What are San Diego's lowest mortgage rates today? What can we expect from mortgage rates for the remainder of February? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES to insure the best financial decisions are being made without the distraction of marketing gimmicks. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why) by subscribing to this daily update.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 2-28-2012 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 6 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows the market activity for today:
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 103.531
Opened Up 0.09 @ 103.625
Key Economic Data:
EUR / USD 1.3422 Up 0.0025
USD / JPY 80.900 Down 0.2100
GBP / USD 1.5824 Flat
Oil 108.07 Down 0.49
Gold 1,779.80 Up 4.90
Key Economic News:
ICSC Chain store
Week-on-week: Actual -1.0%, Last +3.0%.
Year-on-year: Actual +2.7%, Last +3.2%.
Durable Goods for Jan
Goods: Actual -4.0%, Consensus -1.0%, Last -1.0%.
Ex-transport: Actual -3.2%, Consensus Flat, Last +2.2%.
Ex-defense: -4.5%, Consensus -1.0%, Last +3.5%.
Redbook
Month-on-month: Actual +1.6%, last +1.4%.
Year-on-year: Actual +3.4%, Last +2.9%.
CaseShiller for Dec
Month-on-month: Actual -1.1%, Consensus -0.9%, Last -1.3%.
Year-on-year: Actual -4.0%, Consensus -3.6%, Last -3.7%.
7:00est Consumer confidence for Feb:
Consensus 63.0, Last 61.1.
7:00est Richmond Fed Index for Feb:
Last 12.
Advice:
With Durable goods slumping and Oil remaining over $108 per barrel. I would expect the market to rally thru the day. But keep a close eye on Consumer Confidence.
My position on MBS changes to Long (Buyer).
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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