What are California's best mortgage rates? What can we expect from mortgage rates for the remainder of this month? 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 Monday 11-28-2011 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 a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's WORSENING resulted in a change of 9 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 101.656
Opened Down 0.31 @ 101.344
Key Economic Data:
UST 2 YR 0.28 Up 0.00
UST 5 YR 0.99 Up 0.06
UST 10 YR 2.06 Up 0.09
UST 30 YR 3.02 Up 0.10
EUR / USD 1.3388 Up 0.0149
USD / JPY 77.9700 Up 0.2400
GBP / USD 1.5571 Up 0.0132
Oil 99.20 Up 2.43
Gold 1,719.00 Up 30.50
Key Economic News:
10:00: New home sales (October): Stable. Consensus forecast that new home sales were unchanged at an annualized rate of 313,000 units in October, following a small increase in September. New home sales have held in a tight range of about 275k to 325k for the last year. Other measures of housing activity—such as starts, permits, and homebuilder sentiment—have improved recently, albeit from depressed levels.
Consensus: Flat; Last +5.7%.
10:30: Dallas Fed manufacturing index (November): Improving? Regional manufacturing surveys released for November so far (Philadelphia Fed, Empire State, Richmond Fed and Kansas City Fed) have show a small improvement on net.
Consensus: +5.0; Last +2.3.
Advice:
Interesting article on Bloomberg.com - Dealers See Fed Buying $545B Mortgage Bonds The biggest bond dealers in the U.S. say the Federal Reserve is poised to start a new round of stimulus, injecting more money into the economy by purchasing mortgage securities instead of Treasuries.
My position on MBS stays neutral.
Analyst #2: Dan Rawitch
Here is the link to our daily video: http://ratewatch.com/ratewatchnow.html
What the Heck? Who rang the breakfast bell at the Equity Market’s morning feast? Are they serious? What Europe? Are we really going to rally on more rumor and speculation that there is a solution, without any tangible facts.
Is the Market really happier to sell Household goods over Houses? Seems like it is this morning, because new home sales dropped. On last question for you, “Is this mornings activity sustainable”?
Not on the current set of facts it isn’t. I am not saying things don’t continue in this direction, but it will take plenty of good news to hold down bonds and prop up stocks.
If you float through this, make sure you pay attention to every Euro headline and each piece of news, as this week goes by.
Trusted Industry Advisor
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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