MORTGAGE INTEREST RATE LOCK ADVISORY
October 17, 2016, 8:00 AM PT
- 1-15 Day Close: Cautiously Float (see below)
- 16-30 Day Close: Cautiously Float
- 31-45 Day Close: Cautiously Float
- Recommendations can change throughout the day.
- Click for current Lock Advice
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MARKET INDICATORS
- Average 30-Yr FRM, up 0.05 points to 3.47% on 10-13-16
- Rate Price Based on 3% MBS, Down -0.12 Point.
- DJI Stocks - Currently, $18,121.71, Down ($16.67) -0.09%
- Asian & European Stock Market Indexes Down -0.327%
- Crude Oil (WTI) - Currently, $49.85, Down ($0.50)
- Gold 1 Ounce - Currently, $1,256.90, Down ($0.10)
MARKET REPORTS & ANALYSIS
- Lock Advice. The conservative choice is to lock in this uncertain market. However, the MBS market remains deep in oversold territory and historically could signal the end of its current up move. If you remain unlocked be very careful.
- Friday rate prices increased 0.29 point. This was enough to increase rate fees. The market experienced high volatility.
- 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week ending October 13, 2016, up from last week when they averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 3.82 percent.
NEWS LINKS
- Monday AM Brief
- Immigrant Homeownership is Bolstering the Housing Market
- U.S. Court of Appeals Ruling Seeks to Reduce CFPB's Power
- Fannie Mae Releases DU Version 10.0, With Support For Trended Credit Data
- Millennials shun homebuying in coastal cities
- Shortage of real estate appraisers is hurting the housing market
- The new normal: National average time to close settles at 46 days
- FHA Condo Relief Coming: President Signs Bill
- Reverse mortgages is the hot new retirement planning tool
This morning I was sitting on a park bench next to a homeless man. I asked him how he ended up this way.
He said, "Up until last week, I had it all. I had plenty to eat, my clothes were washed and pressed, I had a roof over my head, I had TV and Internet, and I went to the gym, the pool, and the library. I was working on my MBA on-line. I had no bills and no debt. I even had full medical coverage."
I felt sorry for him, so I asked, "What happened? Drugs? Alcohol? Divorce?"
"Oh no, nothing like that," he said. "No, no. I got out of prison."
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