Last week ended with back-to-back tough days for mortgage rates, which essentially negated the improvements from earlier in the week. Both days saw pricing worsen by over 20 basis points. Today has begun in turbulent fashion, with rates showing a slight improvement overall.
This daily mortgage interest rate report has been designed to provide you with factual data regarding where rates are at any given time and what trends are propelling current mortgage pricing on any given day. 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 Monday 9-10-2012 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 Friday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's WORSENING resulted in a change of 24 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)
2.5 Coupon: Open 101.031 Change -0.125
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 103.719 Change 0.047
3.5 Coupon: Open 105.953 Change 0.031
4.0 Coupon: Open 107.109 Change 0.016
5 Year: Open 99.922 Change -0.008 Yield 0.641
10 Year: Open 99.563 Change -0.094 Yield 1.673
30 Year: Open 98.047 Change - 0.422 Yield 2.845
Key Economic Data:
EUR/USD: Open 1.8060 Change -0.0029
GBP/USD: Open 1.6003 Change -0.0046
USD/JPY: Open 78.220 Change 0.020
Oil: Open 96.15 Change -0.27
Key Economic News:
7:00: Employment trends for Aug: Last 108.1.
12:00: Consumer Credit for Jul: Consensus 9.10b, Last 6.46b.
The difference between yields on Treasury 10-year notes and inflation-linked securities widened to the most in five months amid speculation the Federal Reserve’s efforts to spur the economy will send costs higher. The so-called break-even rate climbed for a fifth day after a government report last week showed U.S. employers added fewer jobs than economists forecast, boosting speculation the Fed will increase asset purchases to support the economy. U.S. policy makers next meet on Sept. 12-13, while the government is scheduled to sell $66 billion of Treasuries over three days starting tomorrow.
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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