#MORTGAGE MARKET NEWS: Rates were heading lower but make a turn - TopicsExpress



          

#MORTGAGE MARKET NEWS: Rates were heading lower but make a turn and are heading back up. With Mortgage backed securities trading at $104.40 on 12/01/2014 and currently trading at 103.91 we have lost 50 basis points. This translates to .5 in cost on every mortgage. A $300,000 Mortgage will cost an average $1500 more today to get the same rate you could obtain for no cost just 3 days ago. Freddie Mac reports the 30-yr Conventional fixed rate mortgage rate is 3.89% with paying .5 in fees or points to obtain this rate! Weekly jobless claims fall by 17k to 297k and supports the economy and the negative turn in bonds. Bonds hover near unchanged today but could be sensitive to negative or positive news. It is a time in the market where the right advice beats the right price. The decision of Lock or Float is a crucial decision as hours can translate into thousands! For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender!
Posted on: Thu, 04 Dec 2014 16:13:17 +0000

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