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DAILY MORTGAGE INTEREST RATE LOCK ADVICE

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

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.

Comments (3)

Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

Rates continue to stay low and they probably need to as a jump in rates would slow a lot of buyers down.

Aug 02, 2011 03:12 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Chuck, thanks for the comment.  Low rates encourage buyers and refinances and that's all good.

Aug 02, 2011 03:17 AM
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

Excellent information I will forward it if that is ok? thank you!!!

Nov 11, 2012 09:22 PM