Last week concluded with monumental shifts on both Thursday (for the better) and Friday (for the worse). As this article is published, we are at "PAR" for the day, with much speculation over where rates will go this week. Overall, we have seen a signifcant improvement (so consider locking your rates if you have the opportunity).
This daily mortgage interest rate report is provided to equip Borrowers & Real Estate Profesionals 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 9-17-2012 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 SIGNIFICANT WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's SIGNIFICANT WORSENING resulted in a change of 51 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 101.438 Change 0.125
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 104.141 Change 0.188
3.5 Coupon: Open 106.313 Change 0.156
4.0 Coupon: Open 107.203 Change 0.078
5 Year: Open 99.578 Change 0.016 Yield 0.712
10 Year: Open 97.953 Change 0.156 Yield 1.852
30 Year: Open 93.922 Change 0.516 Yield 3.062
Key Economic Data:
EUR/USD: Open 1.3126 Change -0.0002
GBP/USD: Open 1.6215 Change 0.0028
USD/JPY: Open 78.370 Change 0.3300
Oil: Open 99.13 Change 0.12
Key Economic News:
NY Fed manufacturing for Sep: Actual -10.41, Consensus -2.00, Last -5.85.
With little news for help. I expect the market to improve as traders re-open positions. And European Investors come in on a weaker Dollar.
My position on MBS changes to 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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