Mortgage Rate Update 3-15-12: Trends, Projections & Today's Lowest Rates

Ouch!  Another tough day yesterday for rates which featured mid-day pricing adjustments from Lenders of 0.500 - 0.625 in fee on average. What can we expect from mortgage rates for the rest of the quarter? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES to insure the best financial decisions are being made without the distraction of marketing gimmicks. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why) by subscribing to this complimentary daily update.

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Thursday 3-15-2012 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 37 basis points (bps).

(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

Key Economic Data:

Key Economic News:

NY Fed Manufacturing for Mar: Actual 20.21, Consensus 17.50, Last 19.53.

Unemployment week-on-week.

Initial Jobless Claims: Actual 351k, Consensus 356k, Last 362k.

Continued Jobless Claims: Actual 3.343m, Consensus 3.410m, Last 3.416m.

PPI

Prices for Feb: Actual 0.4%, Consensus 0.5%, Last 0.1%.

Prices, Core month-on-month: Actual 0.2%, Consensus 0.2%, Last 0.4%.

Prices, Core year-on-year: Actual 3.0%, Consensus 2.9%, Last 3.0%.

Inflation year-on-year: Actual 3.3%, Consensus 3.4%, Last 4.1%.

Foreign buying T-Bonds for Jan: Actual 82.96b, Last -17.9b.

7:00est Philly Fed business index for Mar: Consensus 12.0, Last 10.2.

Advice:

With some overnight selling of Treasuries, mainly form the Asian markets. Unemployment numbers coming in better than expected and PPI holding level, we will probably see the market hold these levels unless the Philly numbers have a big surprise.

My position on MBS stays neutral.

Analyst: Dan Rawitch

Here is the link to today's video http://ratewatch.com/ratewatchnow.html

The technical sell off continues.  We could rest at 102.20, which coincidentally is also 3.20 on the 10 year and also a possible support level.  Hopefully we bounce back up and close this gap.  Any move up should be considered a locking opportunity and a gift.  The charts have moved bearish and the FED is not showing signs of providing us more crack.

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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