Another wild ride on Thursday with mortgage rates. After a rough opening (which caused mid-day rate increases), the market subsequently turned around (causing mid-day rate decreases). The end result after the rollercoaster day was a neutral result (which resulted in the same level as when the market originally opened). Further evidence that monitoring the market is not for the faint of heart!
If you or someone you care about is considering a mortgage, please feel free to share this daily mortgage rate market update with them. You can access a chronological database of these reports at www.JasonGordon.info whenever desired. Also, make sure to learn about THE TRUTH BEHIND MORTGAGE QUOTES to insure you make the best financial decisions and avoid falling for clever marketing gimmicks.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Friday 8-10-2012 and will help you understand today's 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 a NEUTRAL RESULT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's NEUTRAL RESULT resulted in a change of 0 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows the market activity for today:
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: Neil Trenerry
FNMA 30-Year:
3.0 Coupon: Open 103.344 Change 0.328
3.5 Coupon: Open 105.563 Change 0.250
4.0 Coupon: Open 106.922 Change 0.125
Treasuries:
5 Year: Open 99.070 Change 0.172 Yield 0.691
10 Year: Open 99.906 Change 0.469 Yield 1.635
30 Year: Open 100.641 Change 1.043 Yield 2.719
Key Economic Data:
EUR/USD: Open 1.2305 Change -0.0052
GBP/USD: Open 1.5637 Change -0.0053
USD/JPY: Open 78.550 Change -0.380
Oil: Open 92.45 Change -0.91
Key Economic News:
Export prices for Jul: Actual 0.5%, Consensus 0.0%, Last -1.7%.
Import prices for Jul: Actual -0.6%, Consensus 0.1%, Last -2.7%.
7:30: ECRI Weekly index: Last 122.2. Annualized: Last -1.3%.
Advice:
Treasuries fore for the first time in six days as a collapse in China's export growth added to signs the global economy is weakening and pushed investors toward safer assets.
With this news a little help on the domestic front. I would expect the market to continue to rally.
My position on MBS changes to Long (Buyer)
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.jasongordon.net or www.ApprovingSD.com or more information.
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