DailyMORTGAGE LOCK ADVISORY
July 2, 2012, 6:30am PST
Click for Lock Advice Updated Several Times Daily
7 day Mortgage Interest Rate lock or Float Advice: FLOAT
Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.21 point.
30 Day Mortgage Interest Rate Lock or Float Advice: LOCK.
Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating so my advice is to lock.
MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.66%
MBS (3.5%) - 105.27, High: 105.27, Low: 105.13
DJI Stocks currently $12,879.33, Down $-0.76, Change -0.006%
Asian & European Stock Market Indexes Up 0.224%
Nymex Crude Oil Currently $83.64 Down $1.32
Gold 1 Once - $1,593.00
MORTGAGE NEWS BRIEFS
FHA BACKS DOWN ON CREDIT RESTRICTIONS By Union Tribune
In a policy switch that could be important to thousands of applicants seeking home mortgages with low down payments, the Federal Housing Administration has rescinded tough new credit restrictions that had been scheduled to take effect July 1.