Todays best mortgage rates. What can we expect from mortgage rates next 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 9-27-2011 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 27 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 102.563
Opened Down 0.15 @ 102.406
Key Economic Data:
UST 2 YR 0.25 Up 0.02
UST 5 YR 0.96 Up 0.06
UST 10 YR 1.99 Up 0.09
UST 30 YR 3.10 Up 0.10
EUR / USD 1.3609 Up 0.0076
USD / JPY 76.5365 Up 0.1770
GBP / USD 1.5660 Up 0.0095
Oil 82.30 Up 2.06
Gold 1,654.70 Up 59.90
Key Economic News:
Case-Shiller house prices, consumer confidence and the Richmond Fed index:
Stable
Case-Shiller house price index still roughly flat.
Key Numbers:
Case-Shiller house prices -4.1% (yoy) in July vs. median forecast -4.4%.
Main Points:
1. The Case-Shiller 20-city house price index rose by 0.05% month-over-month in July, a slightly smaller gain than expected. However, the year-over-year decline was smaller than anticipated--at -4.1% vs. a consensus forecast of -4.4%--due to upward revisions to earlier months. Overall US house prices continue to be broadly stable nationally.
2. Price changes were mixed across the country, with nine cities seeing price gains during July (on a seasonally adjusted month-over-month basis) and the remaining eleven experiencing further declines. The largest price increases in July were in Chicago, New York, Washington DC and Detroit. Prices in Detroit were also revised up by about 6% in June, and now show an unusual 3-month annualized growth rate of 30%. The sudden jump may reflect a change in the share of foreclosures in recent sales. The biggest declines during July were in Las Vegas, San Francisco, San Diego and Phoenix.
10:00: Conference Board confidence index (September): Stabilization. Timelier measures of household sentiment have improved a bit, and we therefore see a stabilization in the Conference Board’s measure of consumer confidence.
Consensus: 46.0; Last: 44.5.
10:00: Richmond Fed survey (September): Likely weak. Regional manufacturing surveys released for July so far—including the Philadelphia Fed index, the Dallas Fed index, and the Empire State index—point to another weak result for the Richmond manufacturing survey. 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: -11; Last -10.
12:30: Atlanta Fed President Dennis Lockhart on the economy. Q&A expected.
13:20: Dallas Fed President Richard Fisher on “Explaining Dissent: Why I Voted Against Operation Twist”. Q&A expected
Advice:
My position on MBS stays neutral.
Analyst #2 (Dan Rawitch)
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.
Click here for daily mortgage interest rate updates and projections for todays best mortgage rates
Comments(1)