Mortgage Rate Update 2-22-13: Trends Projections & Today's Best Rates

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

February 21, 2013 11:24 PM

An early rally yesterday morning gave promise to what might end up being a banner day for mortgage rates. Sadly, the jubilation was short-lived, with the day ending exactly where it began.

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. To make things easier, I have also posted a quick report on How To Read The Charts Below.

Also, make sure to learn THE TOP 10 THINGS TO KNOW ABOUT MORTGAGE RATES (to help understand the relationship between rates & fees/credits) along with 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). Remember, we all make better decisions in life when we have the actual facts to analyze!

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 Friday 2-22-2013 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 Thursday with a NEUTRAL RESULT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's NEUTRAL RESULT netted a change of 0 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.

Best Mortgage Rates in San Diego - Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.com

Market Commentary (Neil Trenerry):

FNMA 30-Year:

2.5 Coupon: Open 98.9531 Change -0.0625

3.0 Coupon: Open 102.9375 Change 0.0313

3.5 Coupon: Open 105.2813 Change 0.0156

Treasuries:

5 Year: Open 100.2109 Change 0.0313 Yield 0.8310

10 Year: Open 100.2500 Change 0.0156 Yield 1.9720

30 Year: Open 99.2813 Change 0.0469 Yield 3.1640

Key Economic Data

EUR/USD: Open 1.3176 Change -0.0010

GBP/USD: Open 1.5277 Change 0.0022

USD/JPY: Open 93.380 Change 0.280

Oil: Open 92.81

7:30: ECRI weekly annualized: Last 8.3%.

Advice:

Bill Gross, who runs the worlds biggest bond fund at Pacific Investment Management Co., said gains in Treasuries this week were misguided. Ten-year securities snapped two days of gains today. They advanced earlier amid speculation economic growth will slow as the Federal Reserve reduces its stimulus efforts, Gross said. Several policy makers said at the Feds last meeting that officials should be ready to vary the pace of its $85 billion in monthly bond purchases, according to minutes of the central banks Jan. 29-30 meeting released this week. The Treasury market has caught a bid based upon that potential expectation, Gross said yesterday in New York on Bloomberg Televisions Street Smart with Trish Regan and Adam Johnson. I sort of think otherwise. Yields, certainly in the mortgage market, and the Treasury market, might go up. The U.S. 10-year yield was little changed at 1.98% at 8:31 a.m. New York time, according to Bloomberg Bond Trader data. The price of the 2% note due in February 2023 was at 100 5/32. The yield dropped five basis points, or 0.05% point, during the previous two days. Treasuries returned 0.1% this week as of yesterday, according to Bank of America Merrill Lynch indexes. They have generated a 0.8% loss this year, the data show. The U.S. central bank buys bonds to pump money into the economy, and it will probably stick to the policy through 2013, said Gross, who is based in Newport Beach, California.

My position on MBS stays Long.

( FNMA 2.50 Mar 98*29 )

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.

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