Today might be a pivotal day for mortgage rates as the Fed will meet later this afternoon and provide an updated policy statement. We've seen a sharp increase in weekly jobless claims along with significant increases in wholesale inflation.
This daily mortgage interest rate report is provided to equip Borrowers & Real Estate Profesionals with factual data regarding where rates are at any given time and what trends are propelling current mortgage pricing on any given day. 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 Thursday 9-13-2012 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 Wednesday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's IMPROVEMENT resulted in a change of 6 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
2.5 Coupon: Open 100.875 Change 0.375
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 103.438 Change 0.188
3.5 Coupon: Open 105.750 Change 0.156
4.0 Coupon: Open 106.922 Change 0.094
Treasuries:
5 Year: Open 99.805 Change 0.148 Yield 0.665
10 Year: Open 98.922 Change 0.203 Yield 1.744
30 Year: Open 96.781 Change 0.313 Yield 2.913
Key Economic Data:
EUR/USD: Open 1.2899 Change - 0.0001
GBP/USD: Open 1.6106 Change -0.0009
USD/JPY: Open 77.830 Change -0.2700
Oil: Open 97.52 Change 0.50
Key Economic News:
Unemployment
Initial jobless claims: Actual 382k, Consensus 370k, Last 365k.
Jobless claims 4-week average: Actual 375.00k, Last 371.25k.
Continued jobless claims: Actual 3.283m, Consensus 3.318m, Last 3.322m.
PPI for Aug
Price index: Actual 1.7% Consensus 1.1%, Last 0.3%.
Inflation year-on-year: Actual 2.0%, Consensus 1.4%, last 0.5%.
9:30: FOMC decision: Last 0.25%.
11:00: Federal budget for Aug: Consensus -155.0b, Last -69.60b.
Advice:
With unemployment taking a turn for the worst we should see the market improve, but all eyes will be on the Fed.
My position on MBS changes to neutral.
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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