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 Thursday 9-22-2011 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 Wednesday with a SIGNIFICANT IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's SIGNIFICANT IMPROVEMENT resulted in a change of 154 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 3.5%
Previous close 103.160
Opened Up 0.42 @ 103.594
Key Economic Data:
UST 5 YR 0.80 Down 0.05
UST 10 YR 1.77 Down 0.08
UST 30 YR 2.88 Down 0.12
EUR / USD 1.3455 Down 0.0118
USD / JPY 76.2560 Down 0.2030
GBP / USD 1.5402 Down 0.0098
Oil 80.57 Down 5.35
Gold 1,736.60 Down 9.00
Key Economic News:
Nonevent
Initial and continuing jobless claims fall in line with expectations.
Key Numbers:
Initial claims -9k to 423k in week ended Sept 17 vs. median forecast 420k.
Continuing claims -28k to 3.727 million in week ended June 18 vs. median forecast 3.722 million.
Main Points:
Initial claims fall in line with expectations, down 9k to 423k in the week ended Sept 17. (Claims in the previous week were revised up slightly.) Continuing claims also decline as expected in the week ended Sept 10, down 28k to 3.727m from an upward-revised base.
10:00: Index of leading indicators (August): Consensus forecasts expect a small increase in the index of leading indicators during August, likely reflecting the steep slope of the yield curve and an increase in housing permits. Several other components of the index likely declined.
Consensus: +0.1%; Last +0.5%.
10:00: FHFA House Price Index (July): Further gain? This index—which tracks the purchase price of homes with agency-conforming mortgages—increased in each of the last three months, and consensus forecasts look for another small gain during July.
Consensus: +0.1%; Last +0.9%.
Advice:
With a strong dollar, and the Fed preparing to buy Treasuries. I expect the market to continue rallying.
My position on MBS stays long.
Analyst #2 (Dan Rawitch)
Here is the link to our daily video http://ratewatch.com/ratewatchnow.html
OMG....History has been made with a 1.78% 10 year yeild. FOMC calls it out: Inflation has moderated, Job growth to remain weak, housing depressed! His magic bullet..Operation Twist Oy Vey, as my Grandpa Jack used to say.
My video is extra long today because of so much to interperate from the FOMC!
Be careful...technically...this thing is over bought and could lose steam in a hurry. Fundamentally...we could go to 1.5 on the 10 year.
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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