Ladewig's AM Market Brief

• Monday, Sept. 22, 2008

  Mortgage rates are Up this morning.
  ADVICE:  Lock for short term closings
  Market looks like we have about a week of higher rates.  The question for long term locks... if you don't lock, will rates return to current prices before time to close?
        
  FNMA 30Yr Mortgage Backed Securities (MBS) up 4 basis points* to 5.738%.
  * One Basis Point (bps) is 1/100 of a percent.

  10 Year T-Bill yield up 8 bps  to 3.88%

  DJI Stocks are Down $133 at 8:30 AM PST
  58% of the World markets are down 5:45 AM.

  Crude Oil currently Up to $106.41 per barrel.

• FHA-VA Qualifier and Rate Finder
  • NEW Calculators every thing from 2 + 2 to...
    • Find balance of existing loans
    • Find advantage of making extra payments
  • Qualifies, Finds Rates, Loan Amounts, Closing Costs for: Fixed, FHA ARMS and 203(k) http://www.themtgmentor.com/FHA_Mortgage_Calculator.html
• Reverse Mortgage Broker Fee in Dispute
  • 2008 Housing Bill eliminates 25% Fee to Brokers Not approved by FHA
• 10 Ways to Avoid A Closing Nightmare
  • An easy list that will make your life easier 
• How to Apply for $7,500 First Time Buyer Tax Credit
  • Up to $7,500 can be borrowed from IRS

Market and Lending updates: http://www.YourFhaGuru.com