Yet another volatile day yesterday (stop me if you've heard this before). In both anticipation of, and reaction to the Fed Meeting (FOMC), we lost upwards of 70 basis points before sharply making up ground near the final bell. The end result was a 31 basis point worsening to pricing. Thus far today, we have lost an additional 25 bps.
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!
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Thursday 7-11-2013 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 Wednesday with a SIGNIFICANT WORSENING to pricing. Wednesday's SIGNIFICANT WORSENING netted a change of 31 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.
Market Commentary (Neil Trennery)
2.5 Coupon: Open 91.6719 Change 0.7813
3.0 Coupon: Open 96.5000 Change 0.8438
3.5 Coupon: Open 100.3281 Change 0.7188
4.0 Coupon: Open 103.3750 Change 0.5625
5 Year: Open 99.7969 Change 0.4922 Yield 1.4170
10 Year: Open 92.6719 Change 0.6250 Yield 2.5980
30 Year: Open 86.0313 Change 0.5938 Yield 3.6480
Key Economic Data
EUR/USD: Open 1.3023 Change 0.0049
GBP/USD: Open 1.5084 Change 0.0075
USD/JPY: Open 99.250 Change -0.400
Oil: Open 105.63
Key Economic Data:
Import prices for Jun: Actual -0.2%, Last -0.6%, revised -0.7%.
Export prices for Jun: Actual -0.1%, Last -0.5%.
Initial jobless claims: Actual 360k, Consensus 340k, Last 343k, revised 344k.
Jobless claims 4-week avg: Actual 351.75k, Last 345.50k, Revised 345.75k.
Continued jobless claims: Actual 2.977m, Consensus 2.950m, Last 2.933m, Revised 2.953m.
Federal budget for Jun: Consensus 39.5b, Last -139.0b.
The market took a nice turn after the unemployment numbers came in higher than expected. Hopefully this will be enough to help the market start the market to rally.
My position on MBS changes to Long.
Market Commentary (Dan Rawitch)
Well...it happened. Bernanke recanted and tried to take back all the fear he created over the QE tapering concerns. Does the market believe him? The DOW sure does. If fact, the Dow believes so strongly that causing a bit of a "risk on" mentality which may be pulling money that could be going to Bonds. I do believe, over the next several trading days, traders will continue to jump on the Bond wagon.
Lets hope for a great 30 year auction today and a nice low PPI number tomorrow. We should test 101.00
Trusted Industry Advisor
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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Jason E. Gordon
Sr. Mortgage Loan
CMPS, CDPE, CMC, NMLS 259027
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SS Pkg submitted to lenders(s), ready to consider offers.
*BUYER TO VERIFY ALL MLS INFO, PERMITS AND FEES PRIOR TO THE CLOSE OF ESCROW AND BE SATISFIED*
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