MORTGAGE RATE LOCK ADVISORY
Updated May 26, 11:23 AM
Updated Several Times Daily
- Financial Freedom for Qualified Seniors
- 1-14 Day Close: LOCK on Price Improvements
- Freddie Mac Average:30-Yr FRM, Up 0.05% to 3.64% on 5-26-16.
- Rate Price Based on 3% MBS, Down -0.23 Point.
- DJI Stocks - Currently, $17,837.81, Down ($13.70) -0.08%
- Asian & European Stock Market Indexes Up 0.375%
- Crude Oil (WTI) - Currently, $49.51, Down ($0.05)
- Gold 1 Ounce - Currently, $1,222.20, Down ($3.90)
National Association of
NAR Pending Home Sales Index Jumps in May
99.50% Financing Is Available to Purchase Your Home.
Low rate, 99.50% home financing is available for California home buyers. Email for details
You Don't Need That Much of a Down Payment
Daily Real Estate News |
Many consumers are overestimating the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.
Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage >>Read More Realtor Mag
MORTGAGE & REAL ESTATE NEWS LINKS
REPORTS & ANALYSIS
- 30-year fixed-rate mortgage (FRM) averaged 3.64 percent with an average 0.5 point for the week ending May 26, 2016, up from last week when it averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
- Very strong financial data this morning and negative for pricing but our 100 day MA still appears to be strong and needs to be watched carefully. Weekly Jobless Claims 268K vs est 275K. April Durable Goods Orders 3.4% vs est of 0.4%. Ex Transport Durable Goods 0.4% vs est of 0.3%
- Lock in Uncertain Markets. Mortgage Backed Securities (MBS) have been moving sideways for the past two weeks and the current odds of rates increasing outweigh the odds of a decrease. Mortgage Rate prices and MBS prices run in opposite directions. Rates are up when MBS prices are down.
- Keep an close eye on the MBS market. While MBS yields are up against overhead pressure they could also breakout and if there is a breakout it will be large.