Rate Lock Advice & Mortgage Market Update

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Rate Lock Advice & Mortgage Market Update

February 24, 2010, 6:30PT
Lock Advise is Updated Several Times Daily

Today's Lock Timing for loans requiring immediate action:  LOCK.  MBS prices are down -3/32. New Home Sales will be released at 10:00 ET.

Long Term Lock or Float Advice:  LOCK.
On February 10th Rates started up and began a reversal of a down trend held since December, 2009.

National Average Fixed Rate Mortgage
Down 0.02% at 5.08% on Feb.23

MBS Yields Opened at 4.779% Down 0.044%.

10 Year Treasury Currently 3.690% Down -0.11%

DJI Stocks $10,312.87,  Up 30.46, 0.3%

European and Asian Markets Down -0.379%

Nymex Crude Oil Currently $78.86 Down $0.00

  • Feb 23, 2009; FHA COMMISSIONER DAVID STEVENS said that Mortgage Brokers are the cheapest way to bring a loan to market  TBWS
  • Homebuilders Expect FHA Changes to Hurt Sales HOUSINGWIRE
  • Credit card relief is here, but watch out for new traps CNNMoney.com
  • Where's housing headed?  Follow rents. CNNMoney.com
  • Housing construction up 2.8 percent in January.   StLtoday.com
  • OneWest Bank's sweetheart deal with our Bank Owned Government (BOG)  Must See Video
  • Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
  • FHA is Effectively Out of Making Condo Loans 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 Mortgage Rates 02-23-10, 8:10 PT

30 Year Fixed to $417,000
Rate 4.75%  Point 1.000,  APR 4.882%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked  for 30 days.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
 No Application or Credit Report required

Compare Rates from Major Lenders Survey




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Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ

Thanks for posting. We learn a lot from Active Rain Blogs. Best Regards

Feb 24, 2010 12:39 AM #1
Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Bill, thanks for the daily update.  Have a great day!

Feb 24, 2010 01:04 AM #2
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Bill Ladewig

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