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The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Monday 5-9-2011 and will help you understand todays best mortgage rates. If you are a Buyer/Borrower who is still on the fence (or if you are a Real Estate Agent attempting to educate your "on the fence" Buyer), please review these trends and secure an historically low interest rate before it is too late.
The market closed Friday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT resulted in a change of 34 basis points (bps).
The following chart shows the market activity thus far today (hint: upward activity is good, downward activity is bad):
The following chart shows market activity over the past 10 days (hint: green is good, red is bad):
The following chart shows market activity over the past 1 month:
Daily Interest Rate Snapshot (sample of rates from one of the country's largest Lenders...individual pricing will vary based on specific Borrower qualifications): NOTE: This Lender has quoted a 1.00% Origination Fee (1 Point) to accompany this pricing. It bears noting that this chart does not necessarily represent todays best mortgage rates.
Market Commentary
Analyst #1 (Neil Trenerry):
FNMA 30-Yr 4.0%
Previous close 100.406
Opened Down 0.06bp @ 100.344
Key Economic Data:
EUR / USD 1.4327 Up 0.0010
USD / JPY 80.6445 Up 0.0118
GBP / USD 1.6326 Down 0.0042
Oil 98.83 Up 1.65
Gold 1,501.60 Up 10.00
Key Economic News:
No news items
Advice:
With no news for help, and a strong dollar. I would expect the market to trade in a close range, with some possible improvement thru the day.
My position on MBS changes to neutral (closed short position on Friday).
Analyst #2 (Dan Rawitch):
Here is the link to our daily video
http://ratewatch.com/ratewatchnow.html
No scheduled news today but bonds are getting some lift over the S&P downgrade of Greece. Don't you love how S&P states the obvious well after the fact? Oh well...that soap box is for another day.
We are continuing to hear more and more bullish discussion about a post QE2 bond rally. As you know, I subscribe to that but only to a point. Now that more people are talking about it...the rally will be built into the QE2 exit and we may see the the opposite. We have some time to think about that.
Technically, the market is remaining strong. We are testing 100.40 and if can close above that or 100.50, I expect a big and fast move to 102! We are getting very close to the highs of last year!
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