Bill Ladewig's AM Market Brief

May 14 , 2009, 6:30 AM PST

National Average Fixed Rate Mortgage
Down 1 basis points at 4.90% on 05-13-09
*A Basis Point (bps) is 1/100 of 1.00%

Fannie Mae Mortgage Backed Securities (MBS) Down 2.9 basis points to 4.350%

Lock Advice: Float
Rates moved in a narrow band for the past two weeks and the current small upswing has topped and is pointed down.

DJI Stocks Opened 8,296.75 -172.36 -2.04%

European and Asian Markets Down 1.33%

10 Year Treasury currently 3.10%

Nymex Crude Oil $56.76 barrel, Down $2.17

http://www.yourfhaguru.com Your source for current Lending news and information

FHA Allows Advances on $8,000 Tax Credit
Yesterday, (May 12) the government gave the green light to the financing of bridge loans of up to $8,000 to first time home buyers who qualify for tax credits under the Obama Administration's economic stimulus plan.

Fannie MBS Issuance Hits Highest Mark Since 2003

Benefiting from historically low interest rates and a refinancing boom, Fannie Mae issued $87.8 billion in mortgage-backed securities in March, nearly doubling the previous month's volume.

1st Quarter Residential Loan Originations Jump 36%

Thanks to interest rates that were at or near historical lows, residential mortgage lenders saw their loan production jump by 36% in the first quarter, according to preliminary survey figures compiled by National Mortgage News and the Quarterly Data Report.

How To Apply For $8,000 First Time Buyer Tax Credit
Up to a $8000 Tax Credit is available from IRS

10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier