Mortgage Rate Update 5-15-13: Trends Projections & Today's Best Rates

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

Ouch, brutal day yesterday for mortgage rates!  Tuesday completed with a 55 basis point loss, which prompted most Lenders across the country to post mid-day pricing adjustments between 0.375 - 0.500 "worse" across the board.  WEaker than expected industrial data has lifted Mortgage Backed Securities this morning, which has slightly helped recover some of yesterday's losses (although we have loss some of those gains already late morning).

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 Wednesday 5-15-2013 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 SIGNIFICANT WORSENING to pricing.  Tuesday's SIGNIFICANT WORSENING netted a change of 55 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 Lowest 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 (Neil Trenerry)

FNMA 30-Year:
2.5 Coupon: Open 98.6875 Change 0.3281
3.0 Coupon: Open 102.7344 Change 0.2656
3.5 Coupon: Open 105.2813 Change 0.1563
 
Treasuries:
5 Year: Open 99.0000 Change 0.1328 Yield 0.8310
10 Year: Open 98.2500 Change 0.3438 Yield 1.9430
30 Year: Open 95.5625 Change 0.7969 Yield 3.1570
 
Key Economic Data
EUR/USD: Open 1.2872 Change -0.0045
GBP/USD: Open 1.5229 Change 0.0018
USD/JPY: Open 102.360 Change 0.030
Oil: Open 93.05
 
Key Economic Data:
Mortgage market
Index: Actual 876.6, Last 945.4.
Purchase: Actual 211.6, Last 220.6.
Refinance: Actual 4805.8, Last 5229.7.
30-yr Rate: Actual 3.67%, Last 3.59%.
NY Fed manufacturing for May: Actual -1.43, Consensus 4.00, Last 3.05.
PPI fir Apr
Index: Actual -0.7%, Consensus -0.6%, Last -0.6%.
Inflation: Actual 0.6%, Consensus 0.8%, Last 1.1%.
Core Month-on-month: Actual 0.1%, Consensus 0.1%, Last 0.2%.
Core Year-on-year: Actual 1.7%, Consensus 1.7%, Last 1.7%.
Foreign buying T-bonds: Actual -13.5b, Last -17.8b.
Industrial output for Apr: Actual -0.5%, Consensus -0.2%, Last 0.4%, Revised 0.3%.
Capacity utilization: Actual 77.8%, Consensus 78.3%, Last 78.5%, Revised 78.3%.
Manuf output: Actual -0.4%, Consensus 0.1%, Last -0.1%, Revised -0.3%.
7:00: NAHB housing market index for May: Consensus 43, Last 42.
 
Advice:
After yesterdays sell off, and PPI numbers coming in close to expectation. I would expect to see some improvement in the market.
 
My position on MBS stays Neutral.

Market Analyst (Dan Rawitch)

Here is the link to today's video:
 
Hopefully we found bottom. The news today should help solidify 102.50 as the bottom. Any other bad surprises..could cause a test down to 102.00, but that would surprise me. I'd look for a slow and unsteady climb to 103.50ish and then we will see what happens

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!

 Ever heard of a Lender having more "skin in the game" during escrow than a Buyer? Ever wish a Lender would put their money where their mouth is? Learn how the Protect Your Transaction (PYT) program will improve the negotiation leverage for a Buyer, as well as how PYT benefits the Seller & Realtors in this short video.

 

 

 

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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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