Rate Lock Advice and Mortgage Market Update
September 8 , 2009, 10:24 AM PT
Lock Advice: FLOAT
Hold off on locking loans that must lock today, Favorable repricing is possible. MBS prices are up +7/32. There will be a 3-yr auction at 1:00 PM ET
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.01% at 5.17% on Sep.8
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.798% Up 0.012%.
10 Year Treasury currently 3.430% Down -0.02%
DJI stocks 9,468.25, Up 26.98, 0.29%
European and Asian Markets Up 0.637%
Nymex Crude Oil currently $69.54 Up $3.07
There is not much economic date this week to stir up the market although Treasury auctions may have a significant influence on MBS prices this week.
No economic data will be released today. There will be a 3-yr auction at 2:00 PM ET.
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Your Fha Guru
The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com
August 2009, Rate Lock Advice and Mortgage Market Update