Mortgage Rate Update 4-22-13: Trends Projections & Today's Best Rates

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

Weaker than expected Existing Home Sales data listed Mortgage Backed Securities.  No additional economic date will be released today.  Pricing is on average +/- 0.125 from where the market closed on Friday.

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 Monday 4-22-2013 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 Friday with a WORSENING to pricing.  Friday's WORSENING netted a change of 3 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 a summary of today's activity:

 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 (Bill Fisher)

In the month of March, 0.6% fewer existing homes sold than in the prior month. Is it just me, or is this ridiculous?
 
Many home markets in California have next to nothing to sell. Distress sales have declined to nearly 20%. People are buying new homes based on diagrams drawn on the back of napkins. And 0.6% fewer homes sold??
 
Something doesn't add up. We even have dour economists predicting that the real estate market will once again fall into a slump, prices declining, sales falling off, optimists eating their words. (Why exactly, when improvement for real estate sales bring so much money into the overall economy- into everyones pocketbooks- do there always seem to be so many people ready to jump on real estates successes and hammer them into the ground?)
 
So what is ahead? Who knows? -but it is reasonably clear by now that Lawrence Yun of CAR has been right all along: We need (1) inventory and (2) slightly more flexible lending.
 
The markets, meanwhile, are making it reasonably clear that, given the chance, mortgage rates will rise. That chance arises when there are more homes for sale. More homes for sale = more sales = slower appreciation = higher interest rates = a marketplace that makes more sense and looks more normal than any we've seen for years.
 
It all turns, you see, on available homes for sale- not on lowest possible interest rates (which we've had for a very long time now, to little beneficial effect). Not even an improved jobs market turns on the lowest possible interest rates, costs of borrowing or even costs of making improvements to one's business.
 
All that has done to keep the cost of doing business low- including keeping our interest rates as low as they've ever been in history- have essentially resulted in huge savings accounts for profitable corporations. It hasn't resulted in overall economic growth because what's to invest in when money keeps rolling in the door and there's no need to get competitive, or to grow, or to develop new ways of attracting customers.
 
We seem to be throwing good money after bad, and bad after good... and not investing where we can anticipate results that will replenish our economy.
 
More soon. Meantime, I'd love to hear from readers. I want to know if Im missing something in this picture of an economy with its feet stuck in the mud.

Market Commentary (Dan Rawitch)

Here is the link to today's video:
 
 
A slight miss in todays existing home sales, has helped create a small rally, which has taken us to the top of the range. I do think we are ready to break out, but I fear that any breakout is a set up for a SMALL correction that appears to be coming. I explain the move in todays video. I hope you can watch!

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. All Market Commentary is provided via The Mortgage Coach and/or their RateWatch technology software.

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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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Jason - Thank you for the very good information about mortgage rate update April 22, 2013.

Apr 22, 2013 08:20 AM #1
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Jason E. Gordon

Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS
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