DailyMORTGAGE LOCK ADVISORY 

November 2, 2012, 7:00 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 up 0.16 point.

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

 

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.39%
MBS (3.5%) - 104.53, High: 104.69, Low: 104.34
DJI Stocks closed at $13,229.20,  Down $-3.42, Change -0.026%
Asian & European Stock Market Indexes Up 0.557%
Nymex Crude Oil Currently $87.04 Up $0.80
Gold 1 Once - $1,694.12

 

MORTGAGE NEWS BRIEFS

 

Mortgage Rates Hover as Uncertainty Reigns By: Tory Barringer 
Fixed mortgage rates fell back slightly to start November as investors anxiously wait for signs of which direction the economy is headed.
According to Freddie Mac's Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage was 3.39 percent (0.7 point) for the week ending November 1, down from 3.41 percent in the previous week. >> Read More

 

Falling Supply to Create Spike in New Home Prices  By: Tory Barringer 
The U.S. housing market "has entered a sustainable period of improving conditions," Pro Teck Valuations CEO Tom O'Grady says in the company's most recent Home Value Forecast. Pointing to "very low mortgage rates, stable to rising home prices, declining unemployment, declining housing inventories and a strong rental market," O'Grady says housing is in a good position to continue growth. Those positive trends should lead to growth in the overall economy, he adds >> Read More

 

Homeownership Increases in Q3, Rate Remains Flat By: Mark Lieberman,
The number of owner-occupied homes reached 75,076,000 in the third quarter, increasing from 74,832,000 in the second but down from 75,251,000 a year ago, the Census Bureau reported Tuesday. At the same time, the nation's homeownership rate (seasonally adjusted) remained at 65.5 percent>>Read More

 

Wells Fargo Issues Refunds to Overcharged Borrowers By Tory Barringer 
Wells Fargo has issued thousands of refund checks to home loan customers who paid unnecessary mortgage fees, according to a report from the Los Angeles Times.
According to the newspaper, Wells Fargo sent out refunds to as many as 10,000 customers along with letters explaining that they had paid too much. The Los Angeles Times broke the story after obtaining a copy of one of the letters; no public announcement from the company has been made about the checks.>> MReport

 

Analysts Examine Bernanke's Bet on Housing By: Krista Franks Brock
As the Federal Reserve launches its QE3 monetary policy, some interpret the plan as a sign Fed Chairman Ben Bernanke has "gone 'all in' on the U.S. housing market" and is clinging to hope the housing market can not only recover itself, but also restore the entire U.S. economy. This, at least, is the outlook of Global Markets Intelligence (GMI) Research. The research firm suggests the Fed is turning to the housing market "as the last, best hope" for strengthening the overall economy. » MReport

 

Study: New Mortgage Rules Could Shrink Lending by 20%.
Pending mortgage regulations could lock today's tight lending standards in place and result in nearly 20% fewer mortgages being issued in the coming years, restraining home sales and construction, according to a new study.
The report from the American Action Forum, a center-right think tank, provides an estimate of the potential impact of three important mortgage regulations set to take effect next year:
Together, the new rules "will raise the cost of borrowing for millions of home buyers and tighten access to credit beyond pre-boom standards, a period of much more responsible lending than in the lead-up to the housing crisis," says the AAF paper.>>Wall Street Journal

 

U.S. sues Bank of America over 'Hustle' mortgage fraud
REUTERS - The United States filed a civil mortgage fraud lawsuit against Bank of America Corp, accusing it of selling thousands of toxic home loans to Fannie Mae and Freddie Mac that went into default and caused more than $1 billion of losses. Wednesday's case, originally brought by a whistleblower, is the U.S. Department of Justice's first civil fraud lawsuit over mortgage loans sold to Fannie Mae or Freddie Mac. >>Reuters

 

Great Recession creates 4.8 million renters By Kerri Ann Panchuk*
The United States added 4.8 million renters in the past six years while losing 1.7 million owner households as the dynamics of the real estate space changed in the wake of the 2008 financial meltdown, according to the Mortgage Bankers Association.
The market experienced additional changes in the first nine months of 2012, creating unexpected outcomes in the housing finance sector, prompting the MBA to alter its forecast for 2012. >>Housing Wire

 

Mortgage Rates Unchanged To Slightly Higher by Matthew Graham
Mortgage rates were steady to very slightly higher in most cases on Monday, though some lenders were in slightly better territory than on Friday. Market movements were fairly subdued with the all of today's trading in Treasuries and Mortgage Markets contained inside the range established by Friday's highs and lows. Conventional 30yr Fixed Best- Execution remained at 3.375%>>Mortgage News Daily

 

Existing Home Sales Decline; Prices Rise for Seventh Consecutive Month By Jann Swanson
Existing home sales declined slightly in September, but the national median home price rose as inventories tightened.  The National Association of Realtors® said that completed transactions of single-family homes, townhomes, condos, and co-ops were down 1.7 percent to a seasonally adjusted rate of 4.75 million units in September.  August sales were revised upward from 4.82 million to 4.83 million.  The September number is 11.0 percent higher than existing home sales in September 2011 which were at an annual rate of 4.28 million.>>Mortgage News Daily 

 

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

Education is Consumer's Only Real Protection. 

Your FHA GuruBill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

 

 

 

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

NMLS #291249

 

 

 

 

San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage Ultimate Mortgage Calculator

 
This post has been included in California Real Estate News San Diego County, CA Real Estate News Escondido, CA Real Estate News
Post is included in group: RE/MAX Active Rain Bloggers
Post is included in group: Keller Williams 'Rainers
Post is included in group: Everything California
Post is included in group: Century 21 Active Rainers
Post is included in group: Addicted to Active Rain

1 Comments on Mortgage Rates Hover as Uncertainty Reigns

NOV
20
118,480 Points
 

Excellent information I will forward it if that is ok? thank you!!!
2:54pm • #1


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Bill_600_x_720 Rainmaker_large

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

Escondido, CA

More about me…

Address: San Diego, Escondido, Vista, San Marcos, Oceanside, Rancho Bernardo, Poway, Scripps Ranch, Penasquitos, Shadowridge, Rancho Del Oro, Escondido, CA, 92025

Office Phone: (866) 204-9733

Cell Phone: (760) 685-0480

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog