Your FHA Guru

Rate Lock Advice & Mortgage Market Update

February 3, 2010, 6:30  PT

DAILY RATE LOCK ADVICE

Lock Advice:  LOCK
MBS prices are down -6/32.
ISM Services will be released at 10:00 et.

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 Securities
MBS Opened at 4.731% Down 0.004%.

10 Year Treasury Currently 3.670% Down -0.01%

DJI Stocks $10,291.73,  Down -5.12, -0.05%

European and Asian Markets Down -0.015%

Nymex Crude Oil Currently $77.23 Down $0.00

• Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
• FHA is Effectively Out of Making Condo Loans Story
• FHA Suspends Four Lenders Story
• FHA UFMIP will increase from 1.75% to 2.25% effective April 5. 2010
• Other FHA Changes are in the wind accordingto FHA Commissioner David H Stevens announced on a conference call to reporters January 19th. besides changed UFMIP, FHA plans to lower maximum seller contributions from 6% to 3% and they will increase the downpayment requirement up to 10% for low FICO scores. The official FHA bulletin was released on Jan. 21st. Read Bloomberg report
• (BOG) Bank Owned Government where Stupidity is king. See the lastest TBWS Video

California Rates 02-02-10, 8:15 PT
30 Year Fixed to $417,000
Rate 4.75%, Point 0.875 APR 4.864%

APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application or Credit Report required

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