Today's FED meeting caused quite a stir. Among the highlights of today's meeting were the following:
- Employment had continued to expand at a moderate pace, but the unemployment rate remained elevated
- Members saw the economic outlok as relatively little changed since the previous meeting
- The Committee agreed that it would be appropriate to continue purchases of MBS at a pace of $40 Billion per month and purchases of longer-term Treasury securities at pace of $45 Billion per month, as well as to maintain the Committee's reinvestment policies
- The Committee also retained its forward guidance about the federal funds rate, including the thresholds on the unemployment and inflation rates.
- Some members remarked favorably on the move away from providing calendar dates in the forward guidance and toward highlighting the economic conditionality of future monetary policy
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 Wednesday 2-20-2013 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 Tuesday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Tuesday's WORSENING netted a change of 12 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows a summary of today's activity:
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):
Market Commentary (Dan Rawitch):
Trusted Industry Advisor
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.
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