Mortgage Rate Update 10-20-11: Trends, Projections & Today's Best Rates

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

Todays best mortgage rates. What can we expect from mortgage rates this week? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why).

Mortgage Street Smarts - Daily interest rate updates, daily mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

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

The following information is current as of Thursday 10-20-2011 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 Wednesday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's IMPROVEMENT resulted in a change of 15 basis points (bps).

 Best Mortgage Rates, San Diego Residential Mortgage Specialist, Jason E Gordon,

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

 Best Mortgage Rates, San Diego Residential Mortgage Specialist, Jason E Gordon,

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

 Best Mortgage Rates, San Diego Residential Mortgage Specialist, Jason E Gordon,

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

Best Mortgage Rates, San Diego Residential Mortgage Specialist, Jason E Gordon, 

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.

 Best Mortgage Rates, San Diego Residential Mortgage Specialist, Jason E Gordon,

Market Commentary

Analyst#1: Neil Trenerry


FNMA 30-Yr 3.5%

Previous close 101.156

Opened Down 0.156 @ 101.000



Key Economic Data:

UST 2 YR 0.27  Up  0.00

UST 5 YR  1.05  Up 0.01

UST 10 YR  2.17 Up  0.01

UST 30 YR  3.20  Up  0.02


EUR / USD   1.3741  Down  0.0019
USD / JPY  76.8900  Up  0.0800
GBP / USD  1.5749 Down  0.0025

Oil   85.51   Down   0.60

Gold   1,619.30  Down   27.70

Key Economic News:


As expected
Jobless claims about unchanged, as expected.

Key Numbers:
Initial jobless claims 403k for Week of October 15 vs. median forecast 400k.
Continuing jobless claims 3,719k for Week of October 8 vs. median forecast 3,690k.

Main Points:

1. Initial jobless claims were 403k in the week ending October 15, roughly in line with consensus forecasts. Claims for the previous week were revised up slightly (to 409k from 404k). The four-week moving average of initial claims fell to 403k from 409k last week. The relatively steady level of initial claims recently suggests that layoffs are not an immediate threat to the job growth outlook. Continuing jobless claims rose by 25k in the latest available week, but persons receiving benefits through the extended/emergency benefit programs declined by about 70k (not seasonally adjusted).


10:00: Index of leading indicators (September): Components of the leading index were mixed last month, with a decline in stock prices and building permits, but increases in consumer sentiment and the ISM vendor performance index. Other known components of the index were about unchanged.

Consensus: +0.2%; Last +0.3%.


10:00: Philadelphia Fed index (October): Another improvement. Despite a sizable gain last month, the Philadelphia Fed’s business conditions index remains low compared to other regional manufacturing surveys. In addition, key components of the Empire State index for October (shipments, new orders and employment) looked better than the headline. This level would indicate an ongoing contraction, but at a slower rate than during the last two months.

Consensus: -9.6; Last -17.5.


10:00: Existing home sales (September): Sales slip back. We forecast a decline in existing home sales of 4.0% (mom), based on the recent deterioration in the pending home sales index. This follows an increase of 7.7% in existing home sales in August. Despite significant volatility, the trend in existing home sales has remained roughly flat over the last four years.

Consensus: -2.5%; Last +7.7%.


10:15: St. Louis Fed President James Bullard makes opening remarks at research conference. President Bullard also plans a press briefing later in the day.


12:00: Atlanta Fed President Dennis Lockhart moderates panel at conference entitled “American Economy in Crisis: How Should We Respond?”


12:50: Cleveland Fed President Sandra Pianalto on “US Manufacturing and the Economic Outlook.”


18:00: Federal Reserve Governor Daniel Tarullo on “Unemployment, the Labor Market, and the Economy.”


19:45: Minneapolis Fed President Narayana Kocherlakota on economic education.





With today’s news and a stronger dollar, I would expect the market again to remain flat


My position on MBS changes to neutral (Sell long position).


Analyst #2: Dan Rawitch

Here is the link to our daily video:

We have are typical dose of mixed news, ranging from lousy existing home sales, to surprisingly good Manufacturing numbers.  While jobless claims were better, we must all admit, we have a very long way to go!  

Europe and France cannot seem to reach agreement and the $8 billion payment to Greece will soon  be due.  Make no mistake, a default will create more unintended consequences than any of us can imagine.

Be careful floating.  I will say if we can break about 101.50, we will have a nice rally.  If we break below 100.75, we could fall very hard.   The charts don’t help me much, Europe and twist have created a new set of rules to trade by.

Trusted Industry Advisor

The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon. 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 or or more information.

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Jason E. Gordon

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Gordon Mortgage Group - AmeriFirst Financial Inc.


Office: 619-200-8031



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


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