The market has opened today with a strong start. We are currently up 33 basis points!
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.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Thursday 11-1-2012 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 SLIGHT WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's SLIGHT WORSENING netted a change of 6 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows market activity thus far 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 101.391 Change -0.547
3.0 Coupon: Open 104.547 Change -0.078
3.5 Coupon: Open 106.313 Change -0.047
Treasuries:
5 Year: Open 100.008 Change -0.109 Yield 0.750
10 Year: Open 98.797 Change -0.375 Yield 1.759
30 Year: Open 96.063 Change -1.016 Yield 2.949
Key Economic Data:
EUR/USD: Open 1.2941 Change -0.0081
GBP/USD: Open 1.6129 Change -0.0097
USD/JPY: Open 80.1200 Change 0.4000
Oil: Open 86.67 Change -0.430
Key Economic Data:
Payrolls for Oct
Non-farm: Actual 171k, Consensus 125k, Last 114k.
Private: Actual 184k, Consensus 125k, Last 104k.
Manufacturing: Actual 13k, Consensus -4k, Last -16k.
Government: -13k, Last 10k.
Unemployment rate: Actual 7.9%, Consensus 7.9%, Last 7.8%.
7:00: Durable Goods for Sep
Goods: Last 9.9%.
Ex-def: Last 9.1%.
Factory orders: Consensus 4.6%, Last -5.2%.
7:30: ECRI weekly index: Last 126.8.
Advice:
Hiring in the U.S. increased more than forecast in October as employers looked past slowing global
growth and political gridlock. In the last jobs report before next week’s election, a net 171,000 workers were added to payrolls after a 148,000 gain in September that was more than first estimated, Labor Department figures showed today in Washington. The median forecast of 91 economists surveyed by Bloomberg called for an advance of 125,000. The jobless rate rose to 7.9% from 7.8% as more people entered the labor force. Faster job growth may help explain recent gains in consumer sentiment, laying the groundwork for a pickup in purchases that’s helping sustain the expansion in wake of a weakening global economy. Americans go to the polls on Nov. 6 to decidewhether to give President Barack Obama another four years or change course with Republican challenger Mitt Romney. “The labor market is taking baby steps forward,” Scott Anderson, chief economist at Bank of the West in San Francisco, said before the report. “The fact that consumers are spending again has been an important support. Consumers pull a lot of weight, so more spending can lead to job creation.” The report showed retailers added the most workers to payrolls since April 2011. A strengthening in the housing market helped drive a gain in construction employment, while payrolls increases were also noted in business services, manufacturing
and leisure and hospitality.
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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