Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES  DROP AS STOCKS SINK ***

Today’s Wall Street Journal that said Europe’s stress tests — aimed at measuring the health of the continent’s financial sector — understated major banks’ holdings of government debt. Concerned pulled money out of equities — the Dow lost over 100 points — and moved back into bonds and mortgage-backed securities (MBS). Mortgages rates reversed a three-day trend and improved .125% to .25% discount point.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES INCREASE ON UNEMPLOYMENT DATA ***

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES INCREASE IN ADVANCE OF JULY’S EMPLOYMENT SITUATION REPORT ***

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES INCREASE IN ADVANCE OF JULY’S EMPLOYMENT SITUATION REPORT ***

Revisions to June and July’s monthly unemployment reports showed 123,000 fewer job losses than previously reported. This was more favorable than expected (increasing unemployment is negative for the economy but good for mortgage interest rates).  While unemployment rose to 9.6% after the census workers lost their temporary jobs, this was expected. Overall, the news was good for the economy and so stocks rose and mortgage rates worsened for the third straight day. However, I would expect rates to bounce a bit over the net few weeks, as a positive economic trend has yet to be established.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES INCREASE IN ADVANCE OF JULY’S EMPLOYMENT SITUATION REPORT ***

Stocks made minor gains following  reports of better-than-expected sales from major U.S. retailers, an increase in pending home sales, and a modest dip in initial claims for unemployment benefits. That had the effect of pushing this morning’s mortgage rates higher by approximately .125 - .250 of a discount point. Tomorrow’s Employment Situation report will give us the U.S. unemployment rate, number of new jobs added or lost, and average hourly earnings for August. Analysts expect an unemployment rate of 9.6% and a loss of 120,000 jobs during July. Worse readings would be very good news for mortgage rates tomorrow. However, more positive data could have the opposite effect.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES MOVE BACK UP AS STOCKS SOAR ***

U.S. manufacturing grew in August for the 13th consecutive month, at a faster pace than economists had expected. This fueled optimism in the stock market and caused investors to move money out of bonds and mortgage-backed securities (MBS); these vehicles gave back much of they gain they received in the last two days.Expect mortgages to cost about .250% of a discount point more today than yesterday.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES DROP LIKE ROCKS DESPITE CONSUMER CONFIDENCE ***

The  Conference Board reported that its consumer confidence index rose to a reading of 53.5 in August, a strong increase from 51 in July. Economists were expecting the index to come in at 50, according to consensus estimates from Briefing.com. When these data come in higher than expected, interest rates are likely to increase as investors require higher yields on bonds and mortgage-backed securities to offset expected inflation. However, that hasn’t happened today. Instead, rates DECREASED substantially. Investors ran screaming from stocks and back to bonds and MBS when the Fed released minutes from its Aug. 10 meeting. The minutes raised concerns that the central bank may not take steps to support the faltering economic recovery unless conditions deteriorate significantly. Meanwhile, other happy news: The Case-Shiller index rose, indicating home prices nationwide increased 4.4% in the second quarter.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES IMPROVE ***

Rates corrected slightly after yesterday’s panicked mortgage-backed securities selloff. July’s Personal Income and Outlays report showed that income rose 0.2% as expected, while spending rose 0.4% last month (slightly higher than expected). The increase in spending offset much of the gain in the bond and MBS market, but mortgage rates did improve slightly.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES UP SHARPLY ***

Mortgage interest rates increased sharply following a speech by Ben Bernanke in which the Fed head indicated that should more monetary intervention be necessary to support the economy, he would not worry about inflationary consequences. This initially spooked investors and caused them to flee bond and mortgage-backed securities, which sent the yields for those vehicles up. Remember that as MBS prices decrease, yields increase, and when yields increase, so do mortgage rates. However, all this reaction was not due to hard data, only a speech. There will likely be a correction soon.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** NEW UNEMPLOYMENT CLAIMS DOWN, NOT GOOD FOR MORTGAGE RATES ***

The weekly unemployment figures indicated that 473,000 new claims for unemployment benefits were filed last week. This was lower than analysts’ expected, which is bad news for bond and mortgage rates, but since it’s only weekly data, it has not had much of an impact on this morning’s trading. meanwhile, stocks dropped after an initial rally, and mortgage rates improved after worsening initially. Final pricing will probably depend on how the market receives today’s Treasury auction of seven-year notes. Good demand could drop rates further, and a lackluster response would increase them.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES DROP FOLLOWING NEW HOME SALES REPORT, THEN INCREASE ***

Following on the heels of yesterday’s dreadful Existing Home Sales report, the New Home Sales Report added insult to injury. New home sales unexpectedly dove to the lowest level on record in July, dropping 12.4% for the month, the government reported. Economists had expected sales to nudge upward.However, by the end of the day, stocks were recovering, and some lenders began repricing for worse. Those that didn’t may do so tomorrow morning.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.

Here is today’s look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac’s AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.

LOCK ALERT *** RATES DROP FOLLOWING HOME SALE REPORT ***

The national Association of Realtors Existing Home sales report was full or terrible news. Home sales fell by a record 27.2% in July, putting yearly sales at  just 3.83 million. This was very short of already low expectations.Why is this so important? Most feel that real estate was largely responsible for the country’s economic woes, and that only a real estate recovery can bring about a broad-based economic recovery. And when the economy falters, interest rates decline.

Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.