DAILY MORTGAGE INTEREST RATE LOCK ADVISORY
June 30, 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 down 0.17 point . Today would be a good time to take advantage of a snapback from the last two days of sharp MBS losses an LOCK.
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 easing of the European financial crises after Greece agreed to an austerity program 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: 103.62, High: 103.69, Low: 103.53
DJI Stocks currently $12,308.68, Up $47.26, Change 0.39%
Asia & Europe Indexes Up 0.671%
Nymex Crude Oil Currently $94.75 Down $0.02
MORTGAGE MARKET NEWS BRIEFS
HUD Releases Final SAFE Act Rule
Wednesday HUD announced the final rule regarding state compliance with the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act). The rule is posted (link here), and will be available in today's Federal Register.
Mortgage Applications Down
As mortgage rates continue their descent, along with weak demand taking its toll on the housing market, applications for home loans are following the same path, according to the Mortgage Bankers Association's (MBA) weekly survey > Read More
Could the political pressure to shut down Fannie and Freddie just be political?
An OCC report says mortgage delinquencies on loans made by banks were nearly triple those backed by Fannie and Freddie.
Jobless Claims Down Slightly
In the week ending June 25, the advance figure for seasonally adjusted initial claims was 428,000, a decrease of 1,000 from the previous week's unrevised figure of 429,000.
Wednesday, June 29, 2011
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