Rate Lock Advice & Mortgage Market Update
By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Rate Lock Advice & Mortgage Market Update February 3, 2010, 10:15 PT DAILY RATE LOCK ADVICE Lock Advice: FLOAT with CautionMBS prices are down -2/32, above 9:45 et pricing of -4/32. ISM Services came in a little lower than expected. RATE NOTES:When MBS prices are up, Interest Rates are down.Lock advice changes throughout the day.Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Unchanged at 5.04% on Feb.2 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.731% Down 0.004%. 10 Year Treasury Currently 3.670% Down -0.01% DJI Stocks $10,287.55, Down -9.3, -0.09% European and Asian Markets Down -0.245% Nymex Crude Oil Currently $77.27 Up $0.04 Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story FHA is Effectively Out of Making Condo Loans Story ...
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