After a seemingly positive day on Wednesday, we saw a slight late afternoon dip, which resulted in a "neutral result" (PAR finish) as the market closed yesterday. Thus far today, we find ourselves in positive territory. Some Analysts predict an improvement in rates today.
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 Thursday 9-27-2012 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 Wednesday with a NEUTRAL RESULT to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's NEUTRAL RESULT netted a change of 0 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
FNMA 30-Year
2.5 Coupon: Open 102.938 Change -0.703
3.0 Coupon: Open 105.609 Change -0.297
3.5 Coupon: Open 107.313 Change -0.203
Treasuries:
5 Year: Open 99.906 Change -0.063 Yield 0.644
10 Year: Open 99.797 Change -0.266 Yield 1.647
30 Year: Open 96410 Change -0.531 Yield 2.818
Key Economic Data:
EUR/USD: Open 1.2870 Change 0.0001
GBP/USD: Open 1.6164 Change 0.0058
USD/JPY: Open 77.730 Change -0.0500
Oil: Open 91.16 Change 1.17
Key Economic News:
Building permits for Aug: Actual 0.801m, Last 0.803m.
Corporate profits for Q2: Actual 2.2%, Consensus 1.1%, Last 1.1%.
Durable goods for Aug
Index: Actual -13.2%, Consensus -5.0%, Last 4.1%.
Ex-transport: Actual -1.6%, Consensus 0.3%, Last -0.6%.
Ex-defense: Actual -12.4%, Consensus -5.0%, Last 4.1%
GDP for Q2
Final: Actual 1.3%, Consensus 1.7%, Last 1.7%.
Consumer spending: Actual 1.5%, Last 1.7%.
PCE for Q2
Prices final: Actual 1.5%, Consensus 1.6%, Last 1.6%.
Core prices final: Actual 1.7%, Consensus 1.8%, Last 1.8%.
Unemployment
Initial claims: Actual 359k, Consensus 378k, Last 382k.
Jobless claims 4-week average: Actual 374.0k, Last 377.75k.
Continued claims: Actual 3.271m, Consensus 3.285m, Last 3.272m.
Midwest manufacturing for Aug: Actual 94.1, Last 95.6.
7:00: Pending home sales for Aug: Last 101.7.
Advice:
With mixed news today, we should see the market improve thru the day.
With the low volume in the 2.5cpn market movement will be more extreme than the other coupons.
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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