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AM RATE LOCK & MARKET ADVISORY - November 7, 2011

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

DAILY MORTGAGE LOCK ADVISORY 

November 7, 2011, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily  

 

Mortgage Interest Rate lock Advice for locks within 7 days:  FLOAT
Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.12 Point .

 

30 Day Mortgage Interest Rate Lock or Float Advice:  FLOAT
Tuesday 10-01-11, MBS closed above 102.00 which may signal a rate shift to the downside.

 

MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 4.00%   
MBS (3.5%) - 102, High: 102.16, Low: 102   
DJI Stocks currently $11,977.04,  Down $-6.2, Change -0.052%   
Asian & European Stock Market Indexes Up 0.222%   
Nymex Crude Oil Currently $94.68 Up $0.42  
             
MORTGAGE NEWS BRIEFS

Greek Turmoil, G-20 Decisions Target U.S. Lenders
By: Ryan Schuette  
Political trouble in Greece sent stocks and shares for major mortgage lenders tumbling Friday, even as the world's 20 wealthiest nations placed eight U.S. banks on a list that may require systemically risky institutions to shore up their capital reserves  » Read More MReport

 

Credit Unions Vie with Banks for Consumers, Mortgages
Rising debit card fees drove some 650,000 consumers to credit unions over October, with social media movements responsible for galvanizing the exodus, according to a recent survey. The Credit Union National Association laid claim to the figures in a survey for which the trade group polled some 5,000 credit unions nationwide. The ruckus over debit card fees began in September when the nation's largest lenders floated the idea of an increase in monthly payments for debit-card users. This only marks the latest in a string of public relations problems. » Read More MReport 

Comments (2)

Rob Spinosa
US Bank - Larkspur, CA
Mortgage Loan Originator, Marin County

Bill....it should be another very exciting week.  It is important to remember that for every "float" advisory there is a client who's been on the fence waiting for a lower rate for months, and this same person would benefit to lock at today's rates, be done with it and not make another payment at his/her higher rate.  By doing so, they might negate any potential savings and push back their recoup on investment for months.  As always, action tends to reward over inaction. 

Have a great week.

Nov 07, 2011 01:53 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Rob, thanks for your comment.  You are correct; finding the lowest rate is a matter of luck and we never know when we are at the lowest point until after it has passed. Rates are at historic lows and the time to lock is now.

Nov 07, 2011 02:33 AM