MORTGAGE INTEREST RATE LOCK ADVISORY
June 24, 2013 3:30 PM PST
Click for Updated Lock Advice
Click for Updated Lock Advice
7 Day Mortgage Interest Rate lock or Float Advice: LOCK
The cost for a 3.50% mortgage based on Mortgage Backed Securities are up 0.16 points
The cost of a 30 year 3.50% mortgage climbed 2.76 points from Wednesday to Friday of last week..
30 Day Mortgage Interest Rate Lock or Float Advice: LOCK
MARKET INDICATORS
30-Yr Fixed Mortgage Rate rose to 3.93% on June 20, down 0.05%
MBS (3%) Current 99.77, High: 100.41, Low: 99.27
DJI Stocks currently $14,637.12, Down $-162.28, Change -1.109%
Asian & European Stock Market Indexes changed -5.64%
Crude Oil (WTI) Currently $94.09 - Change 0.43%
Gold 1 Once - $1,277.51
MORTGAGE NEWS
Housing Seen Shrugging Off Rate Rise as Banks Loosen:
Prashant Gopal, Kathleen M. Howley and John Gittelsohn, ©2013 Bloomberg News
(Bloomberg) -- Derrick Bulaich locked in a home- loan rate of 4.6 percent last week, prompted by a surge in borrowing costs as investors speculated the Federal Reserve would pull back from bond buying. Bulaich, who said he wishes he’d acted sooner, still plans to complete the purchase today of the four-bedroom Sacramento home because values in the city remain 42 percent below their 2005 peak despite recent gains. >>Read More
Mortgages This Week Beginning June 24
This Week; expect more selling in the stock market and the bond sand mortgage markets. The recent increase in interest rates has now increased the rate on the bellwether 10 yr note 100 basis points from 1.63% to 2.60%; mortgage rates up 75 basis points since early May. For over a month prior to last week talk circulated regularly that the stock market may retreat 10% on a long overdue correction, it is occurring now. Bernanke set it off after the FOMC meeting last week. Saying the Fed was ready to begin cutting back on the stimulus by the end of the year, and completely done by the middle of 2014. Markets had been expecting the Fed would begin tapering, what the market didn't expect was Bernanke's clear comments, it wasn't thought to be as soon as what he indicated. What Bernanke added was that it will be dependent on the economic outlook as to when the Fed would pull the trigger.The Fed obviously believes the economy is on a path of growth, albeit slowly. The overall consensus from the private sector also is forecasting better economic growth. We wouldn't want to argue with the forecasts, they are out there and markets are taking it all seriously; however the employment sector shows very little increased strength and without increased job growth all other measurements must be considered marginal at best. Any slowdown based on the data points over the next two weeks, including the June employment report on July 5th, will be closely monitored. A soft June employment report will change the outlook for the Fed tapering. Expect continued market volatility this week and nex
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