Another turbulent day for mortgage rates yesterday with pricing in negative territory nearly the entire day. In heroic fashion, rates burst into positive territory just in time for the closing bell. Thus far today, we remain in positive territory with a healthy 18 basis point improvement. Question is: will this momentum continue?
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 Friday 9-21-2012 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 Thursday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday'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
2.5 Coupon: Open 102.172 Change 0.172
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 104.781 Change 0.047
3.5 Coupon: Open 106.797 Change 0.016
4.0 Coupon: Open 107.469 Change 0.063
5 Year: Open 99.680 Change 0.016 Yield 0.691
10 Year: Open 98.531 Change -0094 Yield 1.786
30 Year: Open 95.531 Change -0.422 Yield 2.977
Key Economic Data:
EUR/USD: Open 1.2968 Change 0.0059
GBP/USD: Open 1.6213 Change 0.0068
USD/JPY: Open 78.230 Change- 0.0300
Oil: Open 93.31 Change 0.88
Key Economic News:
7:30; ECRI weekly index: Last 124.9
Treasuries pared losses amid speculation whether European policy makers will unveil a financial bailout program for Spain as early as next week. I expect it to be a slow day and MBS pricing to hold these levels.
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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