Yesterday was the 2nd bounce-back day in a row for mortgage rates after a tough week. Thus far this morning, we are resting at the PAR level despite some turbulent activity early.
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The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 8-21-2012 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 Monday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's IMPROVEMENT resulted in a change of 18 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
3.0 Coupon: Open 102.109 Change -0.188
3.5 Coupon: Open 104.719 Change -0.125
4.0 Coupon: Open 106.313 Change -0.078
5 Year: Open 98.500 Change -0.078 Yield 0.810
10 Year: Open 98.016 Change -0.250 Yield 1.842
30 Year: Open 95.938 Change -0.563 Yield 2.955
Key Economic Data:
EUR/USD: Open 1.2345 Change 0.0113
GBP/USD: Open 1.5708 Change 0.0056
USD/JPY: Open 79.400 Change 0.040
Oil: Open 97.17 Change 1.22
Key Economic News:
Week-on-week: Actual -1.5%, Last -0.3%.
Year-on-year: Actual 3.1%, Last 3.6%.
Month-on-month: Actual -0.3%, Last -0.3%.
Year-on-year: Actual 1.9%, Last 1.8%.
Treasuries 10-year yields rose to within four basis points of a three-month high on speculation a proposal to ease Greece’s bailout terms will quell the euro crisis and on waning bets the U.S. will add further stimulus.
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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