What are California's best mortgage rates? What can we expect from mortgage rates for next 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 12-30-2011 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 18 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: Dan Rawitch
Here is the link to todays video
http://ratewatch.com/ratewatchnow.html
As you know, this upward POP in the market was not expected by me. For that, I apologize. It is worth noting that these huge moves have been with very little volume and without direct correlation to the movement in Treasuries. You have heard me over the years, call this "Amateurs at Play". It is true. The smart guys took their money off the table last week and are now enjoying time vacationing with family and friends.
While jobless claims did spike, Pending home sales were many times better than expected. Chicago PMI was neutral and the net effect of this news should also be neutral. The rally is not rooted in reality.
As you know, I remain bearish on the economy and bullish on bonds over the next several weeks. This little rally however, will most likely be repaid soon.
Beyond the first and second quarter, I still see a struggling economy and the NEED for low rates, however, the FED will not be able to hold back the velocity of money and hence hold down inflation much longer. Sometime in 2012/2013, we must begin to repay all this free money the Fed has printed. Watch for higher rates to follow the early signs of "True" Inflation.
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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