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As Libor Fault-Finding Grows, It is Now Every Bank for Itself

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

August 06, 2012 12:03 AM

DailyMORTGAGE LOCK ADVISORY

August 6, 2012, 6:45 am PST

Click for Lock Advice Updated Several Times Daily

7 day Mortgage Interest Rate lock or Float Advice: LOCK

Mortgage Points based on 3.5% Mortgage Backed Securities are down o.11 point.

30 Day Mortgage Interest Rate Lock or Float Advice: LOCK.

Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating so my advice is to lock.

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.55%
MBS (3.5%) - 105.87, High: 105.95, Low: 105.81
DJI Stocks currently $13,131.21, Up $35.04, Change 0.267%
Asian & European Stock Market Indexes Up 1.102%
Nymex Crude Oil Currently $90.90 Down $0.50
Gold 1 Once - $1,608.34

MORTGAGE NEWS BRIEFS

As Libor Fault-Finding Grows, It is Now Every Bank for Itself

Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. With billions of dollars and their reputations on the line, financial institutions have been spreading the blame >>Read More CNBC

Mortgage Rates Tick Up After Three Months

Freddie Mac announced Thursday that after more than three months of record-low drops, mortgage rates slid up this week. Freddie Mac's survey showed that the 30-year fixed-rate mortgage averaged 3.55 percent (0.7 point) for the week ending August 2, up from 3.49 percent the previous week. Before this week, the average 30-year FRM had fallen to or matched record-low levels for 13 of the past 14 weeks. The 15-year FRM also slid up, averaging 2.83 percent (0.6 point) from 2.80 percent last week. » Read More MReport