Rate Lock Advice & Mortgage Market Update

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Rate Lock Advice & Mortgage Market Update

February 25, 2010, 8:00 PT
Advise on Site is Updated Several Times Daily

Today's Lock Advice for loans requiring immediate action:   FLOAT.  . 
MBS prices are up +8/32. Jobless Claims were higher than expected, while Durable Orders were mixed. The immediate reaction was a jump in MBS prices.  Rates move opposite MBS prices

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 4.723% Down 0.01%.

10 Year Treasury Currently 3.70% Up 0.01%

DJI Stocks $10,213.19,  Down -160.97, -1.55%

European and Asian Markets Down -1.191%

Nymex Crude Oil Currently $78.03 Down $1.97

  • Feb 23, 2009; FHA COMMISSIONER DAVID STEVENS said that Mortgage Brokers are the cheapest conduit to bring loans to market  TBWS
  • Homebuilders Expect FHA Changes to Hurt Sales HOUSINGWIRE
  • 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



Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Janice Roosevelt 02/25/2010 05:44 AM
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Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Bill, thanks as always, for making this excellent information available for reblogging. Yours is such a great resource.

Feb 25, 2010 05:44 AM #1
Celesta Funk
KELLER WILLIAMS Realty - Millersville, PA

It's going to get real tricky in the coming months about when to lock in !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Feb 28, 2010 07:51 AM #2
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