Tuesday, September 29, 2009

Phoenix Home Mortgage Interest Rate Update and Recommendation Sept 29th, 2009 - FLOAT or LOCK?


Current Pricing of FNMA 30 Year 4.5% Bond: $101.38
+3 bps (Prior Close – $101.35)

Market Update: Mortgage Backed Security (MBS) pricing is slightly higher today from yesterday's close.

Economic News: Consumer Confidence for September was reported at 53.1 versus expectations of 57.0. This report is quite a bit lower than economist were expecting and shows the consumer isn't as optimistic, as Wall Street, about the economy. On the news, Stocks reversed lower, helping MBS improve from their worst levels today. Also today, the Case-Shiller Home Price Index came in better than expectations. The index showed 18 out of 20 large cities had month-over-month price improvements. This may indicate that that the worst of the housing price declines are behind us.

Recommendation: FLOAT

For information on purchasing or refinancing your home loan contact The Krushinsky Team at 623-594-7600 or email david.krushinsky@wjbradley.com.

2 comments:

MoneyMan said...

Hey, I really liked your blog. I work for Wells Fargo back in Philly. Do you do any business with them? I just started my blog three days ago, so I could use some tips. Anyway, talk to you soon.

David Krushinsky said...

MoneyMan,

We don't use Wells Fargo unless it's with our warehouse line. I looked at your blog and it looks terrific. Good job.

David