Mortgage rates continue to improve...how long will this last? Monday closed with a solid 15 point gain, making it 5 business days in a row with positive movement for the consumer!
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 9-25-2012 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 an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's IMPROVEMENT 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 102.813 Change -0.094
The 2.5 Coupon price is indication only – we haven’t seen a trade at present.
3.0 Coupon: Open 105.438 Change 0.047
3.5 Coupon: Open 107.234 Change 0.000
4.0 Coupon: Open 107.734 Change 0.000
5 Year: Open 99.797 Change -0.039 Yield 0.667
10 Year: Open 99.219 Change 0.063 Yield 1.711
30 Year: Open 97.094 Change 0.188 Yield 2.896
Key Economic Data:
EUR/USD: Open 1.2930 Change 0.0017
GBP/USD: Open 1.6216 Change 0.0020
USD/JPY: Open 77.850 Change- 0.1000
Oil: Open 92.94 Change 1.00
Key Economic News:
ICSC chain stories
Week-on-week: Actual 0.6%, Last -2.5%.
Year-on-year: Actual 2.9%, Last 2.1%.
Month-on-month: Actual 1.7%, last 1.8%.
Year-on-year: Actual 2.0%, Last 2.4%.
CasseShiller for July
Month-on-month SA: Actual 0.4%, Consensus 0.9%, Last 0.9%.
Month-on-month nsa: Actual 1.6%, Consensus 1.8%, Last 2.3%.
Year-on-year: Actual 1.2%, Consensus 1.0%, Last 0.5%.
7:00: Consumer confidence for Sep: Consensus 63.0, Last 60.6.
7:00: Monthly home prices for July
Month-on-month: Last 0.7%.
Year-on-year: Last 2.6%
Index: Last 189.8%.
7:00: Richmond Fed Index for Sep: Last -9.
7:30: Dallas Fed Survey for Sep: Last 10.0
Treasuries extended their longest run of gains in 16 months on concern Europe’s debt crisis is worsening after Spanish borrowing costs rose at a debt sale and the International Monetary Fund said Greece’s fiscal outlook has worsened. Benchmark 10-year yields dropped to the lowest level in two weeks after IMF Director General Christine Lagarde said yesterday that global growth will probably be weaker than the organization projected in July. Two-year notes were little changed before the U.S. government sells $35 billion of the securities today.
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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