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The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 4-24-2012 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 an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's IMPROVEMENT resulted in a change of 3 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-Year:
3.0 Coupon: Previous Close 100.906 Open 100.922 Change 0.016
3.5 Coupon: Previous Close 103.750 Open 103.719 Change -0.031
4.0 Coupon: Previous Close 105.656 Open 105.641 Change- 0.016
Treasuries:
5 Year: Previous Close 100.891 Open 100.828 Change -0.063 Yield 0.827
10 Year: Previous Close 100.594 Open 100.453 Change -0.141 Yield 1.949
30 Year: Previous Close 100.781 Open 100.531 Change -0.250 Yield 3.097
Key Economic Data:
EUR/USD: Previous Close 1.3154 Open 1.3190 Change 0.0035
GBP/USD: Previous Close 1.6124 Open 1.6145 Change 0.0022
USD/JPY: Previous Close 81.160 Open 81.120 Change -0.0500
Gold: Previous Close 1631.90 Open 1636.30 Change 4.40
Oil: Previous Close 103.11 Open 103.82 Change 0.71
Key Economic News:
ICSC Chain stores
Week-on-week: Actual 3.6%, Last 3.2%.
Year-on-year: -0.1%, Last 0.2%.
Redbook
Week-on-week: Actual -0.1%, Last 0.2%.
Year-on-year: Actual 2.7%, Last 3.0%.
CaseShiller for Feb: Actual -0.8%, Consensus -0.6%, Last -0.8%.
7:00: Consumer confidence for Apr: Consensus 69.7, Last 70.2.
7:00: New home sales for Mar: Consensus 0.320m, Last 0.313m.
7:00: Richmond Fed for Apr: Last 7.
Advice:
Again, unless we have some surprises from the outstanding news I expect it to be flat until Wednesday’s FOMC meeting.
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.jasongordon.net or www.ApprovingSD.com or more information.
Click here for daily mortgage interest rate updates and projections for San Diego's lowest mortgage rates
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