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Mortgage Rate Update 10-25-12: Trends Projections & Today's Best Rates

By
Mortgage and Lending with CMG Mortgage, San Diego, CA NMLS 259027

Another turbulent day in the works for mortgage rates.  After a few extreme dips and spikes, we are currently about 3 basis points ahead of yesterday's market close (with the hopes of breaking a trend of negative movement over the past few days).

This daily mortgage interest rate report is designed to provide 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.

Jason E. Gordon - Mortgage Rate Update - www.jasongordon.net

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Thursday 10-25-2012 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 a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's WORSENING netted a change of 12 basis points (bps).

(hint: upward activity is good, downward activity is bad)

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activity thus far today:

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activityover the past 10 days (hint: green is good, red is bad):

Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activity over the past 1 month:

Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

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.

Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

Market Commentary (Neil Trenerry)


FNMA 30-Year:

2.5 Coupon: Open 101.219  Change -0.500

3.0 Coupon: Open 104.172  Change -0.250

3.5 Coupon: Open 105.969  Change -0.188

 

Treasuries:

5 Year: Open 99.633 Change -0.301  Yield 0.825

10 Year: Open 98.078  Change -0.594  Yield 1.840

30 Year: Open 95.234  Change -1.156  Yield 2.993

 

Key Economic Data:

EUR/USD: Open 1.2972 Change  0.0004

GBP/USD: Open 1.6036  Change 0.0094

USD/JPY: Open 79.780 Change 0.410

Oil: Open 86.26 Change 0.530


Key Economic Data:

Building permits for Sep: Actual 0.890m, Last 0.894m.

Durable goods for Sep

Index: Actual 9.9%, Consensus 7.1%, Last -13.2%.

Ex-transport: Actual 2.0%, Consensus 0.8%, Last -1.6%.

Ex-defense: Actual 9.1%, Last -12.4%.

Unemployment

Initial jobless claims: Actual 369k, Consensus 370k, Last 388k.

Jobless claims 4-week average: 368.0k, Last 365.5k.

Continued jobless claims: Actual 3.254m, Continued 3.255m, Last 3.252m.

National Activity index for Sep: Actual 0.0, Last -0.87.

7:00: Pending home sales for Sep: Last 99.2.

 

Advice:

Fewer Americans filed first-time applications for unemployment benefits last week as the seasonal volatility at the start of the quarter wound down. Jobless claims decreased by 23,000 to 369,000 in the week ended Oct. 20 from a revised 392,000 the prior period, the Labor Department reported today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for a drop in claims to 370,000. Averaged over several weeks, the pace of firings has been little changed, indicating payroll gains are being restrained by a lack of hiring. The data signals employers are seeing enough demand to maintain existing staffing levels even amid growing concern about a slowing global economy and the looming fiscal cliff of tax increases and government spending cuts that will take effect in 2013. “In the immediate term, we’re likely to be in a holding pattern because of the fiscal cliff,” Millan Mulraine, a senior U.S. strategist at TD Securities in New York, said before today’s report. “I would think some of that uncertainty would dissipate and be consistent with improving jobs prospects.”  Estimates in the Bloomberg survey ranged from 350,000 to 382,000. The Labor Department revised the previous week’s figure up from an initially reported 388,000.

 

My position on MBS stays Long.

Trusted Industry Advisor

Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.com

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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