Rate Lock Advisory and Mortgage Market Update

Rate Lock Advice and Mortgage Market Advisory

August 26 , 2009, 11:00 AM PT

Rate Lock Advice: FLOAT
MBS prices are down -2/32. Durable Orders were stronger than expected, There was little reaction in MBS markets.

RATE NOTES:
When MBS prices are up, yields (rates) are down.
Lock advice can change throughout the day .
Good economic news is Bad news for Rates.

National Average Fixed Rate Mortgage
Down 0.01% at 5.2% on Aug.26

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.831% Down 0.025%.

10 Year Treasury currently 3.440% Down -0.01%

DJI stocks 9,551.68, Up 12.39, 0.13%

European and Asian Markets Up 0.125%

Nymex Crude Oil currently $70.71 Up $0.01

Today, July Durable Orders rose 4.9% from June, higher than the consensus forecast of 3.2% and home sales came in stronger then expected. Demand was a little stronger than average for the 5-yr auction.

Yesterday, Consumer Confidence rose to 54.1, which was higher than expected. The 2-Yr auction demand was a little weaker than average, but MBS prices rallied as investors were prepared for worse results.

Federal Housing Finance Agency (FHFA) and Case-Shiller both released their figures for national second quarter home prices. The FHFA data includes only homes purchased with conventional Fannie Mae and Freddie Mac mortgages. FHFA reported a decline of -0.7% for the second quarter and a drop of -6% from one year earlier. Case-Shiller reported an increase of 3% for the second quarter and a drop of -15% from one year earlier.

WORRIED ABOUT AN OUT OF TOWN APPRAISER?
If you are concerned about the value of your listing and need a local appraiser consider FHA financing where we can still control the appraiser selection.

Read recent HVCC Wall Street Journal Article

Where are the best rates: Mortgage Brokers or Direct Lenders? Rate Survey

The dreaded Stealth Rate Shopper Strikes Ditech full story

Click for inter-day Rate Lock and Market updates

Click for current Lending news and information

Time is running out, don't let your buyers delay, the $8,000 Tax Credit is expiring on November 30.

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

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

August 2009, Rate Lock Advice and Mortgage Market Update

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