San Diego Mortgage Interest Rate Update 2-28-2011 + Projected Trends & Today's Best Mortgage Rates

By
Mortgage and Lending with AmeriFirst Financial Inc, San Diego, CA NMLS 259027

Want to know what mortgage interest rates will do this week? Introducing an easy-to-follow inside look at mortgage rate activity, featuring charts, rate sheets, market commentary, and even video recordings all in one daily morning blog! Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why). Subscribe to this free daily update by clicking the button on the right hand side of this page and always be aware of todays best mortgage rates. Although the title of this blog mentions San Diego, these updates are good for the entire state of California.

While basic understanding of the "book smarts" within the mortgage industry will help you understand specific terminology, loan programs, and features, there is so much more you will need to know in order to make an informed financial decision.

My approach to providing education strives to further your understanding beyond the "book smarts" of the mortgage industry, and learn the valuable "street smarts" that will help you achieve the best possible results, while avoiding the most common pitfalls that non-informed Borrowers and Real Estate Professionals have experienced.

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Monday 2-28-2011 and will help you understand todays 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 Friday with an IMPROVEMENT to pricing (as indicated by the chart below). Note that any movement that exceeds 25 basis points is significant (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT resulted in a change of 15 basis points (bps).

Mortgage Street Smarts - daily mortgage interest rate updates and daily mortgage interest rate projections featuring todays best mortgage interest rates. Provided by Jason E Gordon, CMPS, Direct Lender, San Diego, CA - visit www.mortgagestreetsmarts.com for free mortgage loan calculator, secure online loan application and more

The following chart shows the market activity thus far today (hint: upward activity is good, downward activity is bad):

Mortgage Street Smarts - daily mortgage interest rate updates and daily mortgage interest rate projections featuring todays best mortgage interest rates. Provided by Jason E Gordon, CMPS, Direct Lender, San Diego, CA - visit www.mortgagestreetsmarts.com for free mortgage loan calculator, secure online loan application and more

The following chart shows market activity over the past 10 days (hint: green is good, red is bad):

Mortgage Street Smarts - daily mortgage interest rate updates and daily mortgage interest rate projections featuring todays best mortgage interest rates. Provided by Jason E Gordon, CMPS, Direct Lender, San Diego, CA - visit www.mortgagestreetsmarts.com for free mortgage loan calculator, secure online loan application and more

The following chart shows market activity over the past 1 month: 

Mortgage Street Smarts - daily mortgage interest rate updates and daily mortgage interest rate projections featuring todays best mortgage interest rates. Provided by Jason E Gordon, CMPS, Direct Lender, San Diego, CA - visit www.mortgagestreetsmarts.com for free mortgage loan calculator, secure online loan application and more

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.

Mortgage Street Smarts - daily mortgage interest rate updates and daily mortgage interest rate projections featuring todays best mortgage interest rates. Provided by Jason E Gordon, CMPS, Direct Lender, San Diego, CA - visit www.mortgagestreetsmarts.com for free mortgage loan calculator, secure online loan application and more

Market Commentary

Analyst #1: Neil Trenerry

FNMA 30-YR 4.5%

Previous close 101.810
Opened Flat @ 101.810

Key Economic Data:

EUR / USD  1.3846  Up  0.0092
USD / JPY  81.8393  Up  0.1633
GBP / USD  1.6233  Up  0.0114

OIL  97.57  Down  0.31
Gold  1,412.50  Up  3.20

Key Economic News:

Consumer spending rose less than forecast in January as increasing food and fuel prices caused consumers to cut back on other goods and services. Purchases increased 0.2%, the smallest gain since June and half the median forecast of econmists, Commerce Department figures showed today in Washington. Income climbed more than projected, reflecting the tax-cut compromise reached by President Obama and Congressional Republicans in December, and inflation remained below the Federal Reserve's long-term forecast.

6:45 Chicago purchasing manager's index for Feb. No forecast. Previous 68.8 mom.

7:00: Pending home sales for Jan. No forecast. Previous +2.0%.


Advice:

With oil starting to drop and the dollar weaker against most major currenices, and consumer spending not going to crazy, this should help the markets. But traders seem to be waiting to see what happens with the Chicago purchasing manager's index and pending home sales.

My position on MBS stays neutral today.

Analyst #2 Dan Rawitch

Here is the link to our daily video 
http://ratewatch.com/ratewatchnow.html

Mixed news again today...I believe as the day goes on the bond market will decide the net effect of the news is somewhat bond friendly.  Nice to see a small rise income, which resulted from the tax cuts...not surprised consumers were unwilling to part with any of it.

Trouble in Libya continues, as does fear of increased oil prices.  I would expect the Dow to also change its point of view as the day goes on, I am surprised to see such a large increase, thus far in the morning.

I still see 102 in the horizon...perhaps we flatten out and maybe even correct a bit from there.  Still see a longer and bigger move up coming our way, after that!

Posted by

For more information on topics like this, please feel free to visit www.GordonMortgage.com (an educational resource for Borrowers, Real Estate Agents, and Financial Professionals). Educational content provided by:

 

Jason E. Gordon

Branch Manager | Sr. Mortgage Loan Officer

CMPS, CDLP, CDRE, RCS-D, CDPE, CMHS, CMC, NMLS 259027

 

Gordon Mortgage Group - AmeriFirst Financial Inc.

 

Office: 619-200-8031

Email: jgordon@amerifirst.us

www.GordonMortgage.com

 

11440 W. Bernardo Court, Ste. 300, San Diego, CA 92127

 

What People Are Saying About Jason Gordon

 Not all Mortgage Lenders are alike! Find out what Clients, Real Estate Agents and other Financial & Legal Professionals have to say about Jason Gordon.

 

 

Attention Real Estate Agents!

 Ever heard of a Lender having more "skin in the game" during escrow than a Buyer? Ever wish a Lender would put their money where their mouth is? Learn how the Protect Your Transaction (PYT) program will improve the negotiation leverage for a Buyer, as well as how PYT benefits the Seller & Realtors in this short video.

 

 

 

Recommended Links:

 

To see if you qualify (and to obtain a current market interest rate quote), click here for a secure online loan application form.

 

Gordon Mortgage Group - AmeriFirst Financial

 

Licensed by the Department of Corporations under the California Residential Mortgage Lending Act.

AmeriFirst Financial Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS #145368) Toll free phone (877) 276-1974. Copyright 2012. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations may apply. AmeriFirst Financial is required to disclose the following licensing information. Please click here for licensing information. 

 

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Groups:
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