PM Rate Lock Advisory

Rate Lock Advice and Mortgage Market Update

September 24 , 2009, 4:00 PM ET

Important FHA News
Friday, Hud announced sweeping FHA changes,
the most I have seen in my career
Press Release: HUD No. 09-177

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +6/32 which may trigger midmorning rate improvement .
Jobless Claims came in lower than expected.

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
Unchanged at 5.12% on Sep.24

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.747% Down 0.02%.

10 Year Treasury Closed 3.010% Down -0.39%

DJI Stocks Closed at $9,707.44, Down -41.11, -0.42%

European and Asian Markets Down -1.278%

Nymex Crude Oil Currently $65.97 Up $0.08

As expected, the Fed made no change in the fed funds rate. The Fed will extend the end date of the MBS purchase program, but will not increase the total quantity of purchases.

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Misleading advertising hurts everyone
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FREE Calculator makes most mortgage calculations a cinch. Check it out.

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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

Rate Survey Where you will find the best rates

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New FHA Condo Rules have been extended to November 2, 2009 - Story

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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

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10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier

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August 2009, Rate Lock Advice and Mortgage Market Update

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