We are amidst a WILD RIDE this morning with the market. After a brutal start, we have bounced back into positive territory. Continued uncertainty over the economy and the eventual presidential election continue to propel the market into curious directions.
If you or someone you care about is considering a mortgage, please feel free to share this daily mortgage rate market update with them. You can access a chronological database of these reports at www.JasonGordon.info whenever desired. Also, make sure to learn about THE TRUTH BEHIND MORTGAGE QUOTES to insure you make the best financial decisions and avoid falling for clever marketing gimmicks.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Thursday 8-9-2012 and will help you understand today's 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 Wednesday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's WORSENING resulted in a change of 6 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: Neil Trenerry
FNMA 30-Year:
3.0 Coupon: Open 103.188 Change -0.094
3.5 Coupon: Open 105.625 Change -0.063
4.0 Coupon: Open 106.938 Change -0.047
Treasuries:
5 Year: Open 98.828 Change -0.102 Yield 0.740
10 Year: Open 99.266 Change -0.234 Yield 1.703
30 Year: Open 104.609 Change -0.609 Yield 2.771
Key Economic Data:
EUR/USD: Open 1.2366 Change -0.0077
GBP/USD: Open 1.5655 Change -0.0042
USD/JPY: Open 78.410 Change 0.230
Oil: Open 93.64 Change 0.28
Key Economic News:
Unemployment
Initial jobless claims: Actual 361k, Consensus 370k, Last 365k.
Continued jobless claims: Actual 3.332m, Consensus 3.28m, Last 3.272m.
7:00: Wholesale Inventories: Consensus 0.3%, Last 0.3%.
Advice:
With Unemployment numbers seeming to show signs of some improvement, unless we have a upset with the Wholesale Inventories I would expect the market to stay on the weak side.
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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