Rate Lock Advice and Mortgage Market Update
September 17 , 2009, 4:00 PM PT
Lock Advice: FLOAT
MBS prices closed up +11/32 (FNMA 30-yr 4.5 at 100.26), above 9:45 AM ET initial lender pricing of +2/32, and at the high for the day. Many lenders improved rates mid morning. Housing Starts and Jobless Claims came in 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 0.02% at 5.08% on Sep.17
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.775% Up 0.04%.
10 Year Treasury currently 3.110% Down -0.31%
DJI Stocks $9,783.92, Down -7.79, -0.08%
European and Asian Markets Up 0.398%
Nymex Crude Oil currently $72.30 Down $0.17
This morning, August Housing Starts rose 2% to an annual rate of 598K units, close to the consensus forecast of 600K. Building Permits, a leading indicator, rose 3% to 579K units. This marked the highest levels for housing starts and permits since November.
Weekly Jobless Claims also were close to expectations at 545K. The four-week average dropped to 563K. Economists believe that a level below 450K is needed for the unemployment rate to move lower. 325K is considered normal during periods of average economic growth.
Philly Fed will be released at 10:00 AM ET and the Treasury will announce the size of upcoming Treasury auctions at 11:00 AM ET.
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WORRIED ABOUT HVCC AND 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
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Time is running out, don't let your buyers delay, the $8,000 Tax Credit is expiring on December 1, 2009.
Up to a $8000 Tax Credit is available from IRS
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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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