DailyMORTGAGE LOCK ADVISORY
August 7, 2012, 6:45 am PST
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
MBS (3.5%) - 105.66, High: 105.84, Low: 105.66
DJI Stocks currently $13,178.28, Up $60.77, Change 0.461%
Asian & European Stock Market Indexes Up 0.969%
Nymex Crude Oil Currently $92.92 Up $0.72
Gold 1 Once - $1,615.50
MORTGAGE NEWS BRIEFS
Housing recovery could lift jobs, spending
Home prices and new construction have started to pick up in recent months, suggesting the housing market may finally be starting to recover.
After years of depressed activity, home prices and new construction have started to pick up in recent months as foreclosures have slowed, suggesting the housing market may have finally bounced off the bottom.
"It feels very much like we've hit a bottom and we're starting to come off of that bottom," Stuart Miller, CEO of homebuilder Lennar told analysts in June. >> Read More CNN Money
As Libor Fault-Finding Grows, It is Now Every Bank for Itself
Mortgage Rates Tick Up After Three Months
Freddie Mac announced Thursday that after more than three months of record-low drops, mortgage rates slid up this week. Freddie Mac's survey showed that the 30-year fixed-rate mortgage averaged 3.55 percent (0.7 point) for the week ending August 2, up from 3.49 percent the previous week. Before this week, the average 30-year FRM had fallen to or matched record-low levels for 13 of the past 14 weeks. The 15-year FRM also slid up, averaging 2.83 percent (0.6 point) from 2.80 percent last week. » Read More MReport