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Home RATE LOCK & MARKET ADVISORY - January 4, 2012

RATE LOCK & MARKET ADVISORY - January 4, 2012

MORTGAGE LOCK ADVISORY

January 4, 2012, 10:30 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 0.03 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 3.95%
MBS (3.5%) - 102.78, High: 102.94, Low: 102.78
DJI Stocks currently $12,390.53, Down $-6.85, Change -0.055%
Asian & European Stock Market Indexes Down -0.768%
Nymex Crude Oil Currently $102.92 Down $0.04

Construction Spending Climbed 1.2% in November
Homebuilders spent more on construction in November last year than in any month before August, with figures for new residences climbing by 1.2 percent above October estimates. Fielding the numbers Tuesday, the Commerce Department reported that construction spending overall hovered at around $807.1 billion. Single-family home construction moved forward at a steady clip by rising 1.5 percent, with nonresidential construction staying nearly the same as in October with about $278 billion or so in reported expenditures. » Read More MReport

Mortgage Rates Maintain Record Low Range to Begin 2012

Mortgage Rates are slightly higher to begin the new year, but Best-Execution levels remain intact at 3.875%. That being the case, most loan scenarios quoted last week would have the same interest rate, but simply require slightly higher closing costs. Read More in Mortgage News Daily
Oil prices spike 2% on Iran supply threats
Iran's missile launches have heightened concerns over its threat to close the Strait of Hormuz, leading to a rise in oil prices. Oil prices surged more than 2% for the second time in a week on Tuesday, fueled by continued anxiety over Iran's growing threat to shut down the Strait of Hormuz after the Iranian military launched a missile test. Read More in CNN Money
Posted Wednesday Jan 04