MORTGAGE RATE LOCK ADVISORY
Updated August 2, 8:00 AM Pacific
Updated Several Times Daily
1-14 Day Close: LOCK
15-30 Day Close: LOCK
31-45 Day Close: LOCK
- Freddie Mac Average:30-Yr FRM, on: 7-30-15: 3.98% - Down 0.06 point
- Rate Price Based on 3% MBS - Closed at: Down -0.39 Point.
- DJI Stocks - Closed at: $17,689.86, Down ($56.12)
- Asian & European Stock Market Indexes Up 0.467%
- Crude Oil (WTI) - Currently, $46.47, Down ($1.75)
- Gold 1 Ounce - Currently, $1,094.99, Up $6.59
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
REPORTS & ANALYSIS
- So far this week rates have meandered sideways in a narrow band. My feeling is the upside risk out wieghs the downside and my recommendation is to continue to lock on any downturn.
- Even with several important events, the level of daily volatility in mortgage rates was low over the past week. The impact of the Fed statement was small. The one economic report which caused a significant reaction, the Employment Cost Index, was favorable for mortgage rates, and they ended a little lower.
- Based on current economics the safest strategy is to lock whenever the market improves.
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