Back-to-back days with no net market losses or gains. Is this the calm before the storm? The charts below have been designed to help you assess the trends pertaining to mortgage rates, while helping you to decipher THE TRUTH BEHIND MORTGAGE QUOTES.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 5-8-2012 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 a NEUTRAL RESULT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday'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 101.125 Open 101.234 Change 0.109
3.5 Coupon: Previous Close 104.063 Open 104.188 Change 0.125
4.0 Coupon: Previous Close 106.078 Open 106.172 Change 0.094
Treasuries:
5 Year: Previous Close 100.453 Open 100.523 Change 0.070 Yield 0.768
10 Year: Previous Close 101.078 Open 101.328 Change 0.250 Yield 1.851
30 Year: Previous Close 101.125 Open 101.656 Change 0.531 Yield 3.040
Key Economic Data:
EUR/USD: Previous Close 1.3057 Open 1.3010 Change -0.0047
GBP/USD: Previous Close 1.6192 Open 1.6138 Change -0.0054
USD/JPY: Previous Close 79.900 Open 79.840 Change -0.0600
Gold: Previous Close 1638.60 Open 1610.40 Change -28.20
Oil: Previous Close 97.94 Open 96.78 Change -1.16
Key Economic News:
NFIB business optimism for Apr: Actual 94.5, Last 92.50.
ICSC Chain stores
Week-on-week: Actual -0.8%, Last -0.3%.
Year-on-year: Actual 3.3%, Last 4.2%.
Reedbook
Month-on-month: Actual -1.3%, Last 0.2%.
Year-on-year: Actual 2.6%, Last 2.9%.
IDB economic optimism for May: Last 49.3.
Advice:
Again with not a lot of 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.
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