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PM Rate Lock Advice & Mortgage Market Update

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

PM Rate Lock Advice & Mortgage Market Update

DAILY RATE LOCK ADVICE
February 24, 2010, 3:30PT
Advise on Site is Updated Several Times Daily

Today's Lock Advice for loans requiring immediate action: LOCK.  . 
MBS prices closed at -4/32 up slightly from today's low of  -6/32. 

In my opinion, today would be a good time to lock all loans in your pipelne.
New Home Sales were lower than expected..

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 
Unchanged at 5.08% on Feb.24

MBS Yields Opened at 4.732% Down 0.046%.

10 Year Treasury Currently 3.690% Down -0.11%

DJI Stocks Closed at $10,374.16,  Up 91.75, 0.89%

European and Asian Markets Closed Down -0.149%

Nymex Crude Oil Currently $80.09 Up $1.23


  • 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 02-24-10, 11:25 PT
30 Year Fixed to $417,000
Rate 4.75%  Point 1.00, APR 4.872%
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


 

Comments (7)

David Monsour
Keller Williams Keystone Realty - Gettysburg, PA
ABR - www.realty-insights.com

Thanks again for these updates.  I keep a pretty close eye on your posts.

Feb 24, 2010 10:07 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Thanks David, your feedback is appreciated.

Feb 24, 2010 10:10 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Bill,

I also come here to check rates.  Thanks for posting them daily.

Feb 24, 2010 01:25 PM
Gil Faust
Bank of the West - Berkeley, CA

How often do you update this blog?

Feb 26, 2010 07:49 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Hi Judi, glad to have you stop by.  Posted are California rates that a little higher than your rates in Oklahoma.

Hi Gil, the blog is updated two or three times a day and my website http://www.yourfhaguru.com is updated several times a day.

Feb 26, 2010 08:10 AM
Gil Faust
Bank of the West - Berkeley, CA

Bill,

I really like your blog.  Would it be OK if I reblog it?

Feb 26, 2010 08:14 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Gil, I would be honored.

Feb 26, 2010 08:22 AM