DAILY MORTGAGE INTEREST RATE LOCK ADVISORY
June 29, 2011, 6:30 AM PST
Lock Advice is Updated Several Times Daily
Mortgage Interest Rate lock Advice for locks within 2 days: LOCK
Mortgage Points based on Mortgage Backed Securities are up 0.10 point .
Long Term Mortgage Interest Rate Lock or Float Advice: LOCK
Long term: Today, Mortgage Backed Securities broke through the first of two long term support levels. That coupled with calming of the European financial crises makes this a good time to lock.
- MARKET INDICATORS
30 Year Fixed Interest Rate - National Average 4.50%.
MBS (FNMA 30-year 4.5) - Current: 103.64, High: 103.66, Low: 103.53
DJI Stocks currently $12,220.13, Up $31.44, Change 0.26%
Asia & Europe Indexes Up 1.394%
Nymex Crude Oil Currently $92.88 Down $0.01
MORTGAGE MARKET NEWS BRIEFS
B of A Settles:
Bank of America has finalized a deal to pay $8.5 billion to settle claims by a group of blue-chip investors that the bank sold them poor-quality mortgage-backed securities that went sour when the housing market tanked > Read Story.
Quality Counts
According to recent news stories, the HUD Office of Inspector General has put several lenders on notice regarding the quality of documents submitted as part of the FHA claims process. Another large FHA lender has also been accused of poor quality control involving their loan origination processes. In all instances, it has been reported that HUD or the Department of Justice is using the False Claims Act to seek treble damages among other penalties. > Read More
Most analysts say economic growth will perk up in the second half of the year. The reason is that the main causes of the slowdown high oil prices and manufacturing delays because of the disaster in Japan have started to fade according to the Washington Post.
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