AM Mortgage Market & Lock Commentary - 12-23-2011

DAILY MORTGAGE LOCK ADVISORY

December 23, 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 are up 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 3.94%
MBS (3.5%) - 102.02, High: 102.31, Low: 102.09
DJI Stocks currently $12,199.55, Up $29.9, Change 0.245%
Asian & European Stock Market Indexes Up 0.6%
Nymex Crude Oil Currently $99.94 Up $0.41

MORTGAGE NEWS BRIEFS
Dec 23, 2011
Study Shows Enduring Rise in Consumer Sentiment
Consumer sentiment is on the uptick, at least according to a new index released by Thomson Reuters/University of Michigan. During the month of December, U.S. consumers showed a 2.2-point increase in positive economic sentiment, representing the highest recording since June of this year. The index's mid-month evaluation of consumers' attitudes rang in at 69.9, and the current figure demonstrates the fourth consecutive month of growth. »Read More MReport

Report: Home Buyers are In, Sellers are Out
Dec 22 2011
The Mortgage Bankers Association (MBA) has demonstrated again that the public's perception of the real estate market depends on which side of the closing table they plan to sit.
A study entitled "The Great Recession and Attitudes Toward Homebuying" sponsored by MBA's Research Institute for Housing America (RIHA) concluded that prospective homebuyers believe now is a good time to buy, given today's low home prices and low mortgage interest rates, but potential sellers are nearly unanimous in reporting that it is not a good time to sell a home, citing difficulty in finding buyers at desired sales prices Read More in Mortgage News Daily

MORTGAGE NEWS BRIEFS What's Behind the Upward Trend in Housing Activity?
December 21, 2011 5:53 AM EST
Housing starts rose much more than expected during November, as unseasonably warm weather allowed builders to begin work on more projects than they usually do in November. Read more International Business Times