Bill Ladewig's Blog: MORTGAGE INTEREST RATE LOCK ADVISORY 10/5/16

MORTGAGE INTEREST RATE LOCK ADVISORY 10/5/16

MORTGAGE INTEREST RATE LOCK ADVISORY
October 5, 2016, 8:12 AM PT 
  • 1-15 Day Close:   Cautiously Neutral
  • 16-30 Day Close: Cautiously Neutral
  • 31-45 Day Close: Cautiously Neutral
  • Recommendations can change throughout the day.  
  • Click for current Lock Advice 
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MORTGAGE MARKET INDICATORS
  • 9-29-16: Average 30-Yr FRM, down 0.06 point at 3.42%.
  • Rate Price Based on 3% MBS, Up 0.07 Point.
  • DJI Stocks - Currently, $18,262.49, Up $94.04 0.51%
  • Asian & European Stock Market Indexes Up 0.239%
  • Crude Oil (WTI) - Currently, $49.56, Up $0.87
  • Gold 1 Ounce - Currently, $1,271.80, Up $1.90
MARKET REPORTS & ANALYSIS     
  • Cautiously Neutral Lock Advice.  The rate market experienced a sharp increase yesterday and four of the last five days have been increases.  The market is now in oversold territory may be near the end of this move.  However,  If you remain unlocked be very careful.
  • Mortgage rates much Higher again Tuesday. Yesterday, rate prices were up 0.34 point. This was enough to increase rate fees. The market experienced high volatility.
  • Today's news is VERY negative for pricing. September ISM Non Manufacturing (Services) 57.1 versus estimated 53.0. This is a block buster reading in ISM.
  • 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending September 29, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.
  
The frugal man walked into the house panting and almost completely exhausted. 
"What happened, Honey?" asked his wife.
"It's a great new idea I have," he gasped. "I ran all the way home behind the bus and saved $1.50 cents."
"That wasn't too smart," replied his wife. 
"Why didn't you run behind a taxi and save ten dollars?"
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Comment balloon 0 commentsBill Ladewig • October 05 2016 08:15AM

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