Bill has been reporting the National trends of rates for a long time. Bill shows what upcoming news and reports that will affect the rates for the week. His reports are concise and informative. A must read for anyone that is trying to time th market.
DAILY MORTGAGE INTEREST RATE LOCK ADVICE
January 27, 2011, 8:00 AM PST
LOCK ADVICE CHANGES SEVERAL TIMES DAILY CLICK FOR UPDATE
Mortgage Interest Rate lock Advice for locks within 3 days: LOCK on any Down Day.
Mortgage Points based on Mortgage Backed Securities are up 0.01.
Long Term Mortgage Interest Rate Lock or Float Advice: LOCK.
- MARKET INDICATORS
- 30 Year Fixed Interest Rate - National Average 4.74%
- MBS (FNMA 30 Yr 4.0%) - Current: 98.69 High: 99.73, Low: 98.56
- DJI Stocks Currently $12,013.03, Up $27.59, Change 0.23%
- Asia & Europe Indexes Up 0.72%
- Nymex Crude Oil Currently $87.13 Down $0.20
California Rates 1/27/2011, 8:00 PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.875 APR 4.596%
Rate 4.500% Point 1.375 APR 4.673%
Rate 4.625% Point 0.875 APR 4.756%
APR Based on $350,000 Mortgage at 80% LTV
740 Credit Score - 30 Day Lock.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application Fee or Credit Report required
MORTGAGE MARKET NEWS REVIEW
Demand for long-lasting durable goods unexpectedly fell 2.5% to a seasonally adjusted $191.04 billion last month on a sharp drop in aircraft orders, the Commerce Department said Thursday.
Scientists tell us that the fastest animal on earth, with a top speed of 120 ft/sec, is a cow that has been dropped out of a helicopter ~ Dave Barry
In the week ending Jan. 22, the advance figure for seasonally adjusted initial jobless claims was 454,000, an increase of 51,000 from the previous week's revised figure of 403,000.
Pending home sales rose 2.0% in December for the fifth increase in the past six months, according to an index released this morning by the National Association of Realtors
Applications for home mortgages slumped last week as bankers recorded the slowest refinancing activity in more than a year, Mortgage Bankers Association said on this morning.
You can say any foolish thing to a dog, and the dog will give you this look that says, "My God, you're right! I never would've thought of that! ~ Dave Barry
Sales of new single-family houses in December 2010 were at a seasonally adjusted annual rate of 329,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 17.5 percent above the revised November rate of 280,000.
U.S. consumer confidence improved more than expected in January to its highest level in eight months, underscoring the brightening economic outlook, even though the housing market remains on shaky ground
According to the latest Case-Shiller Home Price Index of 20 metro markets, November home prices fell 1% compared with October.
No economic news is scheduled today that could effect mortgage rates.
No economic news is scheduled today that could effect mortgage rates.
Department of Labor reported In the week ending Jan. 15, the advance figure for seasonally adjusted initial unemployment claims was 404,000, a decrease of 37,000 from the previous week's revised figure of 441,000.
Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.
The Conference Board says its index of leading economic indicators rose 1 percent last month after a 1.1 percent increase in November. Those are the biggest increases since March, when the index jumped 1.4 percent.
The Philly Fed index of current activity fell to 19.3 in January from 20.8 in December, although a positive reading indicates continued growth in regional manufacturing activity. Department of Labor reported In the week ending Jan. 15, the advance figure for seasonally adjusted initial claims was 404,000, a decrease of 37,000 from the previous week's revised figure of 441,000.
Commerce Department figures disclosed Housing Starts fell 4.3 percent to a 529,000 annual rate, the lowest level since October 2009.
Mortgage applications in the U.S. rose during the week ended January 14 as interest rates dipped to their lowest levels in a month, the Mortgage Bankers Association (MBA) said on Wednesday.
The January NAHB housing market index came in unchanged at 16 for the third month in a row...a very weak reading.
Best 30 yr Mortgage, 30 day Lock rate: 4.500%, Point 1.069, APR 4.643%
Markets closed for Martin Luther King day.
In spite of the cost of living, it's still popular
On a seasonally adjusted basis, the CPI-U increased 0.5 percent in December after increasing 0.1 percent in November. The index for all items less food and energy rose 0.1 percent in December, the same increase as in November.
December Retail trade sales were up 0.7 percent (±0.5%) from November 2010, and 8.2 percent (±0.7%) above last year. Nonstore retailers sales were up 15.0 percent (±3.1%) from December 2009 and auto and other motor vehicle dealers sales were up 14.7 percent (±2.3%) from last year. Industrial production increased 0.8 percent in December after having risen 0.3 percent in November
The Producer Price Index for Finished Goods rose 1.1 percent in December 2010, seasonally adjusted. This advance followed increases of 0.8 percent in November and 0.4 percent in October.
In the week ending Jan. 8, the advance figure for seasonally adjusted initial Jobless Claims was 445,000, an increase of 35,000 from the previous week's revised figure of 410,000. The 4-week moving average was 416,500, an increase of 5,500 from the previous week's revised average of 411,000.
Best 30 yr Mortgage, 30 day Lock rate: 4.500%, Point 0.625, APR 4.651%
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 2.2 percent in the week ended January 7 to its highest level in about a month.
There is no ecomominc news scheduled that could effect mortgage rates today.
The monthly Unemployment Rate fell by 0.4 percentage point to 9.4 percent in December, and nonfarm payroll employment increased by 103,000. Employment rose in leisure and hospitality and in health care but was little changed in other major industries.
Department of labor weekly Unemployment Report for the week ending Jan. 1, shows unemployment increased by 18,000 after several weeks of decline. The advance figure for seasonally adjusted initial claims was 409,000, an increase of 18,000 from the previous week's revised figure of 391,000.
Best 30 yr Mortgage, 30 day Lock rate: 4.625%, Point 0.875, APR 4.756%
ADP Employment Report for December states the U.S. employment situation might be seeing better times. Private sector employment rose by 297,000 from November to December, showing a rise for the second consecutive month.
The U.S. Census Bureau reported that factory orders increased 0.7% in November, after dropping 0.7% in October. That was significantly better than the 0.3% drop economists were expecting, according to consensus estimates from Briefing.com.
Construction spending in the U.S. inched up 0.4% in November, according to government data released Monday, the third consecutive monthly uptick.
Best 30 yr Mortgage, 30 day Lock rate: 4.500%, Point 0.875, APR 4.635%
Education is Consumer's Only Real Protection.
- What You Should Know About APR
- How To Shop for Mortgage Rates.
- Beware of Misleading Lender Advertising
- Education is the best consumer protection
- Rates and Point Relationship Explained
Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137
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