DAILY RATE LOCK ADVICE

February 8, 2010, 5:15 PT

Lock Advice:  FLOAT

MBS prices closed down 1/32. No economic data was released today.

MARKET NEWS

• National Average Fixed Rate Mortgage
  

             Down 0.03% at 4.99% on Feb.8

• Fannie Mae Mortgage Backed Securities
  

             MBS Opened at 4.657% Down 0.009%.

• 10 Year Treasury Currently 3.590% Down -0.03%
  

• DJI Stocks closed at $9,908.39,  Down -103.84, -1.04%
  

• European and Asian Markets closed Up 0.517%
  

• Nymex Crude Oil Currently $71.62 Up $0.43
  

• BAD NEWS For Taxpayers,
  

             OneWest Bank's sweetheart deal with our Bank Owned                                Government (BOG) Must See Video

• Is the dreaded HVCC on the way out?  See Realty Times
  

• Barney Frank Named 'Porker of the Year'  CNBC News
  

• Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story
  

• FHA is Effectively Out of Making Condo Loans Full Story
  

• FHA UFMIP Scheduled to 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
  

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Mortgage Backed Securities

       Date        Opening Yield  Change

1/25/20104.7110.029

1/26/20104.687-0.024

1/27/20104.7200.033

1/28/20104.7490.029

1/29/20104.742-0.008

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Market Brief

Five Day MBS Market Watch

Rates 02-08-10, 8:30 PT

30 Year Fixed to $417,000

Rate 4.625%  Point 1.375,  APR 4.778%

APR Based on $350,000 Loan at 80% LTV

Above Rate can be locked  for 30 days.

Click for Quotes on FHA and VA loans With Detailed Cost Estimates.

No Application or Credit Report required

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What is APR?

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FHA 90 Day Flip Rule Lifted For All Sellers

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