MORTGAGE INTEREST RATE LOCK ADVISORY
July 29, 2014, 8:00 AM PST
LOCK ADVISORY
7 Day Close Mortgage Interest Rate lock or Float Advice: NUETRAL
- The price for 3.50% Mortgage Loans based on MBS is currently up 0.06 point.
30 Day Close Mortgage Interest Rate Lock or Float Advice: LOCK
MORTGAGE MARKET INDICATORS
- FHLMC Average: 30-Yr Fixed Mortgage Rate, Unchanged a 4.13% on July 24.
- MBS (3.5%) - Currently 102.33, High: 102.45, Low: 102.27
- DJI Stocks currently $16,982.75, Up $0.16, Change 0.001%
- Asian & European Stock Market Indexes changed 0.62%
- Crude Oil (WTI) Currently $101.17 - Change -0.49%
- Gold 1 Ounce - $1,299.30
MORTGAGE AND REAL ESTATE NEWS
The rise in FHA fees is also pricing some buyers out of the market. Lenders surveyed by NAR report that 5.7 percent of originations were lost because of the increase in FHA fees. That would correlate to about 200,000 to 250,000 home sales lost, according to NAR estimates. >>Read More
Increase in FHA Fees is Sinking Deals
Daily Real Estate News - The Federal Housing Administration's rate increases in mortgage insurance have caused buyers to walk away and transactions to fall through, according to the National Association of REALTORS®' second Survey of Mortgage Originators, which includes questions to lenders about the impact of changes to the FHA program. In recent years, FHA has increased its premium structure as a way to make up for the 2 percent capital reserve ratio it's required to keep but lost when many loans went sour during the housing crisis.The rise in FHA fees is also pricing some buyers out of the market. Lenders surveyed by NAR report that 5.7 percent of originations were lost because of the increase in FHA fees. That would correlate to about 200,000 to 250,000 home sales lost, according to NAR estimates. >>Read More
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