MORTGAGE LOCK ADVISORY
January 5, 2012, 8:00 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 0.03 point.
30 Day Mortgage Interest Rate Lock or Float Advice: FLOAT with Caution
There is not conclusive evidence to lock but, In this uncertain market the best advice is to lock at historic low rates.
MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.95%
MBS (3.5%) - 102.81, High: 102.86, Low: 102.66
DJI Stocks currently $12,372.26, Down $-46.16, Change -0.373%
Asian & European Stock Market Indexes Down -1.19%
Nymex Crude Oil Currently $102.82 Down $0.40
Bernanke calls for nationwide REO rental program
The government should consider helping the nation's vacant, unsold stock of foreclosed properties by supporting initiatives to occupy. Federal Reserve Chairman Ben Bernanke believes that one aspect should be a government support program that allows renters to move into those houses. In a letter Wednesday to ranking members on the House Committee of Financial Services, Reps. Spencer [...]Read More Housing Wire
Tax Cut Extension Now Officially Raising Mortgage Rates
They did it again: Permanent Rate Increase allows Termporary Tax Cut
As part of the temporary resolution to the recent battle over the Tax Cut Extension that took place in the last weeks of December, Congress decided that mortgage borrowers should foot part of the bill. Technically, Congress increased the "Guaranty Fees" that Fannie Mae and Freddie Mac charge to lenders that securitize MBS (Mortgage-Backed-Securities) with the Agencies, but ultimately, this cost must either be absorbed by lenders, passed on to consumers, or some combination of the two. Read More Mortgage News Daily.
Construction Spending Climbed 1.2% in November
Homebuilders spent more on construction in November last year than in any month before August, with figures for new residences climbing by 1.2 percent above October estimates. Fielding the numbers Tuesday, the Commerce Department reported that construction spending overall hovered at around $807.1 billion. Single-family home construction moved forward at a steady clip by rising 1.5 percent, with nonresidential construction staying nearly the same as in October with about $278 billion or so in reported expenditures. » Read More MReport
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