AM Update

MORTGAGE LOCK ADVISORY

February 13, 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 down 0.13.

30 Day Mortgage Interest Rate Lock or Float Advice: FLOAT

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

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

Multistate AG settlement of illegal foreclosure practices
Federal and state officials are preparing to announce a historic settlement, worth up to $39.5 billion and covering nearly all 50 states to resolve allegations that the nation's five largest mortgage servicers engaged in illegal and improper foreclosure practices, the Financial Times reports, sourcing people with knowledge of the matter. Read More Housing Wire

A Family and a Hit Man Receive Hefty Sentences for Mortgage Fraud
A federal court sentenced three family members to prison Monday for their role in $11 million in mortgage fraud, just as another court upped the sentence for a onetime company executive-turned-hit man currently serving time. » Read More MReport

Housing Crisis to End in 2012 as Banks Loosen Credit Standards
By Krista Franks
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. Read More DSNews

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