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Rate Lock Advice & Mortgage Market Update

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

Rate Lock Advice & Mortgage Market Update

DAILY RATE LOCK ADVICE
February 12, 2010, 8:30 PT

Today's Lock or Float Advice:  LOCK
This week Rates reversed their down trend since December, 2009
Mortgage Backed Securities (MBS) prices are up +8/32.   MBS move the opposite of rates.  The overall rate trend is up but if you must lock today I suggest waiting until lthis afternnon  to take advantage of today's improving rates.
Retail Sales came in very close to expectations.

National Average Fixed Rate Mortgage
UP 0.03% at 5.02% on Feb.11

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.714% Down 0.039%.

10 Year Treasury Currently 3.730% Up 0.01%

DJI Stocks $10,029.84,  Down -114.35, -1.13%

European and Asian Markets Down -0.269%

Nymex Crude Oil Currently $73.60 Down $1.68


  • OneWest Bank's sweetheart deal with our Bank Owned Government (BOG)  Must See Video
  • Barney Frank Named 'Porker of the Year'  CNBC News
  • Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
  • FHA is Effectively Out of Making Condo Loans Story
  • FHA Suspends Four Lenders Story
  • FHA UFMIP will increase from 1.75% to 2.25% effective April 5. 2010
  • Other FHA Changes are in the wind accordingto FHA Commissioner David H Stevens announced on a conference call to reporters January 19th. 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

California Rates 02-12-10, 8:30PT
30 Year Fixed to $417,000
Rate 4.750%, Point 0.750APR 4.873%

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

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