What a great way to end the week as the Labor Day holiday weekend began on the heals of a 48 basis point improvement! We are off to a strong start again today. Might want to hold off on locking until we see if this trend continues!
This daily report is provided to you each day as a resource to provide transparency to what is really happening with mortgage rates. Feel free to browse the library and research historical rate updates dating back nearly 2 years 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 Tuesday 9-4-2012 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 a SIGNIFICANT IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's SIGNIFICANT IMPROVEMENT resulted in a change of 48 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 103.656 Change -0.141
3.5 Coupon: Open 105.906 Change -0.141
4.0 Coupon: Open 107.156 Change -0.094
5 Year: Open 100.078 Change -0.063 Yield 0.609
10 Year: Open 100.438 Change -0.141 Yield 1.577
30 Year: Open 101.219 Change -0.141 Yield 2.690
Key Economic Data:
EUR/USD: Open 1.2591 Change -0.0020
GBP/USD: Open 1.5883 Change -0.0019
USD/JPY: Open 78.240 Change 0.170
Oil: Open 96.49 Change 0.02
Key Economic News:
Markit Mfg PMI Final for Aug: Actual 51.5, Last 51.9.
7:00: Construction spending for Jul: Consensus 0.4%, Last 0.4%.
7:00: ISM Manufacturing for Aug: Consensus 50.0, Last 49.8.
My position on MBS changes to 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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