Friday AM Mortgage Rate & Lock Advisory

• 1-7 Day Close: LOCK
• 8-14 Day Close: LOCK
• 15-30 Day Close: LOCK

MORTGAGE MARKET INDICATORS

• Freddie Mac Average:30-Yr FRM, on: 7-30-15: 3.98% - Down 0.06 point
• Rate Price Based on 3% MBS - Currently, Down -0.31 Point.
• DJI Stocks - Currently, $17,749.80, Up $3.82
• Asian & European Stock Market Indexes Up 0.476%
• Crude Oil (WTI) - Currently, $47.60, Down ($0.91)
• Gold 1 Ounce - Currently, $1,087.40, Down ($0.70)

MARKET REPORTS & ANALYSIS     

• So far this week rates have meandered sideways in a narrow band. My feeling is the upside risk out wieghs the downside and my recommendation is to continue to lock on any downturn.
• July Chicago PMI finally broke back above 50 which is expansionary. This will cause MBS to give up some of their early gains.
• Based on current economics the safest strategy is to lock whenever the market improves.