Rate Lock Advice and Mortgage Market Advisory
August 28 , 2009, 7:00 AM PT
Rate Lock Advice: FLOAT
MBS prices reversed direction and came back -7/32 to -2/32. Jobless Claims and GDP came in very close to expectations.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.01% at 5.19% on Aug.27
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.837% Up 0.005%.
10 Year Treasury currently 3.450% Up 0.01%
DJI stocks closed at 9,580.63, Up 37.11, 0.39%
European and Asian Markets Down -0.641%
Nymex Crude Oil currently $72.17 Up $1.32
Today MBS prices closed down -6/32 below their 9:45AM ET initial lender pricing level of -5/32. Earlier, MBS reached a high of -2/32.
Today's economic data came in close to expectations and had little impact. Demand for the 7-yr Treasury auction was stronger than average. The bid-to-cover ratio was 2.74 and foreign buyers purchased 61% of the total.
Tomorrow, Personal Income, Core PCE, and Consumer Sentiment will be released.
WORRIED ABOUT AN OUT OF TOWN APPRAISER?
If you are concerned about the value of your listing and need a local appraiser consider FHA financing where we can still control the appraiser selection.
Read recent HVCC Wall Street Journal Article
Where are the best rates: Mortgage Brokers or Direct Lenders? Rate Survey
The dreaded Stealth Rate Shopper Strikes Ditech full story
Click for inter-day Rate Lock and Market updates
Click for current Lending news and information
Time is running out, don't let your buyers delay, the $8,000 Tax Credit is expiring on November 30.
Up to a $8000 Tax Credit is available from IRS
10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier
Your Fha Guru
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com
August 2009, Rate Lock Advice and Mortgage Market Update
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