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).
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 10-25-2011 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 Monday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders).Monday's WORSENING resulted in a change of 3 basis points (bps).
The following chart shows the market activity for today (hint: upward activity is good, downward activity is bad):
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.
Analyst#1: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 100.906
Opened Up 0.125 @ 101.031
Key Economic Data:
UST 2 YR 0.29 Up 0.00
UST 5 YR 1.09 Up 0.00
UST 10 YR 2.22 Down 0.01
UST 30 YR 3.26 Down 0.02
EUR / USD 1.3897 Down 0.0032
USD / JPY 76.0800 Down 0.0200
GBP / USD 1.6001 Up 0.0003
Oil 94.00 Up 2.73
Gold 1,658.00 Up 5.70
Key Economic News:
9:00: S&P/Case-Shiller home price index (August): Stable prices. Consensus points to a small increase in the seasonally adjusted Case-Shiller 20-city index during May. This would leave prices down 3.3% from a year earlier.
Consensus: +0.1%; Last +0.1%.
10:00: Conference Board confidence index (October): Small increase? Consensus is looking for a small increase in the index of consumer confidence, based partly on the rise in stock prices. Measures of consumer confidence in general show household sentiment steady at subdued levels.
Consensus: 46.0; Last: 45.4.
10:00: FHFA House Price Index (August): Another gain. This index—which tracks the purchase price of homes with agency-conforming mortgages—has risen in every month since March.
Consensus: +0.2%; Last +0.8%.
10:00: Richmond Fed survey (October): Tie breaker. The Philadelphia Fed index improved sharply this month but the Empire State index was about unchanged and still well below zero. The Richmond Fed index should help determine which is a better characterization of current manufacturing activity. In addition to a manufacturing index, the Richmond Fed survey contains a separate set of questions sent to firms in service-providing industries, which is one of the few direct measures of services activity in the monthly indicator cycle.
Consensus: Flat; Last -6.
Again all eyes will be on Europe, and with today’s news expected to come in close to last months numbers. I expect the market to hold the 101.000 mark.
My position on MBS stays neutral.
Analyst #2: Dan Rawitch
Here is the link to our daily video: http://ratewatch.com/ratewatchnow.html
Lots of bond friendly news this morning. Although bond friendly, it should not make you happy. We need housing to bottom and we need consumers to feel great so they pay the bottomed out prices.
Instead, the housing numbers take another hit and consumer confidence dives as well. Take a look at the chart, confidence is as low as it has been for at least 40 years (other than that lovely period of 08).
Like I’ve said, I would trade higher rates for a robust housing market and super excited consumers.
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 www.jasonegordon.com or www.ApprovingSD.com or more information.
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