The market closed in consumer-friendly fashion last Friday with a whopping 33 basis point improvement. We are continuing to see improved pricing pertaining to mortgage rates, which might allow many consumers to roll down to lower rates on their mortgages while taking advantage of no-cost refinances (even if they have refinanced 6+ months ago).
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 9-24-2012 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 an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT resulted in a change of 33 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 102.484 Change -0.203
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 105.234 Change 0.141
3.5 Coupon: Open 107.125 Change 0.031
4.0 Coupon: Open 107.688 Change 0.016
5 Year: Open 99.828 Change 0.055 Yield 0.660
10 Year: Open 99.063 Change 0.281 Yield 1.728
30 Year: Open 96.609 Change 0.672 Yield 2.921
Key Economic Data:
EUR/USD: Open 1.2980 Change -0.0075
GBP/USD: Open 1.6231 Change -0.0040
USD/JPY: Open 78.150 Change- 0.1500
Oil: Open 91.52 Change -1.38
Key Economic News:
National Activity Index for Aug: Actual -0.87, Last -0.13.
7:30: Dallas Fed Mfg Bus Index for Sep: Last -1.60.
Treasuries rose for a sixth day as economists said reports on durable goods orders and consumer
spending this week will show the economy is slowing, while the so-called fiscal cliff threatens the expansion. Ten-year notes extended their daily rally to the longest since May 2011 on renewed discord among European leaders over ways to bring an end to the region’s debt crisis. U.S. investors are buying Treasuries at a faster pace than foreigners for the first time since 2010, government figures show. The fiscal cliff, $600 billion of tax and spending cuts scheduled for 2013, is threatening growth and maintaining demand for the safety of U.S. government securities.
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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