MORTGAGE INTEREST RATE LOCK ADVISORY
March 27, 2013 7:15 AM PST
Click for Updated Lock Advice
Click for Updated Lock Advice
7 day Mortgage Interest Rate lock or Float Advice: LOCK
Mortgage Rates Based on 3% Mortgage Backed Securities are down 0.34 point.
30 Day Mortgage Interest Rate Lock or Float Advice: FLOAT
MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.54% down 0.09%
MBS (3.5%) - 103.19, High: 103.22, Low: 102.84
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MORTGAGE NEWS
CoreLogic reported that the overall shadow inventory is down 28 percent from its peak in January 2010, when it reached three million homes. Current residential shadow inventory as of January 2013 was at 2.2 million units, representing a supply of nine months. This figure represents an 18-percent drop from January 2012, when shadow inventory stood at 2.6 million units. CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure and held as real estate-owned (REO) by mortgage servicers, but not currently listed on multiple listing services (MLSs). Transition rates of "delinquency to foreclosure" and "foreclosure to REO" are used to identify the currently distressed unlisted properties most likely to become REO properties. Properties that are not yet delinquent, but may become delinquent in the future, are not included in the estimate of the current shadow inventory. Shadow inventory is typically not included in the official reporting measurements of unsold inventory. » Read More
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