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MORTGAGE INTEREST RATE LOCK ADVISORY 2/11/16

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
MORTGAGE INTEREST RATE LOCK ADVISORY
February 11, 2016, 7:45 AM PST 
 
FEATURED LOAN
LOCK ADVISORY -  Click for current Lock Advice
  • 1-14 Day Close:  FLOAT With Caution
  • 15-30 Day Close: FLOAT With Caution
  • 31-45 Day Close: FLOAT  
  • Recommendations can change throughout the day.   
MORTGAGE MARKET INDICATORS -  Click for current Markets
  • Freddie Mac Average:30-Yr FRM, Down 0.07 point on: 2-4-16 to: 3.65% 
    Rate Price Based on 3% MBS, Down -0.43 Point. 
    DJI Stocks - Currently, $15,637.14, Down ($277.60)
    Asian & European Stock Market Indexes Down -1.885%
    Crude Oil (WTI) - Currently, $26.95, Down ($0.50)
    Gold 1 Ounce - Currently, $1,246.60, Up $49.90
MARKET REPORTS & ANALYSIS     
  • Today's Initial Weekly Jobless Claims and Continuing Claims are better than expected and are generally a tad negative for pricing but today they are overshadowed by the European stock market and bank implosion which has provided a HUGE rate drop.
  • Mortgage rates barely budged yesterday, but did manage to gain just a bit of ground. That means another 1-year low, technically, although many lenders are quoting the exact some conventional 30yr fixed rates as Tuesday. The range is currently between 3.5% and 3.625% with most lenders still at the higher boundary. 
  • The Safe Bet is to Lock Short Term Closings. As rates continue their unprecedented drop, the odds of short term rate increases grow. Market indicators forecast a temporary rate increase for the past week.
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