Another turbulent day in the works for mortgage rates. After a few extreme dips and spikes, we are currently about 3 basis points ahead of yesterday's market close (with the hopes of breaking a trend of negative movement over the past few days).
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 Thursday 10-25-2012 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 Wednesday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's WORSENING netted a change of 12 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows market activity thus far today:
The following chart shows market activityover 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 101.219 Change -0.500
3.0 Coupon: Open 104.172 Change -0.250
3.5 Coupon: Open 105.969 Change -0.188
5 Year: Open 99.633 Change -0.301 Yield 0.825
10 Year: Open 98.078 Change -0.594 Yield 1.840
30 Year: Open 95.234 Change -1.156 Yield 2.993
Key Economic Data:
EUR/USD: Open 1.2972 Change 0.0004
GBP/USD: Open 1.6036 Change 0.0094
USD/JPY: Open 79.780 Change 0.410
Oil: Open 86.26 Change 0.530
Key Economic Data:
Building permits for Sep: Actual 0.890m, Last 0.894m.
Durable goods for Sep
Index: Actual 9.9%, Consensus 7.1%, Last -13.2%.
Ex-transport: Actual 2.0%, Consensus 0.8%, Last -1.6%.
Ex-defense: Actual 9.1%, Last -12.4%.
Initial jobless claims: Actual 369k, Consensus 370k, Last 388k.
Jobless claims 4-week average: 368.0k, Last 365.5k.
Continued jobless claims: Actual 3.254m, Continued 3.255m, Last 3.252m.
National Activity index for Sep: Actual 0.0, Last -0.87.
7:00: Pending home sales for Sep: Last 99.2.
Fewer Americans filed first-time applications for unemployment benefits last week as the seasonal volatility at the start of the quarter wound down. Jobless claims decreased by 23,000 to 369,000 in the week ended Oct. 20 from a revised 392,000 the prior period, the Labor Department reported today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for a drop in claims to 370,000. Averaged over several weeks, the pace of firings has been little changed, indicating payroll gains are being restrained by a lack of hiring. The data signals employers are seeing enough demand to maintain existing staffing levels even amid growing concern about a slowing global economy and the looming fiscal cliff of tax increases and government spending cuts that will take effect in 2013. “In the immediate term, we’re likely to be in a holding pattern because of the fiscal cliff,” Millan Mulraine, a senior U.S. strategist at TD Securities in New York, said before today’s report. “I would think some of that uncertainty would dissipate and be consistent with improving jobs prospects.” Estimates in the Bloomberg survey ranged from 350,000 to 382,000. The Labor Department revised the previous week’s figure up from an initially reported 388,000.
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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