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Pending Home Sales Highest in Over a Year-and-a-Half

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

 

 MORTGAGE LOCK ADVISORY 

January 9, 2012, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily  

   

Mortgage Interest Rate lock Advice for locks within 7 days:  LOCK

Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.03 point.  MBS are seriously overbought and the market could reverse in the next couple of days.

 

30 Day Mortgage Interest Rate Lock or Float Advice:  FLOAT with Caution

There is not conclusive evidence to lock but, In this uncertain market the best advice is to lock at historic low rates.

 

MORTGAGE MARKET INDICATORS
 

National Average Fixed Rate Mortgage 3.91%   
MBS (3.5%) - 103.11, High: 103.11, Low: 103.03   
DJI Stocks currently $12,360.15,  Up $0.23, Change 0.002%   
Asian & European Stock Market Indexes Up 0.34%   
Nymex Crude Oil Currently $101.81 Up $0.25

                

Pending Home Sales Highest in Over a Year-and-a-Half
 
By: Carrie Bay 
Pending home sales continued to rise in November, reaching their highest level in 19 months, the National Association of Realtors (NAR) reported late last week. Read More in Linkedin 

 

Markets flat as Europe woes balanced by recovering US
 
Overnight, US markets finished flat to marginally higher as investors continued to balance ongoing European issues against US economic data, confirming that the world's biggest economy is on the slow path to recovery. National Business Review

 

December employment report was stronger than consensus.
 
Dec. unemployment expected at 8.7% fell to 8.5%, the lowest level since Feb 2009 when it was 8.3%. Non-farm jobs expected +155K, jumped to 200K; non-farm private jobs thought to be 160K increased 212K. Yesterday ADP reported 325K private jobs. Dec average hourly earnings, as usual, up 0.2%.

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Good news for market.  Seeing this trend in Arizona as well.  There is still hope.

Jan 09, 2012 01:38 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Thanks for the comment.

As long as we keep working our overall trend will continue to improve.

Jan 09, 2012 01:43 AM