AM RATE LOCK & MARKET ADVISORY - October 13, 2011

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Mortgage and Lending NMLS 291249

 

 DAILY MORTGAGE LOCK ADVISORY 

October 13, 2011, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily  

 

Mortgage Interest Rate lock Advice for locks within 7 days:  LOCK
 
Mortgage Points based on 3.5% Mortgage Backed Securities down 0.15 point.  In the short term, the market looks volatile and the safe bet is to lock on any down day.

 

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK
 
Last Friday, Mortgage Backed Securities moved below a long standing resistance level which could be bad news for long term rates. 

 

MORTGAGE MARKET INDICATORS
 
National Average Fixed Rate Mortgage 3.94%  A Hundred Year Low  
MBS (FNMA 30-year 4.0) - 103.34, High: 103.36, Low: 103.25   
DJI Stocks currently $11,469.43,  Down $-49.42, Change -0.431%   
Asian & European Stock Market Indexes Down -0.193%   
Nymex Crude Oil Currently $84.53 Down $1.04  
               
MORTGAGE NEWS BRIEFS

MORTGAGE RATES ARE STILL AT THEIR LOWEST IN OVER 100 YEARS!  
 
Lawmakers Press Officials Over Mass Refinance Program
 
By: Ryan Schuette  
Sixteen lawmakers from both parties inked their names to a widely circulated letter Wednesday that called for the implementation of a massive refinance program first proposed by President Barack Obama.  Read More in MReport

 

Mortgage Applications Tick Up 1.3%
 
Up from a dearth seen two weeks ago, mortgage applications leapt to 1.3 percent on a seasonally adjusted basis last week as numbers tilted toward more government-backed loan purchases and refinancing activity in the category, according to a weekly survey by the Mortgage Bankers Association (MBA  Read More in MReport

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