Our streak of 4 days in a row of pricing improvements appears to be in jeopardy thus far today as the market is down 9 basis points.
This daily report is provided to you each day as a resource to provide transparency to what is really happening with mortgage rates. Feel free to browse the library and research historical rate updates dating back nearly 2 years at www.JasonGordon.info whenever desired. Also, make sure to learn about THE TRUTH BEHIND MORTGAGE QUOTES to better understand the relationship between up-front closing costs and mortgage interest rates so you don't get duped by clever advertising campaigns.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Thursday 9-6-2012 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 IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's IMPROVEMENT 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 103.375 Change -0.328
3.5 Coupon: Open 105.813 Change -0.234
4.0 Coupon: Open 107.125 Change -0.078
Treasuries:
5 Year: Open 99.828 Change -0.195 Yield 0.660
10 Year: Open 99.750 Change -0.531 Yield 1.652
30 Year: Open 99.703 Change -1.219 Yield 2.765
Key Economic Data:
EUR/USD: Open 1.2600 Change -0.0005
GBP/USD: Open 1.5900 Change 0.0004
USD/JPY: Open 78.360 Change 0.500
Oil: Open 95.79 Change 0.41
Key Economic News:
Challenger layoffs for Aug: Actual 32.239k, Last 36.9k.
ADP National Employment for Aug: 201.0k, Consensus 140k, Last 163k.
Unemployment
Initial jobless claims: Actual 365k, Consensus 370k, Last 374k.
Jobless claims 4-week average: Actual 371.25k, Last 370.25k.
Continued jobless claims: Actual 3.322m, Consensus 3.315m, Last 3.316m.
7:00: ISM N-Mfg PMI: Consensus 52.5, Last 52.6.
Advice:
Treasuries extended losses after a private report showed U.S. employers added more jobs in August than economists forecast. Treasury 10-year yields earlier climbed from almost a one-month low amid speculation the European Central Bank willannounce details of a plan to buy sovereign bonds of highly-indebted euro-region nations. The 10-year yield rose four basis points, or 0.04% point, to 1.64% at 8:16 a.m. in New York. The rate touched 1.54% on Sept. 4, the lowest since Aug. 6. I believe this is just a bump in the road.
My position on MBS stays long.
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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