Home > Blogs > Jason E. Gordon > Mortgage Street Smarts

Mortgage Rate Update 1-3-13: Trends Projections & Today's Best Rates

By Jason E. Gordon

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

January 02, 2013 12:03 AM

The fiscal cliff saga was solved (well sort of). There are mixed views on how the lastest "can kicking" resolution will impact the market. There is a great video link below which breaks down the fiscal cliff proposals and how they really play out in terms of actual numbers (worth a listen).

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 Wednesday 1-3-2013 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 Monday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENING netted a change of 3 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.

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

Market Commentary (Barry Habib)

Click on the following link for a brief video conducted by Mr. Habib: http://www.mbshighway.com/nrep/dailyvideo.html

Market Commentary (Bill Fisher)

Should we be pleased or worried by the enthusiasm for the real estate recovery that can now be found in the major news media? I suspect there is reason to be pleased.

Real estate is shining more brightly as we head into 2013 than it has in years. Home prices are on track to notch their first yearly gain since 2006, Nick Timiraos wrote recently in the Wall Street Journal, the strongest performance since the housing bust and a development that could accelerate the real-estate rebound even as the broader economy stutters.

Demand for existing homes is powerful. Sales were up from November 2011 to November 2012 by a remarkable 14.5%. And new homes, very few of which were built in recent years, have people camping out in new developments, making sure they hold on to their place in line. Sales were up 4.4% last month.

While 18 of 20 cities posted year-over-year existing home price gains in October [according to the S&P Case-Shiller Index], the largest increases have taken hold in some cities hit hard by the bust. In Phoenix, for example, prices have jumped by 21.7% over the past year.

Most economists agree that prices are unlikely to continue rising at that pace for long, and that the upward surge is primarily the result of how far prices had fallen. For now, though, some of the damage done to real estate valuesespecially in many of Californias currently strongest marketsis on the mend and that means homeowners ability to refinance and sell their homes is being restored. It also means that the quality of life in many formerly economy-ravaged neighborhoods is rising again.

There is still more evidence of the growing strength of the real estate market in our part of the world. There is a lot of foreign money poking around U.S. real estate, observes investment adviser Chris Mayer in Daily Resource Hunter. He notes that foreigners recognize the values and opportunities in todays American real estate market, especially in markets like the Bay Area, Sacramento, and others even further afield.

Real estate is intensely local, Mayer reaffirms. Yet real estate is also connected globally, which you may not appreciate. People go where they can get a deal. For now, the U.S. is one such place. One of Mayers clients, a man from South Africa, said, I think it is once in a lifetime, this current situation.

Really? Okayjust how optimistic can we get? According to many observers today, we can hazard far more optimism than wed expected to until perhaps very recently.

If the politicians dont drag us through the mud, this could be a Happy New Year indeed.

Trusted Industry Advisor

San Diego Residential Mortgage Specialist Jason E Gordon

The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon in an effort to provide transparency regarding true mortgage rate activity and market guidance to consumers and professionals interested in this activity.

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.

Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage rates