Hopefully Friday's trend reversal was the beginning of a series of mortgage rate improvements. Rates are improving again this morning, but will need to make a pretty strong run in order to make up for the recent spike. When shopping for a mortgage, make sure to arm yourself with the facts about where interest rates are on any given day by reading this free report. 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 better understand the relationship between up-front closing costs and mortgage interest rates so you don't get duped by clever advertising campaigns.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Monday 8-20-2012 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 Friday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT resulted in a change of 15 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 102.156 Change -0.063
3.5 Coupon: Open 104.719 Change -0.031
4.0 Coupon: Open 106.281 Change -0.031
Treasuries:
5 Year: Open 98.539 Change -0.016 Yield 0.802
10 Year: Open 98.188 Change -0.078 Yield 1.824
30 Year: Open 96.234 Change -0.141 Yield 2.940
Key Economic Data:
EUR/USD: Open 1.2342 Change -0.0027
GBP/USD: Open 1.5694 Change 0.0001
USD/JPY: Open 79.480 Change -0.040
Oil: Open 95.92 Change -0.10
Key Economic News:
National Activity Index for Jul: Actual -0.13, Last -0.15.
Advice:
Treasuries fell, extending a four-week decline, after Der Spiegel magazine reported that the European Central Bank is considering a plan to put a cap on euro-area bond yields to contain the region’s debt crisis.
My position on MBS stays Long.
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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