The market continues to make small moves overall. Are we due for a large swing before the week comes to a close? The graphs below have been provided as a resource fo you to see past the marketing hype of mortgage companies and learn the true direction of mortgage rates, along with the vital knowledge behind 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 Wednesday 5-9-2012 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 Tuesday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Tuesday's WORSENING 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.
Analyst: Neil Trenerry
3.0 Coupon: Previous Close 101.188 Open 101.328 Change 0.141
3.5 Coupon: Previous Close 104.125 Open 104.250 Change 0.125
4.0 Coupon: Previous Close 106.125 Open 106.188 Change 0.063
5 Year: Previous Close 100.547 Open 100.680 Change 0.133 Yield 0.736
10 Year: Previous Close 101.453 Open 101.750 Change 0.313 Yield 1.802
30 Year: Previous Close 101.969 Open 102.453 Change 0.469 Yield 3.000
Key Economic Data:
EUR/USD: Previous Close 1.2998 Open 1.2944 Change -0.0054
GBP/USD: Previous Close 1.6150 Open 1.6091 Change -0.0059
USD/JPY: Previous Close 79.890 Open 79.550 Change -0.3500
Gold: Previous Close 1604.00 Open 1592.50 Change -11.50
Oil: Previous Close 97.01 Open 95.89 Change -1.12
Key Economic News:
Index: Actual 710.4, Last 698.2. Change: Actual 1.7%, Last 0.1%.
Purchase: Actual 197.1, Last 190.7. Change: Actual 3.4%, Last 2.9%.
Refinance: Actual 3734.8, Last 3687.7. Change: Actual 1.3%, Last -0.7%.
30-yr mortgage: Actual 4.01%, Last 4.05%.
7:00: Wholesale Inventories for Mar: Consensus 0.6%, Last 0.9%.
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.
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.jasongordon.net or www.ApprovingSD.com or more information.
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