Fresh off the Columbus Day market closure, we find ourselves in positive territory out of the gate.
This daily mortgage interest rate report is designed to provide 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 10-9-2012 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 was closed Monday due to Columbus Day.
The following chart shows the activity thus far 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 102.188 Change -0.656
3.0 Coupon: Open 105.203 Change 0.078
3.5 Coupon: Open 106.906 Change 0.031
5 Year: Open 99.813 Change 0.016 Yield 0.665
10 Year: Open 99.156 Change 0.125 Yield 1.718
30 Year: Open 96.109 Change 0.375 Yield 2.947
Key Economic Data:
EUR/USD: Open 1.2969 Change -0.0036
GBP/USD: Open 1.6026 Change -0.0012
USD/JPY: Open 78.320 Change -0.060
Oil: Open 90.32 Change -0,06
Key Economic Data:
NFIB business optimism for Sep: Actual 92.8, Last 92.90
ICSC chain stores
Week-on-week: Actual 0.2%, Last -0.3%.
Year-on-year: Actual 2.8%, Last 2.4%.
Week-on-week: Actual -1.7%, Last 1.6%
Year-on-year: Actual 1.6%, Last 2.3%.
7:00: Employment trends for Sep: Last 108.6.
7:00: IBD economic optimism for Oct: Last 51.8.
Treasuries rose the most in three weeks as stock markets declined after the International Monetary Fund cut its economic forecasts and said there is an “alarmingly high” risk of a steeper slowdown. The gains pushed 30-year bond yields down from within a basis point of the highest level in more than two weeks as investors sought the securities as a haven. U.S. debt was also buoyed as European Union ministers prepared to meet in Luxembourg amid a lack of clarity about whether Spain will ask for external financial aid. The U.S. plans to sell three-year notes today, the first of three auctions of coupon-bearing Treasuries this week totaling $66 billion.
My position on MBS stays 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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