AM Update - Housing inventory declines may prove temporary

MORTGAGE LOCK ADVISORY

February 15, 2012, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily

Mortgage Interest Rate lock Advice for locks within 8 days: FLOAT

Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.03.

30 Day Mortgage Interest Rate Lock or Float Advice: LOCK

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.87%
MBS (3.5%) - 103.47, High: 103.48, Low: 103.29
DJI Stocks currently $12,809.25, Down $-81.21, Change -0.634%
Asian & European Stock Market Indexes Down -1.17%
Nymex Crude Oil Currently $97.62 Down $2.22
Gold 1 Once - Bid: 1,711.70

MORTGAGE NEWS BRIEFS

Housing inventory declines may prove temporary By Jon Prior
Crucial housing market metrics are beginning to look better to start the year, but the recent uptick may only be the result of a delayed foreclosure process.
At the end of January, most metro areas saw prices stabilizing, even picking up in some of the hardest hit areas like Miami and Las Vegas, according to Altos Research.>>Read More Housign Wire

B of A Settles Allegations of Mortgage Fraud for $1B
Bank of America has agreed to pay $1 billion to settle allegations of underwriting and origination mortgage fraud, U.S. Attorney Loretta Lynch said in a recent statement.
» Read More MReport

Mortgage Applications Up 7.5%
Mortgage applications increased 7.5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 3. >>Read More Mortgage Orb

Fixed-Rate Mortgages in U.S. Hover at All-Time Record Lows
by Michael Gerrity
Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), while most average mortgage rates inched higher on January's positive employment data, the 30-year fixed remained unchanged and at its all-time record low. One year ago at this time, the 30-year fixed averaged 5.05 percent Read More WPC

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