DAILY RATE LOCK ADVICE

March 12, 2010,  3:00  PT

Advice is Updated Several Times Daily

Short Term Lock Advice for loans that must lock today:  LOCK. .  

After a wild ride MBS prices remained unchanged from Thursday's close .   Early volatility was caused by Retail Sales being stronger than expected. 

Long Term Lock or Float Advice:  LOCK.

MBS prices are oversold and while rates have increased in the past few days they could turn around at any time so the safe position is to lock.

MARKET NEWS

• National Average Fixed Rate Mortgage
  

              Unchanged at 4.97% on Mar.12

• MBS Yields Opened at 4.696% Up 0.031%.
  

• 10 Year Treasury 3.730% Unchanged 0%
  

• DJI Stocks Closed at $10,624.69,  Up 12.85, 0.12%
  

• European and Asian Markets Closed Up 0.211%
  

• Nymex Crude Oil Currently $81.24 Down $0.87
  

• USDA Rural Housing Funds to Run Dry by April. Lenders Already Dropping the Program Mortgage News Daily
  

• Maybe there is hope for Jumbo Loans Broker Universe
  

• CA Buyer and Broker convicted of loan Fraud Broker Universe
  

• Home Affordable Refinance Program (HARP) has been extended to June 30, 2011.  Press Release
  

• Mortgage Brokers are the cheapest conduit to bring loans to market" according to FHA Commissioner DAVID STEVENS.  TBWS
  

• Homeowner Estimates as Good as Zillow? Appraisal Academics Think So  Housing Wire
  

• Home Prices Fall Modestly in 4th Quarter 2009,  FHFA
  

• Treasury Officials concerned over Option Arm Recasts and Jumbo Loan Issues  Dr Housing Bubble
  

• 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
  

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

• FHA UFMIP Scheduled to increase from 1.75% to 2.25% effective April 5. 2010
  

• Other FHA Changes are in the wind according to 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

3/08/20104.6920.043

3/09/20104.681-0.011

3/10/20104.659-0.022

3/11/20104.6650.006

3/12/20104.6960.031

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Market Brief

Five Day MBS Market Watch

Rates 03-12-10, 9:35 PT

30 Year Fixed to $417,000

Rate 4.750%  Point 0.972, APR 4.943%

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

Above Rate can be locked  for 30 days.

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