san diego mortgage rates: San Diego Mortgage News - August 16, 2013 - 08/16/13 08:46 AM
What happened yesterday?  
Mortgage backed securities (MBS) lost -49 basis points from Wednesday's close which caused 30 year fixed rates to move upward.  MBS have now lost a big -135BPS from Monday's open to yesterday's close.
Once again, we started the day selling off before our first dose of economic data even hit due to the German Bund (there version of our U.S. Treasury 10 Year note) saw their yields shoot up on continued optimism for growth in Germany and in Europe.  This zapped money out of U.S. bonds which caused MBS pricing to rise.
Then, Initial Jobless Claims were much better than … (0 comments)

san diego mortgage rates: San Diego Mortgage News - July 25, 2013 - 07/25/13 02:58 AM
What happened yesterday?  
Mortgage backed securities (MBS) lost -53 basis points from Tuesday's close which caused 30 year fixed rates to move higher.
The benchmark FNMA coupon has now lost -88BPS from Monday's highs.
MBS were under pressure right from the first trade as they tanked -34BPS right out of the gate.Traders have been selling off of their positions as they no longer believe that the benchmark FNMA 3.5% August coupon can sustain their lofty levels of Monday's intra-day high. 
New Home Sales hit a five year high as they rose 8.3% in June.  The seasonally adjusted annualized rate of 497K units is still … (0 comments)

san diego mortgage rates: This Week's Mortgage News for Realtors - July 22, 2013 - 07/22/13 08:20 AM
Home Prices Jump, Time on Market Falls:
The median home price jumped 13.5% from this time last year to $214,200. This marks 16 consecutive months of year-over-year price increases, which last occurred from February 2005 to May 2006.
The National Association of Realtors released their Existing Home Sales report for June this morning and it also showed that sales of previously owned homes increased 15.2% from June 2012. On a month-over-month basis, sales slipped 1.2%.
Time on market decreases: The median time on market for all homes was 37 days in June, down from 41 days in May, and is 47 … (1 comments)

san diego mortgage rates: San Diego Mortgage News - July 17, 2013 - 07/17/13 03:04 AM
Bernanke’s prepared text was out at 8:30 this morning (way early) before his 10:00appointment at the House Financial Services Committee. He is saying that the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant. “If the outlook for employment were to become relatively less favorable, if inflation did not appear to be moving back toward 2 percent, or if financial conditions -- which have tightened recently -- were judged to be insufficiently accommodative to allow us to attain our mandated objectives, the current pace of purchases could be maintained for … (0 comments)

san diego mortgage rates: San Diego Mortgage News - July 16, 2013 - 07/16/13 02:03 AM
Generally a quiet open this morning. Markets are likely to sit somewhat still through the day today ahead of the beginning of Bernanke’s testimony tomorrow at the House Financial Services Committee; Thursday he moves to the Senate Banking Committee. The obvious topic is what is he thinking now about beginning the end of the QEs? Generally most all market participants are expecting the Fed to start tapering soon, the question is when? Most of the talk has been centered on September for the first cut in the $85B of monthly purchases, some think a cut of $20B a month. Bernanke has been going back and forth … (0 comments)

san diego mortgage rates: San Diego Mortgage News - June 13, 2013 - 06/13/13 04:30 AM
Japan’s stock market took another huge hit last night taking the Nikkei index down 6.0% and now trading in bearish territory. The reaction sent the US stock indexes down and dropped the 10 yr note yield to 2.18%. Europe’s stock markets also were it hard on the Japanese selling. US economic data at 8:30 stopped the global slide in stock markets although Europe is still weaker; US stock indexes at 9:00 were pointing to an unchanged opening and the improvement in the bond market lost much of its gains. Weekly jobless claims were down 12K to 334K, estimates were for claims to have increased 4K to … (0 comments)

san diego mortgage rates: San Diego Mortgage News - June 12, 2013 - 06/12/13 01:41 AM
Market confusion and uncertainty continue to play out in the financial markets. Yesterday stock indexes fell and the treasury and mortgage markets improved, this morning the stock indexes better and treasuries under some pressure. With increasing concerns that the Fed will begin tapering its easing’s and mixed economic outlooks based on data that hasn’t shown much growth, investors are still being “forced” into equity markets as the Fed continues to keep interest rates so low there is nowhere else to go. The bond and mortgage markets feeling the pain as rates increase, however it was inevitable rates would increase, they really … (0 comments)

san diego mortgage rates: San Diego Mortgage News - June 7, 2013 - 06/07/13 10:33 AM
The May employment report, one of the most anticipated in years, in many respects was not as volatile as most of them are. Non-farm jobs earlier this week were for an increases of 167K, after the ADP report on Wednesday being weaker than what had been expected the estimates were ratcheted lower. Non-farm jobs were up 175K and non-farm private jobs increased to 178K right on what the early forecasts were. March and April jobs revisions subtracted 12K jobs originally reported. The unemployment rate was expected to be unchanged at 7.5%, increased to 7.6% because 420K  people entered the job market … (0 comments)

san diego mortgage rates: San Diego Mortgage News - June 5, 2013 - 06/05/13 04:09 AM
Prior to 8:15 the 10 yr was +8/32 at 2.12% -3 bps; US stock indexes were slightly weaker. At 8:15ADP reported private job growth in May increased by 135K, the consensus estimate was +170K; April private jobs were revised lower, to 113K frm 119K. It was all in the service sector increasing 135K, construction gained 5K jobs, financial services +7K, manufacturing lost 6K. Small businesses added 57K jobs. The initial reaction improved the bond market, the 10 yr at 8:30 +13/32 at 2.11% -4 bps, 30 yr 3.5 FNMA MBSs struggling at 8:30 up 14 bp---not much as the MBS market remains more bearish than treasuries. At 8:30 Q1 productivity was … (0 comments)

san diego mortgage rates: San Diego Mortgage Rates are Going Up! - 05/22/13 05:53 AM
San Diego Mortgage Rates are affected - 
The Mortgage Bankers Association, Fannie Mae and the National Association of Realtors have all projected that the 30-year mortgage rate will be at least 4% by the end of 2013. If we assume that rates will still be at 4% in twelve months, here is the difference a buyer will pay if they wait.
 

 
 
Taken from KCM Blog on 5/22/13 http://www.kcmblog.com/ 
(0 comments)

san diego mortgage rates: San Diego Mortgage News - April 26, 2013 - 04/26/13 01:59 AM
Q1 advance GDP was widely expected to be +3.1% growth for the quarter; as reported GDP up just 2.5% after Q4 2012 was up 0.4%. It is the advance report and subject to change next month when we see the preliminary data; nevertheless growth according to the report isn’t as strong as thought. The reaction wasn’t much compared to trade prior to the data; the 10 yr note prior to 8:30 down 1 bp at 1.70%, at 9:00 1.68%. Stock indexes were weaker before GDP but there was not much additional selling when the weaker data hit. The drop in defense … (0 comments)

san diego mortgage rates: San Diego Mortgage News - April 25, 2013 - 04/25/13 04:33 AM
Weekly jobless claims at 8:30 were better than forecasts; down 16K to 339K. Claims last week were the lowest since early March, so-called consensus estimates were at 350K. The 4 week average on claims was down 4500 to 357,500. As we said yesterday claims now are free from seasonal machinations. A Labor Department spokesman said there was nothing unusual that affected today’s figures, he said big swings in claims are common this month because of layoffs related to school vacations and holidays such as Easter that don’t always occur during the same week each year. He also said the period of … (0 comments)

san diego mortgage rates: This week in Mortgage - April 22, 2013 - 04/22/13 04:18 AM
Last Week's Mortgage Rates RecapLast week saw interest rates and pricing rebates remain stable for the second week in a row. Surprisingly though we didn't see the intraday volatility that we expected to see. Even though the stock market, along with the prices for gold and oil all were very volatile, that volatility never crossed over into the bond market, specifically the 10yr Treasure note and MBS (Mortgage Backed Securities), the drivers for mortgage interest rates and pricing rebates.
This Week's Mortgage Rates Forecast
Risks Favor: FLOATING
Interest rate markets are driven these days by each move in the key stock indexes; that market … (0 comments)

san diego mortgage rates: This week in Mortgage - April 15, 2013 - 04/15/13 02:47 AM
Last Week's Mortgage Rates Recap
Last week saw interest rates remain very stable, not really improving too much even though we did see some MBS (Mortgage Backed Security) market improvements. Why does this happen? Well, many reasons can contribute, including supply and demand (lenders have a very strong supply right now and don't need to pass market improvements on to consumers to capture more business), as well as secondary pricing desks hedging against rapid market deterioration. What's all this mean in English? Simply that rates remain flat.

This Week's Mortgage Rates Forecast
Risks Favor: FLOATING
Now that we are seeing a new trend in MBS … (0 comments)

san diego mortgage rates: San Diego Mortgage News - April 10, 2013 - 04/10/13 02:07 AM
The Federal Reserve made a huge error yesterday; it sent out the FOMC minutes yesterday afternoon to members of Congress; a day ahead of when the minutes were supposed to be released. The minutes were expected at 2:00 this afternoon, after the mistake yesterday the minutes were released this morning at 9:00 am. The announcement of the misstep release yesterday wasn’t known until 8:55 am this morning.
 
·        Committee members saw the information received over the intermeeting period as suggesting that moderate economic growth had resumed following a pause late last year.
·        Labor market conditions had shown signs … (0 comments)

san diego mortgage rates: San Diego Mortgage News - April 9, 2013 - 04/09/13 01:59 AM
Very early this morning the 10 yr note yield was up a basis point at 1.75%; but by 9:00 the 10 improved a little to unchanged at 1.74%. US stock indexes looking better at 9:00 with the DJIA pointing to a 35 point open at 9:30; 30 yr MBS price up 2 bp frm yesterday’s close. U.S. stocks rallied yesterday as investors speculated first-quarter earnings would help equities rally. Income at S&P 500 companies probably fell 1.8% in the first three months of the year, the first year-over-year drop since 2009.  At 9:30 the DJIA opened +25, NASDAQ +7, S&P +3; 10 yr … (2 comments)

san diego mortgage rates: San Diego Consumer Mortgage News - April 8, 2013 - 04/08/13 09:04 AM
Last Week's Mortgage Rates Recap
Last week we ended the week with significantly better mortgage rates than we started - depending on the lender it was anywhere from .125% to .250% improvement to mortgage rate on the average loan. After so many weeks of rates being in a tight range with little improvement, what drove the rally? The short answer is the drama in North Korea and their threats of attacking the US and South Korea. It was exacerbated as well on Friday with a decline in employment data, which was a big market mover.





This … (0 comments)

san diego mortgage rates: San Diego Mortgage News - Friday March 22, 2013 - 03/22/13 05:08 AM
A little better start in the mortgage and bond market this morning even with the stock indexes opening better. It remains all about the Cyprus banks and whether Cyprus can come up with 5.8B euros in order to get bank rescue money from the ECB. Yesterday the gauntlet was laid down to Cyprus by the ECB and EU officials; raise the money by Monday or the rescue is off. Tough talk as there has been in the past, but in recent past crisis’s in Spain, Italy and Portugal the deadlines were achieved in various forms to avoid any systematic EU meltdown. Will … (0 comments)

san diego mortgage rates: Mortgage News - Monday March 18, 2013 - 03/18/13 07:51 AM
Last Week's Mortgage Rates Recap
Last week we ended the week with the same to slightly better mortgage rates than we started, and improved rebate pricing. However, every day had major volatility that greatly affected pricing when consumers locked in their interest rates. We saw swings of as much as .500 in rebate in a day, which on a $200,000 loan is $1,000. We ended the week with risks greatly favoring locking in interest rates.




This Week's Mortgage Rates Forecast
Risks Favor: CAUTIOUSLY FLOATING
What a difference a weekend makes. When we ended last week, we felt … (0 comments)

san diego mortgage rates: What's Your Rate? - 03/03/13 11:04 AM
What's Your Rate?
 
I do not publish rates on my website. There’s a reason for that. I just don’t believe it is right or fair, as doing so can seriously mislead a potential borrower.
Many lenders quote rates online in order to get you to call, but they fail to tell you that pricing loans is highly complex. Each borrower’s situation is unique. To give you an accurate rate quote, I need to do a detailed analysis of your financial situation. There are over 30 different factors that go into the pricing of a loan, including loan size, LTV, CLTV, … (0 comments)

 


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