MORTGAGE INTEREST RATE LOCK ADVISORY
July 21, 2016, 8:00 AM PST
FEATURED LOANS
- REVERSE MORTGAGE (HECM)
- Financial Freedom for Qualified Seniors
- Click for Reverse Mortgage Details
LOCK ADVISORY -
Click for current Lock Advice
- 1-14 Day Close: FLOAT With Caution
- 15-30 Day Close: FLOAT With Caution
- 31-45 Day Close: FLOAT With Caution
- Recommendations can change throughout the day.
MORTGAGE MARKET INDICATORS
- Weekly Average 30-Yr FRM, up 0.03% to 3.45% on 7-21-16.
Rate Price Based on 3% MBS, Up 0.17 Point.
DJI Stocks - Currently, $18,556.88, Down ($38.15) -0.21%
Asian & European Stock Market Indexes Down -0.198%
Crude Oil (WTI) - Currently, $44.94, Up $0.29
Gold 1 Ounce - Currently, $1,324.80, Up $3.30
MARKET REPORTS & ANALYSIS
- The MBS Market is historically oversold which indicates the strong possibility of rate improvement yet rates are up again today and my lock recommendation has changed from Float to Float With Caution.
- 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending July 21, 2016, up from last week when it averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.
NEWS LINKS
- Purchases increased to 65 percent of all closed loans in June,
- FHA to begin insuring mortgages with PACE solar loans
- MBA Predicts Brexit-Fueled Refi Boom
- Freddie Mac: Mortgage Rates To Stay Ultra-Low Through 2017
- Foreign Troubles Create Robust Buyers Market In U.S.
- Updated Desktop Underwriter (DU) coming soon after unexpected delay,
- Reverse mortgages may be the hot new retirement planning too
- Renovation loans allow more people to buy homes
Three contractors are bidding to fix a broken fence at the White House. One is from Chicago, another is from Tennessee, and the third is from Minnesota. All three go with a White House official to examine the fence.
The Minnesota contractor takes out a tape measure and does some measuring, then works some figures with a pencil. "Well," he says, "I figure the job will run about $900. $400 for materials, $400 for my crew, and $100 profit for me."
The Tennessee contractor also does some measuring and figuring, then says, "I can do this job for $700. $300 for materials, $300 for my crew, and $100 profit for me."
The Chicago contractor doesn't measure or figure, but leans over to the White House official and whispers, "$2,700." The official, incredulous, says, "You didn't even measure like the other guys! How did you come up with such a high figure?" The Chicago contractor whispers back, "$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence." "Done!" replies the government official. And that, my friends, is how the new stimulus plan will work.
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