Todays best mortgage rates. What can we expect from mortgage rates this week? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why).
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 8-23-2011 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 Monday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENING resulted in a change of 12 basis points (bps).
The following chart shows the market activity for 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 103.969
Opened Down 0.06bp @ 103.906
Key Economic Data:
UST 5 YR 0.93 Up 0.01
UST 10 YR 2.13 Up 0.02
UST 30 YR 3.46 Up 0.04
EUR / USD 1.4457 Up 0.0099
USD / JPY 76.5458 Down 0.2447
GBP / USD 1.6503 Up 0.0051
Oil 85.10 Up 0.68
Gold 1,873.80 Down 18.10
Key Economic News:
New home sales and the Richmond Fed index:
10:00: New home sales (July): Small gain. New home sales have held in a tight range of about 275k to 325k for more than a year.
Consensus: -0.6%; Last -1.0%.
10:00: Richmond Fed survey (August): Another weak survey? Given the sharp decline in the Philadelphia Fed index last week, we will be watching the second-tier regional manufacturing reports with greater scrutiny. In addition to a manufacturing index, the Richmond Fed survey contains a separate set of questions sent to firms in service-providing industries, which is one of the few direct measures of services activity in the monthly indicator cycle.
Consensus: -5; Last -1.
Advice:
Unless there is a big surprise from New home sales or The Richmond Fed. I would expect the market to stay in the 104.00 area.
My position on MBS stays neutral (Getting close to going short).
Analyst #2 (Dan Rawitch)
Here is the link to our daily video http://ratewatch.com/ratewatchnow.html
Markets were not quite open when I recorded. I would watch the current level of 100.75 VERY carefully. A dip below that causes not only a break in support but a failed head and shoulders formation on the chart.
New home sales will be out shortly, that number is not expected to be good, so it may not help bonds.
Lastly, we have mounting concerns over the Germany and China slowing...this could pressure stocks and help bonds. Unless of course the market decides to focus on its next dose of crack!
Trusted Industry Resource
The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon. As a Certified Mortgage Planning Specialist (CMPS) Certified Distressed Property Expert (CDPE) and Certified Mortgage Coach (CMC), Jason E Gordon utilizes his advanced training to examine a prospective Client's complete financial picture, while carefully listening to their overall goals. If it is mutually agreed that a new loan makes sense to pursue, Jason strives to make the entire loan process as seamless as possible. He truly believes that providing open communication and patient educational guidance to his Clients and Business Alliances has been a pivotal component to building his business, while enhancing his reputation in the Mortgage Industry as a Trusted Advisor. Visit www.jasonegordon.com or www.ApprovingSD.com or more information.
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