What are California's best mortgage rates? What can we expect from mortgage rates for the remainder of this year? 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 Friday 12-16-2011 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 Thursday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's IMPROVEMENT resulted in a change of 6 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: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 102.438
Opened Down 0.03 @ 102.375
Key Economic Data:
EUR / USD 1.3046 Up 0.0031
USD / JPY 77.8140 Down 0.0422
GBP / USD 1.5526 Up 0.0012
Oil 93.92 Up 3.5
Gold 1,590.30 Up 13.10
Key Economic News:
Consumer Prices in U.S. Stagnate as Gasoline Drops
The cost of living in the U.S. stagnated in November as gasoline prices dropped, supporting the Federal Reserve’s view that inflation remains in check. The unchanged reading in the consumer-price index last month followed a 0.1 percent decline the prior month, a report from the Labor Department showed today in Washington. That compares with a 0.1 percent increase forecast in a Bloomberg News survey of 82 economists. So-called core prices, which exclude food and energy costs, rose 0.2 percent, more than forecast, reflecting higher medical care and clothing costs.
Price Index (MOM) 0.00%, Last 0.1%. (YOY) 3.4%, Last 3.5%.
Ex-Food (MOM) 0.2%, Last 0.1%. (YOY) 2.2%, Last 2.1%.
Advice:
With consumer price index providing any direction, and the uncertainty in Europe. I would expect the market these levels.
My position on MBS changes to neutral. (Sell long position).
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.
Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage rates
Comments (0)Subscribe to CommentsComment