DAILY MORTGAGE LOCK ADVISORY
December 29, 2011, 12:30 PM PST
Mortgage Interest Rate lock Advice for locks within 7 days: FLOAT
Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.14 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 3.91%
MBS (3.5%) - 102.7, High: 102.81, Low: 102.5
DJI Stocks currently $12,273.34, Up $121.93, Change 0.993%
Asian & European Stock Market Indexes Up 0.412%
Nymex Crude Oil Currently $99.68 Up $0.32
MORTGAGE NEWS BRIEFS
Signs show strategic default on the decline
New Survey Finds 59% of Homeowners Would Not Consider Strategic Default
RealtyTrac is calling 2011 the year of foreclosure litigation, strategic default, failing foreclosure law firms and shadow inventory.
It also was a year of infighting between regulators, underwater mortgages and the year when Mortgage Electronic Registration Systems faced suits over everything from its business model to its assignment procedures. Read More Housing Wire
FHA Ant-flip Waiver Extended; Tax Deductible MI Ending?
Dec 28 2011, 8:39AM FHA lenders had reason for cheer and mirth at the end of last week. "In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting FHA Commissioner Carol Galante will extend FHA's temporary waiver of the anti-flipping regulations." With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days, but this rule is waived through December 31, 2012 Read More Mortgage News