MORTGAGE INTEREST RATE LOCK ADVISORY
August 18, 2013 10:30 AM PST
LOCK ADVISORY
7 Day Mortgage Interest Rate lock or Float Advice: LOCK
The cost for a 3.50% rate based on Mortgage Backed Securities closed Friday up 0.47 point
Friday prices deteriorated and lenders repriced for worse beginning about 11:00 AM. If you were watching my web site you would have been warned at 9:40 AM.
Rates look like they will continue up for the foreseeable future. Lock on any improvement
30 Day Mortgage Interest Rate Lock or Float Advice: LOCK
MARKET INDICATORS
- National Average for 30-Yr Fixed Mortgage Rate is unchanged at 4.40% on August 15,.
- MBS (3.5%) - 98.95, High: 99.59, Low: 98.81
- DJI Stocks closed at $15,103.59, Down $-8.6, Change -0.057%
- Asian & European Stock Market Indexes changed 0.381%
- Crude Oil (WTI) closed $107.43 - Change 0.09%
- Gold 1 Once - $1,376.96
MORTGAGE and REAL ESTATE NEWS
Mortgage rates rose sharply today, after the large batch of economic data did nothing to suggest the Fed will move any slower to reduce their asset purchases. The risk for this sort of volatility has grown throughout the week as market participants tune back in to economic reports after last week's lull. Yesterday's commentary discussed it and today's potential volatility in greater detail. At this point, trading activity implies that the burden of proof is on economically negative news to push the Fed's likely September 18th tapering announcement back. If the negative news doesn't arrive, rates continue their broad trend sideways to slightly higher. Today's best-execution rate rose from 4.5% to 4.625%>> Read More
Mortgage Rates Surge to Highest Levels in Over a Month
Mortgage rates rose sharply today, after the large batch of economic data did nothing to suggest the Fed will move any slower to reduce their asset purchases. The risk for this sort of volatility has grown throughout the week as market participants tune back in to economic reports after last week's lull. Yesterday's commentary discussed it and today's potential volatility in greater detail. At this point, trading activity implies that the burden of proof is on economically negative news to push the Fed's likely September 18th tapering announcement back. If the negative news doesn't arrive, rates continue their broad trend sideways to slightly higher. Today's best-execution rate rose from 4.5% to 4.625%>> Read More
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