Rate Lock Advice and Mortgage Market Update

Rate Lock Advice and Mortgage Market Update

September 9 , 2009, 9:00 AM PT

Lock Advice: FLOAT
MBS prices are down -2/32. The Fed's Beige Book will be released at 2:00 PM ET., and there will be a 10-yr auction at 2:00 PM ET.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.17% on Sep.8

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.805% Up 0.007%.

10 Year Treasury currently 3.50% Up 0.03%

DJI stocks 9,560.67, Up 63.33, 0.67%

European and Asian Markets Up 0.326%

Nymex Crude Oil currently $70.44 Up $1.00

This morning, the US dollar dropped to the lowest level of the year. Also notable, LIBOR fell to a record low. The Fed's Beige Book will be released at 2:00 PM ET and there will be a 10-yr auction at 1:00 PM ET

The Mortgage Bankers Association weekly purchase activity index rose by 10%, while the refinancing activity index increased by 23%, the biggest jump since March.

The purchase index is now at the highest level since early January.

Average reported rates for the prior week fell to 5.02% from 5.15% for 30-yr fixed mortgages.

Taylor Bean Whitaker mortgage update - Where to send payments formally sent to bankrupt lender

WORRIED ABOUT HVCC AND 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 December 1, 2009.

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

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