Who do you know who is buying a home? Do them a favor and share THE TRUTH BEHIND MORTGAGE QUOTES to insure they make the wisest decisions pertaining to the overall cost of their mortgage: both up front and along the way. Below is a daily report which is intended to provide transparency over what direction mortgage rates are going.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Monday 4-30-2012 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 Friday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT resulted in a change of 9 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 100.984 Open 101.000 Change 0.016
3.5 Coupon: Previous Close 103.766 Open 103.813 Change 0.047
4.0 Coupon: Previous Close 105.719 Open 105.750 Change 0.031
Treasuries:
5 Year: Previous Close 100.250 Open 100.258 Change 0.008 Yield 0.822
10 Year: Previous Close 100.594 Open 100.688 Change 0.094 Yield 1.923
30 Year: Previous Close 100.156 Open 100.344 Change 0.188 Yield 3.107
Key Economic Data:
EUR/USD: Previous Close 1.3238 Open 1.3223 Change -0.0017
GBP/USD: Previous Close 1.6271 Open 1.6243 Change -0.0029
USD/JPY: Previous Close 80.270 Open 80.100 Change -0.1800
Gold: Previous Close 1664.00 Open 1653.00 Change -11.00
Oil: Previous Close 104.93 Open 104.24 Change -0.69
Key Economic News:
PCE for Mar
Consumption month-on-month: Actual 0.1%, Last 0.5%.
Income month-on-month: Actual 0.4%, Consensus 0.3%, Last 0.2%.
Core price index year-on-year: Actual 2.0%, Last 1.9%.
Core price index month-on-month: Actual 0.2%, Consensus 0.2%, Last 0.2%.
Price Index year-on-year: Actual 2.1%, Last 2.3%.
Price Index month-on-month: Actual 0.2%, Last 0.2%.
Midwest manufacturing for Mar: Actual 92.2, Last 91.7.
6:45: Chicago PMI for Apr: Consensus 61.0, Last 62.2.
Advice:
With today’s news I would expect another slow day.
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.
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