May 18 , 2009, 1:32 AM PST
National Average Fixed Rate Mortgage
Down 1.0 basis point to 4.89% on 05-18-09
*A Basis Point (bps) is 1/100 of 1.00%
Fannie Mae Mortgage Backed Securities (MBS) Up 2.5 basis points to 4.360%
Lock Advice: Float
Rates moved in a narrow band for the past two weeks and the last small upswing has topped and is pointed down.
DJI Stocks Closed 8,504.08 +235.44 +2.85%
European and Asian Markets Up 1.42%
10 Year Treasury currently 3.23%
Nymex Crude Oil $59.03 barrel, Up $2.69
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$8,000 Tax Credit Advance ON HOLD
Sources at HUD stated the tax credit advance or bridge loan is on hold until further notice.
Fannie MBS Issuance Hits Highest Mark Since 2003
Benefiting from historically low interest rates and a refinancing boom, Fannie Mae issued $87.8 billion in mortgage-backed securities in March, nearly doubling the previous month's volume.
1st Quarter Residential Loan Originations Jump 36%
Thanks to interest rates that were at or near historical lows, residential mortgage lenders saw their loan production jump by 36% in the first quarter, according to preliminary survey figures compiled by National Mortgage News and the Quarterly Data Report.
How To Apply For $8,000 First Time Buyer Tax Credit
Up to a $8000 Tax Credit is available from IRS
10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier