MORTGAGE LOCK ADVISORY
April 9, 2012, 6:30 AM PST
Click for Lock Advice Updated Several Times Daily
Mortgage Interest Rate lock Advice for locks within 8 days: FLOAT With Caution
Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.14 point
30 Day Mortgage Interest Rate Lock or Float Advice: LOCK
MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.98%
MBS (3.5%) - 103.64, High: 103.66, Low: 103.5
DJI Stocks currently $12,919.75, Down $-140.39, Change -1.087%
Asian & European Stock Market Indexes Down -0.458%
Nymex Crude Oil Currently $101.37 Down $1.94
Gold 1 Once - 1643.6
MORTGAGE NEWS BRIEFS
3 Reasons Why You Need an Elevator Speech
An elevator speech is a 30-120 second explanation of what you do that you may make to a person you meet in an elevator, perhaps, or at the checkout line at the grocery store or just about anywhere. Wayne and Jean Marie Zuh
Buyers with Collections of $1,000 or More Not Eligible for FHA
A new rule prohibiting homebuyers from getting a Federal Housing Administration mortgage if they owe more than $1,000 in outstanding collections accounts could cut demand by up to 20%, according to banking analysts.>> Read More HousingWire
Home Prices Climbed 0.7% in February: By Ryan Schuette
Home prices for non-distressed property sales ticked up 0.7 percent in February from January, even while figures for the same fell by 2 percent year-over-year, according to CoreLogic >>Read More MReport
Markets Hit Hard Tuesday With Release of the 3/13 FMOC Minutes
Good economic news is not good for mortgage rates and gold. Gold fell hard, rates climbed and stocks rolled over while the dollar rallied. The minutes revealed the Fed is optimistice about the economy. Inflation and the EU will remain contained and the forecast for GDP may be revised upward.
US Housing: A Disappointing March, But Spring Offers Redemption
Most of March's housing numbers were disappointing, with sales unexpectedly falling across all categories and prices hitting new lows, reversing February's optimism. But the winter market is usually the year's quietest, and spring could bring redemption
>>Read More International Business Time
Ex-TBW CFO pleads guilty to largest mortgage frauds in U.S. history
Ex-CFO Delton de Armas, 41, admitted to helping his boss, Lee Farkas, pull off a $3 billion fraud scheme that brought down the nonbank as well as its chief warehouse lender, Colonial BancGroup, Montgomery, Ala.>>Read More National Mortage News
Another Tax by Another Name Directed at First Time Buyers
A House committee voted unanimously to pass a bill that looks to give a boost to the Federal Housing Administration through increased mortgage insurance premium caps and other changes. The FHA, under the bill, could charge up to 2.05% for its annual mortgage premium, up from a current 1.55% maximum... Read More HousingWire.
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