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MORTGAGE INTEREST RATE LOCK ADVISORY 10/1/16

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
MORTGAGE INTEREST RATE LOCK ADVISORY
October 1, 2016, 8:15 AM PT 
  • 1-14 Day Close:   LOCK 
  • 15-30 Day Close: LOCK 
  • 31-45 Day Close: FLOAT Cautiously
  • Recommendations can change throughout the day.  
  • Click for current Lock Advice 
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MORTGAGE MARKET INDICATORS
  • Weekly Average 30-Yr FRM, down 0.06 point at 3.42% on 9-29-16.
  • Rate Price Based on 3% MBS, Up 0.07 Point. 
  • DJI Stocks - Currently, $18,242.61, Down ($65.54) -0.36%
  • Asian & European Stock Market Indexes Up 0.463%
  • Crude Oil (WTI) - Currently, $48.15, Down ($0.09)
  • Gold 1 Ounce - Currently, $1,314.10, Down ($2.50)
MARKET REPORTS & ANALYSIS     
  • Mortgage rates open Higher again Monday. Last week rates prices were up 0.03 point. This was not enough to change mortgage rate fees. The market experienced moderate volatility. 
  • Very nice reading in ISM MFG as August was below 50 (49.4) so that number appears to be a hiccup and not a trend. Overall, today's ISM MFG reading is a slight negative for pricing.
  • Last week another round of very strong jobs data and the GDP report was higher than expected with little effect on rates.
  • 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending September 29, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.
  
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