PM RATE LOCK & MARKET ADVISORY - October 14, 2011

DAILY MORTGAGE INTEREST RATE LOCK ADVISORY
October 14, 2011:   3:30 PM PST
Lock Advice is Updated Several Times Daily

Mortgage Interest Rate lock Advice for locks within 7 days:  LOCK
Mortgage Points based on 3.5% Mortgage Backed Securities closed up 0.37 point.  In the short term, the bond market looks volatile and the safe bet is to lock on any down day.

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK
October 7, 2011, Mortgage Backed Securities moved below a long standing resistance level which could be bad news for long term rates. 

MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.94%  A Hundred Year Low  
MBS (FNMA 30-year 4.0) - 103.06, High: 103.31, Low: 103.06   
DJI Stocks closed at $11,644.49,  Up $166.36, Change 1.429%   
Asian & European Stock Market Indexes Up 0.371%   
Nymex Crude Oil Closed at $86.80 Up $2.57  
               
MORTGAGE NEWS BRIEFS

MORTGAGE RATES ARE STILL AT THEIR LOWEST IN OVER 100 YEARS!  
 
Late Day Stock Rally Pressures MBS Lower
Oct 14 2011, 4:12PM ET
From a recent alert on the MBS Dashboard: "Late day illiquidity and a stock market rally are weighing on MBS this afternoon. Prices are in line with their lows of the day and while the reprice scene has been fairly quiet today, it's not out of the realm of possibility for a lender or two to take some rebate off the table heading into the weekend. Fannie 3.5's are down 12 ticks on the day at 100-22 and 4.0's are down 8 ticks at 103-03"  Read More in Mortgage News Daily

Southern California home sales remain steady
by Kerri Panchuck
Southern California home sales grew a slight 0.3% from a year ago in September, suggesting the market remains steady on a year-over-year basis, DataQuick said Thursday.  Read More in HousingWire