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For-sale inventory drops 20.4% on an annual basis
DailyMORTGAGE LOCK ADVISORY 
June 22, 2012, 7:00am PST
Click for Lock Advice Updated Several Times Daily
      
7 day Mortgage Interest Rate lock or Float Advice: LOCK Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.12 point. 30 Day Mortgage Interest Rate Lock or Float Advice: LOCK.
Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating so my advice is to lock.
 
MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.71% MBS (3.5%) - 104.94, High: 105.13, Low: 104.91   DJI Stocks currently $12,659.51,  Up $85.94, Change 0.679%   Asian & European Stock Market Indexes Up 0.288%   Nymex Crude Oil Currently $78.75 Up $0.55   Gold 1 Once - $1,565.06          MORTGAGE NEWS BRIEFS 
Home sales, prices continue gains in MayFor-sale inventory drops 20.4% on an annual basis A shortage of for-sale inventory likely caused a slight month-to-month drop in existing-home sales in May, but both home sales and prices jumped compared to a year ago, according to the latest monthly report from the National Association of Realtors.  Read More Inman News ... more

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