San Diego's 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 Wednesday 10-26-2011 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 Tuesday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Tuesday's IMPROVEMENT resulted in a change of 49 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 101.531
Opened Down 0.15 @ 101.375
Key Economic Data:
UST 2 YR 0.28 Up 0.03
UST 5 YR 1.04 Up 0.05
UST 10 YR 2.15 Up 0.04
UST 30 YR 3.16 Up 0.02
EUR / USD 1.3938 Up 0.0030
USD / JPY 75.8600 Down 0.2300
GBP / USD 1.6015 Up 0.0014
Oil 92.67 Down 0.50
Gold 1,712.70 Up 12.30
Key Economic News:
Components Look Solid
Headline durable goods orders in line with consensus. Detailed components consistent with healthy trend in capex.
Durable goods orders -0.8% for August vs. median forecast -1.0%.
Core orders +2.4% for August vs. median forecast +0.5%.
1. New orders for durable goods declined by 0.8% (month-over-month) in September, roughly as expected. Despite the soft headline, the report as a whole was moderately better than expected, in our view. Orders excluding transportation increased by 1.7%, above consensus expectations for a 0.4% gain. "Core" orders (orders of nondefense capital goods ex-aircraft) rose by 2.4% following an increase of 0.5% in August. Core shipments declined, but this followed an upwardly-revised 3.1% gain in August. Overall recent durable goods reports continue to show a healthy trend in capital spending.
2. Durable goods inventories rose by just 0.1% (month-over-month), down from an increase of 0.9% in August. Nevertheless, the inventory-to-sales ratio in the durable manufacturing sector continued to edge higher during the month.
10:00: New home sales (September): Small gain. We forecast a small increase for September as new home sales continue to hover at very low levels.
Consensus: +1.7%; Last -2.3%.
With a strong dollar and Europe struggling to come to an agreement, even with Durable goods holding its own. I would expect the market to improve thru the day.
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 Unfriendly bond news today. As I expected the bad economic news coupled with Euro concerns help drive MBS to the top of the range.
Today, very likely will end very near something that will look like, yesterdays opposite. Sometimes I try to write sentences that sound clever, yet often times, I don’t know what I was trying to say. That last one was an example.
Anyway…watch out for the 5 year auction later today…I could add gas to the fire, if it does not go well.
Tomorrow is the really big news, with GDP….Lots can happen at any moment in this environment. Count on some big swings!
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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