Leap Day was painful for mortgage rates! What can we expect from mortgage rates in the month of March? 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 Thursday 3-1-2012 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 Wednesday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's WORSENING resulted in a change of 33 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: Dan Rawitch
Here is the link to today's video http://ratewatch.com/ratewatchnow.html
Mixed news on the economy but Bernanke sees things worsening. His comments should have created a rally, not a sell off, but the market is looking for definitive comments on future easing. Can you imagine that?
Analyst: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 103.375
Opened Down 0.33 @ 103.031
Key Economic Data:
EUR / USD 1.3330 Up 0.0005
USD / JPY 81.120 Down 0.0300
GBP / USD 1.5952 Up 0.0039
Oil 107.45 Up 0.38
Gold 1,711.90 Up 0.60
Key Economic News:
Personal Income for Jan;
Actual 0.3%, Consensus 0.4%, Last -.5%.
PCE
Core price index Year-on-year for Jan: Actual 1.9%, Last 1.8%.
Core price index Month-on-month for Jan: Actual 0.2%, Consensus 0.2%, Last 0.2%.
Unemployment:
Initial jobless claims: Actual 351k, Consensus 351k, Last 351k.
Jobless claims 4 week average: Actual 354k, Last 359k.
Continued jobless claims: Actual 3.402mm, Consensus 3.400mm, Last 3.392mm.
Construction spending for Jan: Actual -0.1%, Consensus 1.0%, Last 1.5%.
ISM Manufacturing PMI for Feb: Actual 52.4, Consensus 54.5, Last 54.1.
Employment Index: Actual 53.2 Last 54.3.
New orders index: Actual 54.9, Last 57.6
Advice:
My position on MBS stays Long (Average down thru the day).
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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