Mortgage and Lending with NMLS 291249
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 
  • 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)
  • 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. 
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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