Mortgage Rate Update 5-29-13: Trends Projections & Today's Best Rates

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

The recent "pain in the market" continued yesterday with an astounding 99 basis point deterioration to mortgage pricing. In early trading today, we are seeing signs of light (with a modest 16 point gain). That said, we have a bunch of work to do in order to erase some of the recent losses.

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 5-29-2013 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 99 basis points (bps).

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

 Today's Best 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 Lowest 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 95.7344 Change 0.0156
3.0 Coupon: Open 100.2969 Change 0.0469
3.5 Coupon: Open 103.4844 Change 0.0000
 
Treasuries:
5 Year: Open 98.1328 Change 0.0234 Yield 1.0120
10 Year: Open 96.4531 Change 0.1563 Yield 2.1470
30 Year: Open 92.2500 Change -0.7500 Yield 3.2860
 
Key Economic Data
EUR/USD: Open 1.2943 Change 0.0089
GBP/USD: Open 1.5111 Change 0.0070
USD/JPY: Open 101.290 Change -1.070
Oil: Open 94.38
 
Key Economic Data:
Mortgage Market
Index: Actual 721.4, Last 791.0.
Purchase: Actual 210.6, Last 205.3.
Refinance: 3723.3, Last 4245.5.
30-yr Rate: Actual 3.90%, Last 3.78%.
ICSC chain stores
Week-on-week: Actual -0.9%, Last 0.2%.
Year-on-year: Actual 2.8%, Last 3.1%.
Redbook
Month-on-month: Actual 0.6%, Last 0.5%.
Year-on-year: Actual 2.7%, Last 2.4%.
7:30: Texas service sect outlook for May: Last 3.7.
7:30: Dallas Fed services reve for May: Last 6.1.
 
Advice:
My position on MBS stays neutral.
(Starting to look at going Long)

Market Commentary (Dan Rawitch)

Here is the link to today's video:
 
 
The Dow is down 100 and higher risk yeilds in Europe are up. This should take at least some selling pressure off of bonds. Tommorow is a huge news day. Hopefully that news will help us find bottom. I am nervous, however about GDP and any surprises it could bring! Stochastic on the 10 year is reading OVERSOLD! It can hang up there for a while...but not forever. Do yourself a favor and dont promise new borrowers better rates! That will only increase your pain. It is bad enough you have to juggle your older floating applicants. Do not add to that list!
 
We have not yet established a bottom but hopefully it is near.

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, CDRE, 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

 

What People Are Saying About Jason Gordon

 Not all Mortgage Lenders are alike! Find out what Clients, Real Estate Agents and other Financial & Legal Professionals have to say about Jason Gordon.

 

 

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.

 

 

 

Recommended Links:

 

To see if you qualify (and to obtain a current market interest rate quote), click here for a secure online loan application form.

 

Gordon Mortgage Group - AmeriFirst Financial

 

Licensed by the Department of Corporations under the California Residential Mortgage Lending Act.

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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