Rate Lock Advice & Mortgage Market Update

By
Mortgage and Lending NMLS 291249

Rate Lock Advice & Mortgage Market Update

DAILY RATE LOCK ADVICE
February 24, 2010, 6:30PT
Lock Advise is Updated Several Times Daily

Today's Lock Timing for loans requiring immediate action:  LOCK.  MBS prices are down -3/32. New Home Sales will be released at 10:00 ET.


Long Term Lock or Float Advice:  LOCK.
On February 10th Rates started up and began a reversal of a down trend held since December, 2009.

National Average Fixed Rate Mortgage
Down 0.02% at 5.08% on Feb.23

MBS Yields Opened at 4.779% Down 0.044%.

10 Year Treasury Currently 3.690% Down -0.11%

DJI Stocks $10,312.87,  Up 30.46, 0.3%

European and Asian Markets Down -0.379%

Nymex Crude Oil Currently $78.86 Down $0.00


  • Feb 23, 2009; FHA COMMISSIONER DAVID STEVENS said that Mortgage Brokers are the cheapest way to bring a loan to market  TBWS
  • Homebuilders Expect FHA Changes to Hurt Sales HOUSINGWIRE
  • Credit card relief is here, but watch out for new traps CNNMoney.com
  • Where's housing headed?  Follow rents. CNNMoney.com
  • Housing construction up 2.8 percent in January.   StLtoday.com
  • OneWest Bank's sweetheart deal with our Bank Owned Government (BOG)  Must See Video
  • Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
  • FHA is Effectively Out of Making Condo Loans 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 Mortgage Rates 02-23-10, 8:10 PT

30 Year Fixed to $417,000
Rate 4.75%  Point 1.000,  APR 4.882%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked  for 30 days.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
 No Application or Credit Report required

Compare Rates from Major Lenders Survey

 

 


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Topic:
Lending / Financial
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California San Diego County San Diego Escondido
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rate lock advice
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Rainmaker
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Edward & Celia Maddox
We Take The High Road
Solutions Real Estate

Thanks for posting. We learn a lot from Active Rain Blogs. Best Regards

February 24, 2010 08:39 AM
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Jim Crawford
Jim Crawford Atlanta Realtor - Atlanta Real Estate
RE/MAX Paramount Properties

Bill, thanks for the daily update.  Have a great day!

February 24, 2010 09:04 AM
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Rainmaker
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Bill Ladewig

Your FHA Guru - Closing Home Homes Since 1970
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