PM Rate Lock Advice & Mortgage Market Update

Mortgage and Lending with NMLS 291249

Rate Lock Advice & Mortgage Market Update

April 26 2010, 3:28 PT
Lock Advice is Updated Several Times Daily

Rate lock Advice for loans that must lock today:  LOCK
MBS prices closed up 2/32 down from a high of 8/32 and unfavorable repricing was seen.
Mortgage Rates run opposite MBS prices

Long Term Mortgage Rate Lock or Float Advice:  LOCK
The past two week rate downtrend may have been broken last Thursday.  We won't know for sure for a couple of days but when not positive about the market direction, always lock.

  • National Average Fixed Rate Mortgage 
    UP 0.01% at 5.13% on Apr.26
  • MBS Yields Opened at 4.833% Down 0.033%.
  • 10 Year Treasury Currently 3.840% Up 0.04%
  • DJI Stocks closed at $11,205.03,  Up 0.75, 0.01%
  • European and Asian Markets closed Up 0.788
  • Nymex Crude Oil Currently $84.20 Down $0.92


Monday, 04-26: No economic data will be released today.

Friday, 04-23:
March New Home Sales jumped 27%, far above expectations, which pushed MBS markets lower.  This created a good news double whammy when Durable Orders excluding aircraft was a very strong report.  Strong reports = Increased Mortgage Rates

  • Bernanke confident on recovery  AP Associtated Press
  • VA Loans Show Good Intel Is Best Defense The Department of Veterans Affairs' loan guarantee program-which requires no downpayment-has performed much better than, say, the troubled Federal Housing Administration program.  National Mortgage News
  • Employers added most jobs in 3 years in March STLToday
  • B of A agrees to cut loan amounts for underwater borrowers. National Mortgage News
  • Maybe there is help for Jumbo Loans. Broker Universe
  • Mortgage Brokers are the cheapest conduit to bring loans to market according to FHA Commissioner, David Stevens TBWS
  • OneWest Bank's sweetheart deal with our Bank Owned Government (BOG) Must See Video

California Rates 04-26-10, 12:51 PT
30 Year Fixed to $417,000
Rate 4.875%  Point 0.625, APR 4.992%
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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