Rocky day for mortgage pricing yesterday...see below! What can we expect from mortgage rates next quarter? 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 complimentary daily update.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Thursday 3-29-2012 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 15 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.
Analyst: Neil Trenerry
3.0 Coupon: Previous Close 99.656 Open 99.766 Change 0.109
3.5 Coupon: Previous Close 102.703 Open 102.781 Change 0.078
4.0 Coupon: Previous Close 104.844 Open 104.891 Change 0.047
5 Year: Previous Close 99.734 Open 99.891 Change 0.152 Yield 1.021
10 Year: Previous Close 98.266 Open 98.578 Change 0.313 Yield 2.160
30 Year: Previous Close 96.594 Open 97.250 Change 0.641 Yield 3.271
Key Economic Data:
EUR/USD: Previous Close 1.3315 Open 1.3276 Change -0.0038
GBP/USD: Previous Close 1.5886 Open 1.5888 Change 0.0002
USD/JPY: Previous Close 82.880 Open 82.110 Change -0.7700
Gold: Previous Close 1657.90 Open 1662.20 Change 4.30
Oil: Previous Close 105.41 Open 105.25 Change -0.16
Key Economic News:
GDP for Q4: Actual 1.1%, Consensus 1.1%.
PCE for Q4: Actual 1.2%, Consensus 1.2%.
Initial jobless claims: Actual 359k, Consensus 350k, Last 348k.
Jobless claims 4-week average: Actual 365.0k, Last 355.0k.
Continued jobless claims: Actual 3.340m, Consensus 3.350m, Last 368.50k.
With GDP & PCE coming in as expected, but Initial and 4-week average claims both slipping. We might see the markets improve. I would expect the 3.0 coupon to test the 100.00 price range.
My position on MBS stays long.
Analyst: Dan Rawitch
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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