DailyMORTGAGE LOCK ADVISORY 

September 24, 2012, 6:45 AM PST

Click for Lock Advice Updated Several Times Daily

      

7 day Mortgage Interest Rate lock or Float Advice: FLOAT
Mortgage Points based on 3.0% Mortgage Backed Securities are down 0.09 point. 

30 Day Mortgage Interest Rate Lock or Float Advice: FLOAT.

 

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.49%
MBS (3.5%) - 104.77, High: 104.83, Low: 104.77   
DJI Stocks currently $13,645.32,  Up $48.39, Change 0.355%   
Asian & European Stock Market Indexes Up 0.811%   
Nymex Crude Oil Currently $93.41 Up $0.99   
Gold 1 Once - $1,783.87 

 

MORTGAGE NEWS BRIEFS

 

The time to close loans increased in August
The time it took to close a loan was 49 days in August, up just one day from July's closing time.
Refinance closings took a little longer than purchase closings in August, same as July. It took 51 days to close a refinance loan in August, up fom 48 days in July.>> MReport
Exclusive: U.S. mortgage task force to act soon
By Karen Freifeld
NEW YORK (Reuters) - The mortgage task force formed by President Barack Obama to probe misconduct that contributed to the financial crisis will soon take legal action, New York Attorney General Eric Schneiderman said on Thursday. >>Reuters

 

Existing home sales increase 9.3% in August By Justin T. Hilley
Existing home sales rose 9.3% to a seasonally adjusted annual rate of 4.82 million in August from the 4.41 million seen a year earlier, according to the National Association of Realtors. The figure is 7.8% above July's 4.47 million.>> HousingWire

 

Mortgage Applications Steady as Average Rates Reach Historic Lows by Jann Swanson
Applications for mortgages during the week ended September 14 were virtually unchanged from the previous week according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.  The Market Composite Index, a measure of loan application volume, increased 0.2 percent on a seasonally adjusted basis during the week which was shortened by the Labor Day holiday.  On an unadjusted basis it rose 24 percent. >>Mortgage News Daily

 

Fannie Mae moving REO management in-house  By Jacob Gaffney
The use of third parties to help Fannie Mae sell its REO properties is coming to an end.
Fannie Mae notified remaining vendors that the government-sponsored enterprise will transition all REO sales work completely to Fannie Mae's in-house teams over the course of the next several months. >>Housingwire
  
New Fannie Mae Guidelines Allow Verification of Assets in Lieu of Income
by Jann Swanson Late Friday Fannie Mae gave borrowers and lenders an alternative to documenting income for Refi Plus loans where payment increases will be under 20 percent.  Rather than requiring that at least one of the borrowers has a documented source of income, Fannie Mae will now accept verification of liquid financial reserves equal to at least 12 months of the new mortgage payment (PITIA). >> Mortgage News Daily
 
Congress Gets Bill Prohibiting Eminent Domain Mortgage Seizures
Congress just stepped into the dispute over the right of Chicago and two communities in California to use eminent domain on behalf of local homeowners.  Representative John Campbell (R-CA) today introduced a bill titled The Defending American Taxpayers from Abusive Government Takings Act which would prohibit the four major government sponsored mortgage providers from buying loans in any community who do what is proposed in Chicago, Berkeley and San Bernardino County, California.>> Mortgage News Daily

 

Voters, Clueless about Fiscal Cliff, In for a Shock By Eric Pianin
The nation may be barreling towards a fiscal cliff that has policymakers in Washington gnashing their teeth and wringing their hands, but lawmakers just returning from a five-week congressional recess say the crisis hasn't quite penetrated the consciousness of many of their constituents >> The Fiscal Times

 

Mortgage Rates Flat To Slightly Higher Ahead Of Week's Major Events
by Matthew Graham
Mortgage rates are somewhat higher again today after news out of Europe created market momentum overnight in favor of higher stock prices and higher bond yields.  When bond yields move higher, mortgage rates are generally moving higher as well although today's rates did a fairly good job of holding steady at the prevailing best execution rate of 3.5% for 30yr Fixed Convention>> Mortgage News Daily

 

Rethinking Adjustable-Rate Mortgages By:Kirk Haverkamp MortgageLoan.com
     You don't hear a lot about adjustable-rate mortgages (ARMs) these days. That's too bad, because they're still a good choice for many homebuyers, believe it or not.
    ARMs can be a very smart choice for homebuyers who are not planning to stay in the home more than a few years. Think about it - if you're planning to sell the home within seven years, as many homeowners do, what difference does it make if you have a seven-year ARM? Why not take advantage of the lower rate and pocket the difference? >>MortgageLoan.com

 

Mortgage debt relief may bring new pain: a tax bill
By Jim Puzzanghera
WASHINGTON -- Struggling homeowners who obtain reductions in their mortgage debt face a new obstacle starting next year -- a bill for taxes on that aid.
A special exemption of as much as $2 million per household in principal reduction and other aid from banks, in place since 2007, is set to expire at year's end.>>Mercury News.com

 

Mortgage Application Volume Down for 5th Straight Week by Jann Swanson
Mortgage applications declined again during the week ended August 31, down 2.5 percent on a seasonally adjusted basis from a week earlier.  The Mortgage Bankers Association reported that its Market Composite Index, a measure of application volume, was down 3 percent on an unadjusted basis from the week ended August 24.>>Mortgage News Daily

Education is Consumer's Only Real Protection. 

Your FHA GuruBill Ladewig

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Bill@YourFhaGuru.com

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Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

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