After a roller coaster of a morning, the market ended up finishing exactly where it opened. See Market Analyst predicitons below to better prepare yourself for what is next to come in regards to your biggest financial expense. If you have a loan in process, be sure to better understand THE TRUTH BEHIND MORTGAGE QUOTES to assure you make the best business decisions possible pertaining to your mortgage.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Monday 5-7-2012 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 a NEUTRAL RESULT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's NEUTRAL RESULT resulted in a change of 0 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 101.031 Open 101.063 Change 0.031
3.5 Coupon: Previous Close 104.031 Open 104.078 Change 0.047
4.0 Coupon: Previous Close 106.000 Open 106.063 Change 0.063
Treasuries:
5 Year: Previous Close 100.445 Open 100.461 Change 0.016 Yield 0.780
10 Year: Previous Close 101.063 Open 101.172 Change 0.109 Yield 1.870
30 Year: Previous Close 101.016 Open 101.219 Change 0.203 Yield 3.062
Key Economic Data:
EUR/USD: Previous Close 1.3026 Open 1.3047 Change 0.0020
GBP/USD: Previous Close 1.6151 Open 1.6154 Change 0.0003
USD/JPY: Previous Close 79.750 Open 79.910 Change 0.1600
Gold: Previous Close 1644.70 Open 1638.70 Change -0.60
Oil: Previous Close 98.49 Open 97.72 Change -0.77
Key Economic News:
7:00: Employment Trends for Apr: Last 107.3.
12:00: Consumer Credit for Mar: Consensus 9.80b, Last 8.73b.
Advice:
With little news to help, and the Government still buying MBSs. I would expect the market to hold these levels.
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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