Rate Lock Advice & Mortgage Market Update
DAILY RATE LOCK ADVICE
April 27 2010, 2:35 PT
Lock Advice is Updated Several Times Daily
Rate lock Advice for loans that must lock today: FLOAT
MBS prices are up +18/32 and favorable repricing is possible.
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
Down 0.02% at 5.12% on Apr.27
- MBS Yields Opened at 4.819% Down 0.014%.
- 10 Year Treasury Currently 3.830% Down -0.01%
- DJI Stocks $10,991.99, closed Down -213.04, -1.9%
- European and Asian Markets closed Down -2.341%
- Nymex Crude Oil Currently $81.80 Down $2.40
MORTGAGE MARKET NEWS
Consumer Confidence came in higher than expected
Treasuries and mortgages opened strong this morning as the debt concerns spread in Europe. It is Greece leading the problem but as each day passes with nothing accomplished the contagion is spreading to include Portugal, Spain and likely will include Ireland in the coming weeks
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 04-27-10, 12:45 PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.125, APR 4.910%
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.
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