Rate Lock Advice & Mortgage Market Update
DAILY RATE LOCK ADVICE
February 16, 2010, 10:05 PM PT
Today's lock timing: Hold, rates may improve slightly this afternoon.
Long term Lock or Float Advice: LOCK
Last week Rates reversed a down trend held since December, 2009.
MBS prices are up 3/32.
The Empire State index came in higher than expected.
National Average Fixed Rate Mortgage
Unchanged at 5.03% on Feb.16
MBS Opened at 4.691% Down 0.023%.
10 Year Treasury Currently 3.690% Down -0.04%
DJI Stocks $10,214.70, Up 115.56, 1.14%
European and Asian Markets Up 0.945%
Nymex Crude Oil Currently $76.98 Up $2.85
- OneWest Bank's sweetheart deal with our Bank Owned Government (BOG) Must See Video
- Barney Frank Named 'Porker of the Year' CNBC News
- Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
- FHA is Effectively Out of Making Condo Loans Story
- FHA Suspends Four Lenders Story
- FHA UFMIP will increase from 1.75% to 2.25% effective April 5. 2010
- Other FHA Changes are in the wind accordingto FHA Commissioner David H Stevens announced on a conference call to reporters January 19th. besides changed UFMIP, FHA plans to lower maximum seller contributions from 6% to 3% and they will increase the downpayment requirement up to 10% for low FICO scores. The official FHA bulletin was released on Jan. 21st. Read Bloomberg report
California Rates 02-16-10, 8:30PT
30 Year Fixed to $417,000
Rate 4.625%, Point 1.375 APR 4.806%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application or Credit Report required
Compare Rates from Major Lenders Survey