After last Thursday's banner improvement day, we have seen mortgage pricing gradually increase with 51 & 15 basis point worsenings on Friday and Monday respectively.
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 Tuesday 9-18-2012 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 Monday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENING resulted in a change of 15 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 101.500 Change 0.063
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 104.234 Change 0.281
3.5 Coupon: Open 106.328 Change 0.188
4.0 Coupon: Open 107.141 Change 0.109
5 Year: Open 99.711 Change 0.156 Yield 0.685
10 Year: Open 98.484 Change 0.406 Yield 1.793
30 Year: Open 95.250 Change 0.813 Yield 2.991
Key Economic Data:
EUR/USD: Open 1.3116 Change -0.0048
GBP/USD: Open 1.6248 Change 0.0007
USD/JPY: Open 78.700 Change- 0.0700
Oil: Open 95.96 Change -0.67
Key Economic News:
ICSC chain stores
Week-on-week: Actual -2.5%, Last 1.0%.
Year-on-year: Actual 2.1%, Last 3.4%.
Current account for Q2: Actual -117.4b, Consensus -125.5b, Last 133.6b.
Month-on-month: Actual 1.8%, Last 1.9%
Year-on-year: 2.4%, Last 2.7%.
Foreign buying, T-bonds for Jul: Actual 67.0b, Last 9.3b.
7:00: NAHB housing market index: Last 853.1.
With the Dollar staying lower against major currencies, I would expect the market to continue to rally.
My position on MBS stays 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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