MORTGAGE INTEREST RATE LOCK ADVISORY
July 8, 2016, 7:55 AM PST
FEATURED LOANS
- REVERSE MORTGAGE (HECM)
- Financial Freedom for Qualified Seniors
- Click for Reverse Mortgage Details
LOCK ADVISORY - Click for current Lock Advice
- 1-14 Day Close: LOCK
- 15-30 Day Close: FLOAT
- 31-45 Day Close: FLOAT
- Recommendations can change throughout the day.
MORTGAGE MARKET INDICATORS
Weekly Average 30-Yr FRM, down 0.08% to 3.41% on 7-7-16.
Gold 1 Ounce - Currently, $1,355.00, Down ($7.30)
Crude Oil (WTI) - Currently, $45.04, Down ($0.10)
Asian & European Stock Market Indexes Up 0.239%
DJI Stocks - Currently, $18,055.33, Up $159.45 0.88%
Rate Price Based on 3% MBS, Up 0.06 Point.
MARKET REPORTS & ANALYSIS
- Thursday, Freddie Mac released the results of its Primary Mortgage Market showing average fixed mortgage rates dropping further to new 2016 lows in the wake of the Brexit vote. At 3.41 percent, the 30-year fixed-rate mortgage is just 10 basis points from its November 2012 all-time record low of 3.31 percent.
- Lock Short Term Overall the news is good for long term mortgage rates although it would be best to lock loans scheduled to close in the next 10 days.
NEWS LINKS
- Fannie Mae: Consumer Housing Outlooks are Mixed
- The Brexit impact is real: Refis jump to 18-month high
- Fannie and Freddie are gouging home buyers with add-on fees
- Yellen: Low Rates Will Be With Us
- Updated Desktop Underwriter (DU) coming soon after unexpected delay,
- Reverse mortgages may be the hot new retirement planning too
- Renovation loans allow more people to buy homes
A blonde comes to driving practice test. She gets into the car and immediately the instructor says, "You have failed."
Blonde: "But why, I have just got into the car."
Instructor: "Yes, but you sat on the back seat."
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