DailyMORTGAGE LOCK ADVISORY 

October 16, 2012, 6:50 AM PST

Click for Lock Advice Updated Several Times Daily

      

7 day Mortgage Interest Rate lock or Float Advice: LOCK
Points based on 3.0% Mortgage Backed Securities are down 0.26 Point.

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

 

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.39%
MBS (3.5%) - 104.83, High: 105.11, Low: 104.83
DJI Stocks closed at $13,493.79,  Up $69.56, Change 0.515%
Asian & European Stock Market Indexes Up 1.582%
Nymex Crude Oil Currently $91.61 Down $0.24
Gold 1 Once - 1741.04

 

MORTGAGE NEWS BRIEFS

 

Home Price Gains Boost Consumer Spending in September By: Tory Barringer 
A significant increase in home prices helped push Deloitte's Consumer Spending Index up in September, the company reported. The index, which tracks consumer cash flow as an indicator of future consumer spending, rose to 3.53 from 3.27 in August. A substantial 10.5 percent bump in housing prices accounted for much of the overall increase>> MReport
 
Mortgage Rates Continue Improving To End The Week by Matthew Graham
After improving for the first time in a week yesterday, Mortgage rates moved slightly lower again on Friday.  That said, late day market weakness may lead some lenders to recall initial rates sheets and raise rates/fees modestly.  Even then, rates would still be at their best levels of the week with more lenders today joining the ranks of those already back down to a 3.25% Best-Execution for 30yr Fixed Conventional loans. >> Mortgage News Daily

 

Distressed Sales Leading to Inaccurate Appraisals By: Esther Cho 
Inflated appraisals were identified as one of the causes of the housing bubble, and now undervalued appraisals are viewed as a reason for a stalled recovery.
In a September National Association of Realtors (NAR) survey related to home appraisals over the past three months, 11 percent of Realtors said a contract was cancelled because a home was appraised at a value below the negotiated price >>MReport

 

Foreclosures hit 5-year low By Kerri Ann Panchuk
Foreclosure activity reached a 5-year low in September with only 180,427 filings made on distressed properties, RealtyTrac said Thursday. The filings surveyed include default notices, scheduled foreclosure auctions and bank repossessions. Overall, September's foreclosure numbers fell 7% from August and 16% from last year as more non-judicial foreclosure states moved through backlogs of foreclosure inventory. >>HousingWire

Property Flipping Gaining Momentum in 2012
With home prices still near historic lows and rental rates on the rise, several investors who have sizable cash are now entering the flipping market to make a profit on the influx of distressed assets that are available throughout the country. According to RealtyTrac, nearly 100,000 properties have been flipped nationwide in the first half of 2012. This is a substantial increase over the previous two years by 25% and 27%, respectively >>Mortgage Technology

 

Mortgage Rates Slightly Higher To Begin The Week by Matthew Graham
Mortgage rates rose gently to begin the holiday-shortened week despite improvements in the underlying bond markets.  Some lenders' rate sheets are little changed from Friday's latest offerings while others are marginally higher in cost with no change to the Best-Execution rates, which moved higher from 3.25% to 3.375% after Friday's jobs report >>Mortgage News Daily

 

Cash Buying Down in 2012 as Non-Investors Return By: Tory Barringer 
The percentage of homes purchased with cash nearly doubled between 2006 and 2011, even as mortgage rates fell into free-fall, research firm Hanley Wood Market Intelligence reported. Analysts Jonathan Dienhart and Ken Lee revealed that between 2006 and 2011, the share of homes purchased with cash jumped from 22 percent to 40 percent. The upward trend finally stalled in 2012 with a drop back to 38 percen >>MReport

 

Rising Home Values Bring Equity to Highest Level Since 2008
By: Tory Barringer   
Rising home values in September brought homeowner equity to its highest level since the third quarter of 2008, according to the Obama administration's latest Housing Scorecard.  The scorecard was a little more positive than it has been in recent months, though officials continued to caution that the overall recovery is still fragile >>MReport

 

Calif. hands trial lawyers 'nuclear weapon' to use against mortgage industry
By Kerri Ann Panchuk*
The Homeowner Bill of Rights launched in California not only changed hundreds of years of real estate law, it may have turned the West Coast state into a judicial foreclosure state with financial firms on high alert, legal experts claim.
"In California, they just gave trial lawyers a nuclear weapon to use against the industry," said Bob Jackson, president and attorney at Irvine, Calif.-based Jackson & Associates >>Housing Wire

 

Low Mortgage Rates Fuel Rise in Applications By: Tory Barringer 
Mortgage application volume increased 16.6 percent in the week ending September 28, according to MBA's Mortgage Composite Index. On an unadjusted basis, the index increased 17 percent compared with the previous week. MBA also reported an increase in its Purchase Index, which rose 4 percent (both adjusted and unadjusted) from one week earlier and 11 percent year-over-year >> MReport

 

'Fiscal Cliff' Could Send Prices Tumbling By: Carrie Bay  
Recent gains in housing are closely linked to rising consumer confidence, according to numbers juxtaposed and analyzed by Clear Capital in its latest report on home price movements. The feeble underpinnings of price increases, however, could soon topple, according to the real estate valuation company >>MReport

 

Fed Study Points to Wisdom of Further HARP Enhancements By Jan Swanson
Economists have been debating the value versus risk of expanded refinancing opportunities since the early days of the housing crisis. Proponents argue that refinancing would free up homeowner money for spending elsewhere to the benefit of the economy, opponents fear that since the Federal Housing Administration and the government sponsored enterprises (GSEs) are realistically the only source of refinancing currently available, any risk inherent in refinancing will disproportionately fall the government. >>Mortgage News Daily

Education is Consumer's Only Real Protection. 

Your FHA GuruBill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

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

NMLS #291249

 

 

 

 

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1 Comments on Home Price Gains Boost Consumer Spending in September

OCT
16
321,258 Points Localism Sponsor Outside Blog

Hi Bill,

Everything is tied to the housing market.....strides are being made, more work to be done.

 
7:08am • #1


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Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970

Escondido, CA

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