Rate Lock Advice & Mortgage Market Update
DAILY RATE LOCK ADVICE
April 26 2010, 3:28 PT
Lock Advice is Updated Several Times Daily
Rate lock Advice for loans that must lock today: LOCK
MBS prices closed up 2/32 down from a high of 8/32 and unfavorable repricing was seen.
Mortgage Rates run opposite MBS prices
Long Term Mortgage Rate Lock or Float Advice: LOCK
The past two week rate downtrend may have been broken last Thursday. We won't know for sure for a couple of days but when not positive about the market direction, always lock.
- National Average Fixed Rate Mortgage
UP 0.01% at 5.13% on Apr.26
- MBS Yields Opened at 4.833% Down 0.033%.
- 10 Year Treasury Currently 3.840% Up 0.04%
- DJI Stocks closed at $11,205.03, Up 0.75, 0.01%
- European and Asian Markets closed Up 0.788
- Nymex Crude Oil Currently $84.20 Down $0.92
MORTGAGE MARKET NEWS
Monday, 04-26: No economic data will be released today.
March New Home Sales jumped 27%, far above expectations, which pushed MBS markets lower. This created a good news double whammy when Durable Orders excluding aircraft was a very strong report. Strong reports = Increased Mortgage Rates
- Bernanke confident on recovery AP Associtated Press
- VA Loans Show Good Intel Is Best Defense The Department of Veterans Affairs' loan guarantee program-which requires no downpayment-has performed much better than, say, the troubled Federal Housing Administration program. National Mortgage News
- Employers added most jobs in 3 years in March STLToday
- B of A agrees to cut loan amounts for underwater borrowers. National Mortgage News
- Maybe there is help for Jumbo Loans. Broker Universe
- Mortgage Brokers are the cheapest conduit to bring loans to market according to FHA Commissioner, David Stevens TBWS
- OneWest Bank's sweetheart deal with our Bank Owned Government (BOG) Must See Video
California Rates 04-26-10, 12:51 PT
30 Year Fixed to $417,000
Rate 4.875% Point 0.625, APR 4.992%
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
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