What are California's best mortgage rates? What can we expect from mortgage rates for the remainder of this year? 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 12-7-2011 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 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.
Market Commentary
Analyst: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 102.094
Opened Up 0.15 @ 102.250
Key Economic Data:
UST 2 YR 0.25 Down 0.01
UST 5 YR 0.91 Down 0.03
UST 10 YR 2.05 Down 0.03
UST 30 YR 3.08 Down 0.02
EUR / USD 1.3361 Down 0.0041
USD / JPY 77.7500 Up 0.0200
GBP / USD 1.5656 Up 0.0056
Oil 101.81 Down 0.18
Gold 1,738.80 Up 7.00
Key Economic News:
8:30: Federal Reserve Governor Sarah Bloom Raskin moderates panel at conference on “Strategic Data Use to Stabilize Neighborhoods”. No Q&A.
15:00: Consumer credit (October): Another increase? Consensus forecasts expect that consumer (non-mortgage) credit increased again in October. Growth in consumer credit has been supported by increases in student lending by the federal government (see Alec Phillips, “Student Loans: A (Still) Growing Source of Household Debt.” US Daily, October 26, 2011). Excluding lending by the federal government consumer credit has continued to decline, but at a slower pace.
Consensus: +$7.0bn; Last +$7.4bn.
Advice:
With just Consumer credit coming out at 15:00, the market will be looking to Europe. I expect the trading range to stay close to 102.000
My position on MBS stays neutral.
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.
Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage rates
Comments(0)