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 Thursday 12-22-2011 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 WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's WORSENING resulted in a change of 3 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
Previous close 102.250
Opened Up 0.125 @ 102.375
Key Economic Data:
EUR / USD 1.3031 Down 0.0017
USD / JPY 78.1858 Up 0.1242
GBP / USD 1.5675 Down 0.0001
Oil 99.12 Up 0.45
Gold 1,609.20 Down 4.40
Key Economic News:
Jobless Claims Decrease to Lowest Since April 2008
The number of applications for unemployment benefits unexpectedly dropped last week to the lowest since April 2008, a sign that the labor market is strengthening heading into 2012. Jobless claims fell by 4,000 to 364,000 in the week ended Dec. 17, Labor Department figures showed today in Washington. The median forecast of 45 economists surveyed by Bloomberg News projected an increase to 380,000. A consistent slowdown in firings lays the foundation for an increase in employment that may bolster consumer spending, which accounts for about 70 percent of the world’s largest economy. At the same time, a possible recession in Europe and a political stalemate in Washington regarding a payroll tax cut are making some companies hesitant to boost hiring.
Jobless claims: 364,000; Consensus: 380,000; Last: 368,000.
Economy Expands Less Than Estimated
The economy grew less than previously estimated in the third quarter, reflecting a smaller gain in consumer spending that is giving way to a pickup in demand this quarter as the job market improves. Gross domestic product climbed at a 1.8 percent annual rate from July through September, down from the 2 percent estimated last month, revised Commerce Department figures showed today in Washington.
GDP: 1.8%; Consensus: 2.0%.
Advice:
With unemployment improving, but GDP slipping, I would expect the market to stay flat thru the day.
My position on MBS stays neutral.
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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