AM Mortgage Report - Fannie Mae Rule Changes

• 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 -0.08 Point.
• DJI Stocks - Currently, $17,601.80, Down ($88.06)
• Asian & European Stock Market Indexes Down -0.214%
• Crude Oil (WTI) - Currently, $46.15, Down ($0.97)
• Gold 1 Ounce - Currently, $1,092.10, Down ($2.80)
   

FANNIE MAE RULE CHANGES 

• Under new Fannie Mae rules, minimum equity stake is no longer needed to convert present home to a rental and purchase another home
• Fannie Mae Lowers Mandatory Waiting Period After Bankruptcy, Short Sale, & Pre-Foreclosure

MARKET REPORTS & ANALYSIS     

• Last week rates 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.
• Even with several important events, the level of daily volatility in mortgage rates was low last week. The impact of the Fed statement was small. The one economic report which caused a significant reaction, the Employment Cost Index, was favorable for mortgage rates, and they ended a little lower. 
• Based on current economics the safest strategy is to lock whenever the market improves.