Five Top Banks offer $25 Billion to Troubled Homeowners.

 MORTGAGE LOCK ADVISORY 

January 24, 2012, 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 down 0.15 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 3.88%   
MBS (3.5%) - 102.78, High: 102.81, Low: 102.63   
DJI Stocks currently $12,644.41,  Down $-64.41, Change -0.509%   
Asian & European Stock Market Indexes Down -0.27%   
Nymex Crude Oil Currently $98.55 Down $1.03

                  
MORTGAGE NEWS BRIEFS

 
Five Top Banks offer $25 Billion to Troubled Homeowners.
 The nation's five largest mortgage lenders have offered a draft settlement to pay out as much as $25 billion to cover new terms for homeowners driven out by foreclosure. Read More Fox News

Investors buying with cash pressure home prices
 by KERRI PANCHUK Monday, January 23rd, 2012
Investors are gobbling up residential real estate with cash, pushing national home prices lower, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.  The overall proportion of cash buyers in the housing market soared to a record 33.2%, compared to 29.6% a year earlier. Read More HousingWire

Will Obama Slam the Mortgage Industry Yet Again?
By Paul Muolo
Yesterday news broke from HUD secretary Shaun Donovan that a robosigning deal was imminent. Today, we learn that maybe a deal isn't as close as Donovan portrayed. Then again, the 'State of the Union' address is next week and there is some talk that President Obama wants to mention the robo settlement using the speech as yet another opportunity to bash the mortgage banking industry Read More National Mortgage News