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Despite Low Rates, Mortgage Apps See 3.8 Percent Weekly Drop

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

DailyMORTGAGE LOCK ADVISORY 

July 5, 2012, 6:45am 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 0.00 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%) - 105.28, High: 105.42, Low: 105.28   
DJI Stocks currently $12,872.37,  Down $-71.45, Change -0.555%   
Asian & European Stock Market Indexes Down -1.008%   
Nymex Crude Oil Currently $87.20 Down $0.46   
Gold 1 Once - $1,600.11 
       

MORTGAGE NEWS BRIEFS
 

Despite Low Rates, Mortgage Apps See 3.8 Percent Weekly Drop
Mortgage applications decreased 3.8 percent from last week, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 20, 2012. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.8 percent on a seasonally adjusted basis from one week earlier >> Read More National Mortgage Professional

Comments (1)

Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint
 

Excellent information I will forward it if that is ok? thank you!!!

Nov 20, 2012 06:55 AM