Rate Lock Advice & Mortgage Market Update
January 27, 2010, 1:20 PT
RATE LOCK ADVISORY
Lock Advice: LOCK
MBS Price is down 3/32. MBS prices dropped after the release of the Fed statement reaffirming the MBS purchase program will be concluded by the end of March. December New Home Sales fell 8% to an annual rate of 342K units, below the consensus of 370K.
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
Unchanged at 5.07% on Jan.27
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.72% Up 0.009%.
10 Year Treasury Currently 3.650% Down -0.01%
DJI Stocks closed at $10,236.16, Up 41.87, 0.41%
European and Asian Markets Closed down -0.993%
Nymex Crude Oil Currently $73.65 Down $1.06
- FHA UFMIP will increase from 1.75% to 2.25% effective April 5. 2010
- Other FHA Changes are in the wind according to FHA Commissioner David H Stevens on a conference call to reporters Tuesday. besides changed UFMIP, FHA plans to lower maximum seller contributions from 6% to 3% and they will increase the downpayment requirement up to 10% for low FICO scores. The official FHA bulletin was released on Jan. 21st. Read Bloomberg report
- (BOG) Bank Owned Government where Stupidity is king. See the lastest TBWS Video
- Vote on To Big To Fail. Move your money to local banks and credit unions
California Rates 01-27-10, 1:30 PT
30 Year Fixed to $417,000
Rate 4.75%, Point 0.875, APR 4.884%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application or Credit Report required
Compare Rates from Major Lenders Survey
Education is Consumer's Only Real Protection.
Listed below are some educational articles.
- What You Should Know About APR
- How To Shop for Mortgage Rates.
- Beware of Misleading Lender Advertising
- Education is the best consumer protection
- Rates and Point Relationship Explained
Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137