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Mortgage Rate Update 7-10-13: Trends Projections & Today's Best Rates

By Jason E. Gordon

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

July 10, 2013 02:49 AM

In anticipation of today's Fed Meeting, we are currently down 37 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 over 2 years at www.JasonGordon.info whenever desired. To make things easier, I have also posted a quick report on How To Read The Charts Below.

Also, make sure to learn THE TOP 10 THINGS TO KNOW ABOUT MORTGAGE RATES (to help understand the relationship between rates & fees/credits) along with 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). Remember, we all make better decisions in life when we have the actual facts to analyze...share this report with those whom you care about!

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 7-10-2013 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 Tuesday with an IMPROVEMENT to pricing. Tuesday's IMPROVEMENT netted a change of 6 basis points (bps).

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

The following chart shows the activity thus far 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.

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

Market Commentary (Neil Trennery)

FNMA 30-Year:

2.5 Coupon: Open 91.5625 Change 0.1875

3.0 Coupon: Open 96.3438 Change 0.2500

3.5 Coupon: Open 100.2813 Change 0.1875

4.0 Coupon: Open 103.2969 Change 0.1406

Treasuries:

5 Year: Open 99.4844 Change 0.0547 Yield 1.4830

10 Year: Open 92.4219 Change 0.0938 Yield 2.6270

30 Year: Open 86.2031 Change 0.2500 Yield 3.6380

Key Economic Data

EUR/USD: Open 1.2821 Change 0.0040

GBP/USD: Open 1.4892 Change 0.0028

USD/JPY: Open 100.320 Change -0.810

Oil: Open 105.39

Key Economic Data:

Mortgage Market

Index: Actual 533.3, Last 555.5

Purchase: Actual 201.7, Last 208.2.

Refinance: Actual 2454.6, Last 2568.3.

30-yr Rate: Actual 4.68%, Last 4.58%.

7:00: Wholesale for May

Inventories: Consensus 0.3%, Last 0.2%.

Sales: Consensus 0.4%, Last 0.5%.

Advice:

With just Wholesale to come out later on, I get the feeling that the market is waiting to see which way to go.

My position on MBS stays Neutral.

Market Commentary (Dan Rawitch)

Bonds are hovering above the 100 mark and are showing some weakness this morning. There did not seem to be any reaction to the Wholesale Inventory report, which was down .05%. Later today we will get to read the FOMC minutes and we will see how the 21 billion 10 yr bond auction performs.

I am seeing overall signs of selling slowing down, hopefully the afternoon info that is realized will bring us more buyers.

It is also worth mentioning that S&P downgraded Italy, which is driving money out of the periphery and into the Core, thus causing yields in countries like Italy, Spain and Greece to rise in a flight to quality.

I will share my thoughts on the FOMC later today or first thing tomorrow morning.

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. All Market Commentary is provided via The Mortgage Coach and/or their RateWatch technology software.

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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