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MORTGAGE RATE LOCK ADVISORY 3/24/16

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
MORTGAGE INTEREST RATE LOCK ADVISORY
March 24, 2016, 8:00 AM PST 
 
FEATURED LOAN
LOCK ADVISORY -  Click for current Lock Advice
  • 1-14 Day Close:  LOCK 
  • 15-30 Day Close: LOCK
  • 31-45 Day Close: LOCK
  • Recommendations can change throughout the day.   
MORTGAGE MARKET INDICATORS -  Click for current Markets
  • Freddie Mac Average:30-Yr FRM, Down 0.01 at 3.71% on 3-24-16.
    Rate Price Based on 3% MBS, Down -0.01 Point. 
    DJI Stocks - Currently, $17,451.46, Down ($51.13) -0.29%
    Asian & European Stock Market Indexes Down -0.903%
    Crude Oil (WTI) - Currently, $38.60, Down ($1.19)
    Gold 1 Ounce - Currently, $1,223.40, Down ($2.80)
MARKET REPORTS & ANALYSIS     
  • The bond market will close today for Good Friday at 11:00 AM PS and not reopen until Monday.
  • 30-year fixed-rate mortgage (FRM) averaged 3.71 percent with an average 0.5 point for the week ending March 24, 2016, down from last week when it averaged 3.73 percent showing mortgage rates moving lower for the first time in four weeks.  A year ago at this time, the 30-year FRM averaged 3.69 percent.   
  • How Rates Move:
  • Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up. Tracking these securities real-time is critical. For more information about the rate market, contact me directly. I'm among few mortgage professionals who have access to live trading screens during market hours.
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Good Advice
Next time you are too drunk to drive, walk to the nearest pizza shop and place an order. When they go to deliver it, catch a ride home with them.

 

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