Mortgage Rate Update 2-7-13: Trends Projections & Today's Best Rates

By
Mortgage and Lending with AmeriFirst Financial Inc, San Diego, CA NMLS 259027

After spending nearly the entire day in negative territory yesterday, we have opened with a positive surge to begin our Thursday morning. Analysts recommend to float cautiously with one hand on the lock button as the day materializes. See below Market Commentary for details.

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.

Jason E. Gordon - Mortgage Rate Update - www.jasongordon.net

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Thursday 2-7-2013 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 6 basis points (bps).

(hint: upward activity is good, downward activity is bad)

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows the activity thus far for today:

Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activity over the past 10 days (hint: green is good, red is bad):

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activity over the past 1 month:

Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

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.

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

Market Commentary

Market Analyst: Neil Trenerry

FNMA 30-Year:
2.5 Coupon: Open 99.7969 Change 0.1094
3.0 Coupon: Open 103.4844 Change 0.0156
3.5 Coupon: Open 105.7031 Change 0.0156

Treasuries:
5 Year: Open 100.1875 Change 0.0000 Yield 0.8360
10 Year: Open 96.9844 Change -0.0156 Yield 1.9680
30 Year: Open 91.8438 Change -0.0625 Yield 3.1740

Key Economic Data
EUR/USD: Open 1.3467 Change -0.0050
GBP/USD: Open 1.5699 Change 0.0039
USD/JPY: Open 93.600 Change -0.030
Oil: Open 96.80

Key Economic Data:
Unemployment
Initial jobless claims: Actual 366k, Consensus 360k, Last 368k.
Jobless claims 4-week average: Actual 350.5k, Last 352.0k.
Continued jobless claims: Actual 3.224m, Consensus 3.195m, Last 3.197m.
Productivity Prelim for Q4: Actual -2.0%, Consensus -1.3%, Last 2.9%.
Labor costs Prelim for Q4: Actual 4.5%, Consensus 3.0% Last -1.9%
12:00: Consumer Credit for Dec: Consensus 13.40b, Last 16.05b.

Advice:
Claims for U.S. unemployment insurance payments fell last week, returning to levels seen in the second half of 2012. Applications for jobless benefits dropped 5,000 to 366,000 in the week ended Feb. 2, Labor Department figures showed today. Economists forecast 360,000 claims, according to the median of 53 estimates in a Bloomberg survey. Claims, after see-sawing in prior weeks as the government had trouble adjusting the data for seasonal swings, are settling at a level that signals there is little change in the pace of firings from last year. The data come after a report last week indicated employers are boosting payrolls at a faster pace as demand holds up. It could be better, but youre still seeing improvement in other labor market data, Daniel Silver, an economist at JPMorgan Chase & Co. in New York, said before the report. Economists claims estimates in the Bloomberg survey ranged from 343,000 to 370,000. The Labor Department revised the prior weeks reading to 371,000 from the initially reported 368,000. A Labor Department official today said there was nothing unusual that affected todays figures, and no states were estimated. The productivity of U.S. workers fell in the fourth quarter by the most in almost two years, pushing labor expenses up more than forecast, a sign businesses are near the limit of how much efficiency they can wring from employees, another report from the Labor Department showed today.

My position on MBS stays Long.

Market Commentary: Dan Rawitch

Here is the link to today's video:
http://www.ratewatch.com/ratewatchnow.html

Slightly disappointing jobless claims and productivity gains are helping us at the open.  We will soon emerge out the tip of a triangular pattern.  I am guessing this pushes us out and up to the top of the range.  From there...be VERY careful because we will be nearing the top of a very long downward channel.

Trusted Industry Advisor

San Diego Residential Mortgage Specialist Jason E Gordon

The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon in an effort to provide transparency regarding true mortgage rate activity and market guidance to consumers and professionals interested in this activity.

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.

Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage rates

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For more information on topics like this, please feel free to visit www.GordonMortgage.com (an educational resource for Borrowers, Real Estate Agents, and Financial Professionals). Educational content provided by:

 

Jason E. Gordon

Branch Manager | Sr. Mortgage Loan Officer

CMPS, CDLP, RCS-D, CDPE, CMHS, CMC, NMLS 259027

 

Gordon Mortgage Group - AmeriFirst Financial Inc.

 

Office: 619-200-8031

Email: jgordon@amerifirst.us

www.GordonMortgage.com

 

11440 W. Bernardo Court, Ste. 300, San Diego, CA 92127

 

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Attention Real Estate Agents!

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AmeriFirst Financial Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS #145368) Toll free phone (877) 276-1974. Copyright 2012. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations may apply. AmeriFirst Financial is required to disclose the following licensing information. Please click here for licensing information. 

 

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