mortgage Backed Securities are Up 0.31 point. There will be unfavorable midday price changes.
Long Term Mortgage Interest Rate Lock or Float Advice: LOCK.
- MARKET INDICATORS
- 30 Year Fixed Interest Rate - National Average 4.80%
- MBS (FNMA 30 Yr 4.0%) - Current: 98.60 High: 98.94, Low: 98.63
- DJI Stocks Currently $12,041.33, Up $3.06, Change 0.025%
- Asia & Europe Indexes Up 0.834%
- Nymex Crude Oil Currently $91.06 Up $0.29
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California Rates 2/2/2011, 8:00 PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.500 APR 4.684%
Rate 4.625% Point 1.000 APR 4.767%
Rate 4.750% Rebate 0.125 APR 4.794%
APR Based on $350,000 Mortgage at 80% LTV
740 Credit Score - 30 Day Lock.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application Fee or Credit Report required
MORTGAGE MARKET NEWS REVIEW
Wednesday, 2/2/2011
ADP Employment Report said private sector employment increased by 187,000 jobs in January following a downwardly revised increase of 247,000 jobs in December.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity gained 11.3 percent in the week ended Jan. 28
Tuesday, 2/1/2011
ISM Manufacturing Index showed manufacturing activity rose at the fastest pace in more than six years in January, suggesting the U.S. economy continued to build momentum as the new year started.
Construction spending in the U.S. unexpectedly fell in December to the lowest level in a decade, signaling the industry will continue to lag behind the economic recovery.
Monday, 1/31/2011
Personal Income in the U.S. increased in line with economist estimates in the month of December, according to a report released by the Commerce Department today, while the report also showed a bigger than expected increase in Personal Spending
Saturday. 1/29/2011
FHA Formally announced yesterday the waiver of their 90 Day Flip Rule. Unfortunately, not all lenders will accept the waiver. Official Notice
Friday, 1/28/2011
Employment Cost Index. U.S. employment expenses rose 0.4 percent in the fourth quarter, less than forecast and capping a year in which compensation posted the second-smallest increase on record.
Real Gross Domestic Product (GDP) -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.2 percent in the fourth quarter of 2010, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.6 percent.
Thursday, 1/27/2011
Demand for long-lasting durable goods unexpectedly fell 2.5% to a seasonally adjusted $191.04 billion last month on a sharp drop in aircraft orders, the Commerce Department said Thursday.
Scientists tell us that the fastest animal on earth, with a top speed of 120 ft/sec, is a cow that has been dropped out of a helicopter ~ Dave Barry
In the week ending Jan. 22, the advance figure for seasonally adjusted initial jobless claims was 454,000, an increase of 51,000 from the previous week's revised figure of 403,000.
Pending home sales rose 2.0% in December for the fifth increase in the past six months, according to an index released this morning by the National Association of Realtors
Wednesday, 1/26/2011
Applications for home mortgages slumped last week as bankers recorded the slowest refinancing activity in more than a year, Mortgage Bankers Association said on this morning.
You can say any foolish thing to a dog, and the dog will give you this look that says, "My God, you're right! I never would've thought of that! ~ Dave Barry
Sales of new single-family houses in December 2010 were at a seasonally adjusted annual rate of 329,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 17.5 percent above the revised November rate of 280,000.
Tuesday, 1/25/2011
U.S. consumer confidence improved more than expected in January to its highest level in eight months, underscoring the brightening economic outlook, even though the housing market remains on shaky ground
According to the latest Case-Shiller Home Price Index of 20 metro markets, November home prices fell 1% compared with October.
Monday, 1/24/2011
No economic news is scheduled today that could effect mortgage rates.
Friday, 1/21/2011
No economic news is scheduled today that could effect mortgage rates.
Thursday, 1/20/2011
Department of Labor reported In the week ending Jan. 15, the advance figure for seasonally adjusted initial unemployment claims was 404,000, a decrease of 37,000 from the previous week's revised figure of 441,000.
Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.
The Conference Board says its index of leading economic indicators rose 1 percent last month after a 1.1 percent increase in November. Those are the biggest increases since March, when the index jumped 1.4 percent.
The Philly Fed index of current activity fell to 19.3 in January from 20.8 in December, although a positive reading indicates continued growth in regional manufacturing activity. Department of Labor reported In the week ending Jan. 15, the advance figure for seasonally adjusted initial claims was 404,000, a decrease of 37,000 from the previous week's revised figure of 441,000.
Wednesday, 1/19/2011
Commerce Department figures disclosed Housing Starts fell 4.3 percent to a 529,000 annual rate, the lowest level since October 2009.
Mortgage applications in the U.S. rose during the week ended January 14 as interest rates dipped to their lowest levels in a month, the Mortgage Bankers Association (MBA) said on Wednesday.
Tuesday, 1/18/2011
The January NAHB housing market index came in unchanged at 16 for the third month in a row...a very weak reading.
Best 30 yr Mortgage, 30 day Lock rate: 4.500%, Point 1.069, APR 4.643%
Monday, 1/17/2011
Markets closed for Martin Luther King day.
Friday, 1/14/2011
In spite of the cost of living, it's still popular
On a seasonally adjusted basis, the CPI-U increased 0.5 percent in December after increasing 0.1 percent in November. The index for all items less food and energy rose 0.1 percent in December, the same increase as in November.
December Retail trade sales were up 0.7 percent (±0.5%) from November 2010, and 8.2 percent (±0.7%) above last year. Nonstore retailers sales were up 15.0 percent (±3.1%) from December 2009 and auto and other motor vehicle dealers sales were up 14.7 percent (±2.3%) from last year. Industrial production increased 0.8 percent in December after having risen 0.3 percent in November
Thursday, 1/13/2011
The Producer Price Index for Finished Goods rose 1.1 percent in December 2010, seasonally adjusted. This advance followed increases of 0.8 percent in November and 0.4 percent in October.
In the week ending Jan. 8, the advance figure for seasonally adjusted initial Jobless Claims was 445,000, an increase of 35,000 from the previous week's revised figure of 410,000. The 4-week moving average was 416,500, an increase of 5,500 from the previous week's revised average of 411,000.
Best 30 yr Mortgage, 30 day Lock rate: 4.500%, Point 0.625, APR 4.651%
Wednesday, 1/12/2011
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 2.2 percent in the week ended January 7 to its highest level in about a month.
Monday, 1/10/2011
There is no ecomominc news scheduled that could effect mortgage rates today.
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