California Leads U.S. inMortgage Fraud

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Real Estate Mortgage Broker NMLS 291249

DAILY MORTGAGE LOCK ADVISORY

December 15, 2011, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily

 

Mortgage Interest Rate lock Advice for locks within 7 days: FLOAT
Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.09 point.

 

30 Day Mortgage Interest Rate Lock or Float Advice: FLOAT with Caution

There is not conclusive evidence to lock but, In this uncertain market the best advice is to lock at historic low rates.

 

MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.875%
MBS (3.5%) - 102.41, High: 102.5, Low: 102.38
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MORTGAGE NEWS BRIEFS

 

California Leads U.S. in Mortgage Fraud
California tops a list of states for mortgage fraud activity, as the state's courts pursue more cases against alleged frausters, MortgageDaily.com found in an index it released Wednesday. The Web site documented activity in FraudBlogger.com, a mortgage fraud blog. While California claimed the top spot, New York and Florida also found themselves perched considerably high on the index, followed shortly by South Carolina and Minnesota. New York ranked second by dollar volume in mortgage fraud at $199,600,000. » Read More HousingWire

 

Mortgage Applications Top Off at 4.1%: MBA
Mortgage application volume leapt to 4.1 percent from the week before on the strength of a boom in refinance applications, according to the Mortgage Bankers Association. The trade group released its data in a Weekly Mortgage Applications Survey for the week. The MBA's Market Composite Index noted a 4.2-percent increase on a seasonally unadjusted basis from the week before, with 9.3 percent for the Refinance Index and 8.2 percent in declines for the seasonally adjusted Purchase Index. » Read More HousingWire

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