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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 6-5-2012 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 WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENINGresulted in a change of 30 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 102.594 Open 102.453 Change -0.141
3.5 Coupon: Previous Close 104.938 Open 104.891 Change -0.047
4.0 Coupon: Previous Close 106.266 Open 106.219 Change -0.047
Treasuries:
5 Year: Previous Close 99.727 Open 99.727 Change Flat Yield 0.682
10 Year: Previous Close 102.047 Open 101.859 Change -0.188 Yield 1.547
30 Year: Previous Close 108.922 Open 108.328 Change -0.578 Yield 2.597
Key Economic Data:
EUR/USD: Previous Close 1.2494 Open 1.2441 Change -0.0052
GBP/USD: Previous Close 1.5382 Open 1.5357 Change -0.0025
USD/JPY: Previous Close 78.330 Open 78.670 Change 0.3500
Oil: Previous Close 83.98 Open 84.17 Change 0.19
Key Economic News:
ICSC chain stores
Week-on-week: Actual 0.4%, Last -0.5%.
Year-on-year: Actual 2.8%, Last 2.9%.
Redbook
Month-on-month: Actual 1.1%, Last -0.9%.
Year-on-year: Actual 3.1%, Last 3.2%.
7:00: ISM Non-manufacturing
Business Act: Consensus 54.7, Last 54.6.
PMI: Consensus 53.5, Last 53.5.
Advice:
I expect yesterday to have been some profit taking. Again with little help from the news, and concerns over Europe still lingering. I would expect the market to hold these levels.
My position on MBS changes to Neutral.
Analyst: Dan Rawitch
Here is the link to today's video http://ratewatch.com/ratewatchnow
Good Morning Everyone,
Hopefully you were not surprised by this move down, as it was to be expected and is in fact a healthy move (discussed in my last video). If we hold this current level, I anticipate another run at the top to test resistance. If we break 104.80, I would expect to test the support provided at 104.60 and then settle into a trading range of 104.60 to 105.30, until we get some signifigant news. This is a quiet news week, so keep on the charts and for Euro surprises.
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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