Should you lock in mortgage rates today? This week's rally took a turn for the worse yesterday afternoon, only to continue this morning. Today might be a great day to lock-in rates for short term financing now that we have gained back some of last week's losses.
Did you know you have a free resource to research interest rates each day? You can even 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 Friday 8-24-2012 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 103.359 Change 0.172
3.5 Coupon: Open 105.672 Change 0.141
4.0 Coupon: Open 107.016 Change 0.078
Treasuries:
5 Year: Open 99.141 Change 0.047 Yield 0.678
10 Year: Open 99.828 Change 0.203 Yield 1.644
30 Year: Open 99.813 Change 0.422 Yield 2.759
Key Economic Data:
EUR/USD: Open 1.2562 Change -0.0064
GBP/USD: Open 1.5859 Change -0.0028
USD/JPY: Open 78.460 Change 0.060
Oil: Open 96.13 Change -0.15
Key Economic News:
Durable Goods for Jul
Index: Actual 4.2%, Consensus 2.4%, Last 1.3%.
Ex-transport: Actual -0.4%, Consensus 0.5%, Last -1.4%.
Ex-defense: Actual 5.7%, Last -1.0%.
7:30: ECRI weekly index: Last 122.8.
Advice:
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.
Do you want mortgage rate updates on your cell phone? Simply text the word UPDATES to 79564
Click here for daily mortgage interest rate updates and projections for San Diego's lowest mortgage rates
Comments(2)