Mortgage Credit Loosens in July Index

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

MORTGAGE INTEREST RATE LOCK ADVISORY

August 6, 2014, 8:00 AM PST 
 
LOCK ADVISORY
7 Day Close Mortgage Interest Rate lock or Float Advice: NEUTRAL
  • The price for 3.50% Mortgage Loans based on MBS is currently down 0.04 point.

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


MORTGAGE MARKET INDICATORS 

  •  FHLMC Average: 30-Yr Fixed Mortgage Rate, down 0.01 to 4.12% on July 31.
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MORTGAGE AND REAL ESTATE NEWS    
Mortgage Credit Loosens in July Index
Author: Tory Barringer - Credit availability opened up a little bit more in July as lenders added more jumbo loan offerings and loosened criteria for certain government-backed loans.

The Mortgage Bankers Association (MBA) reported a 0.5 percent increase in its Mortgage Credit Availability Index (MCAI) for the month of July, putting the index at 116.4.

According to the group, the main force behind the increase was a rise in the number of jumbo adjustable-rate mortgage (ARM) programs, with many investors adding 5/1, 7/1, 10/1, and 3/1 offerings.  >>Read More

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