DAILY MORTGAGE INTEREST RATE LOCK ADVISORY
August 2, 2011, 6:30AM PST
Click for Lock Advice Updated Several Times Daily
Mortgage Interest Rate lock Advice for locks within 2 days: FLOAT
Mortgage Points based on Mortgage Backed Securities are down 0.25 point.
Long Term Mortgage Interest Rate Lock or Float Advice: FLOAT
Even with the pending agreement, due to world financial market uncertainty it is best to be very cautious.
MARKET INDICATORS
30 Year Fixed Interest Rate - National Average 4.55%.
MBS (FNMA 30-year 4.5) - Current: 104.78, High: 104.84, Low: 104.63
DJI Stocks currently $12,090.56, Down $-41.93, Change -0.35%
Asia & Europe Indexes Down -1.452%
Nymex Crude Oil Currently $94.50 Down $0.39
MORTGAGE MARKET NEWS BRIEFS
Just a Thought
It is interesting to note that while hysterical politicians and media were claiming the United States was on the edge of Armageddon, foreign money continued to pour into the safest financial haven in the world driving bond prices up and yields down. Sometimes it pays to watch what is happening instead of just listening to the noise.
Last Friday Mortgage Prices dropped the largest amount this year, 0.81 for a single day and down 0.91 point for the week.
This Week; over the weekend, the political soap opera finally ended with a deal to avoid a debt default. Congressional leaders and the President came to a compromise that by now everyone is aware of. What isn't clear yet is will the deal make it through the House after members actually see the plan that early this morning hasn't been seen by most members in the House or Senate. The stock market will open better this morning on the news but the bond market isn't likely to buckle much. So far there has been nothing from the rating agencies whether the deal is sufficient to avoid a downgrade of US credit rating.
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