Mortgage Rate Update 8-2-13: Trends Projections & Today's Best Rates

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

The highly anticipated employment data was weaker than expected this morning. As a result, Mortgage Backed Security (MBS) prices jumped swiftly and erased much of yesterday's losses. The economy only added 162,000 jobs (well below the consensus of 180,000 jobs predicted). Unemployment figures have dropped to 7.4%.

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 over 2 years at 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...share this report with those whom you care about!

Jason E. Gordon - Mortgage Rate Update -

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Friday 8-2-2013 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 SIGNIFICANT WORSENING to pricing.  Thursday's SIGNIFICANT WORSENING netted a change of 68 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 -

The following chart shows the activity thus far for today:

 Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon -

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 -

The following chart shows market activity over the past 1 month:

 Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon -

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 Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon -

Market Commentary (Neil Trennery)

FNMA 30-Year:
2.5 Coupon: Open 91.9688 Change 0.8281
3.0 Coupon: Open 96.7656 Change 0.8438
3.5 Coupon: Open 100.5938 Change 0.7031
4.0 Coupon: Open 103.6875 Change 0.5313
5 Year: Open 99.8984 Change 0.4453 Yield 1.3980
10 Year: Open 92.4688 Change 0.6563 Yield 2.6280
30 Year: Open 85.1250 Change 0.8281 Yield 3.7040
Key Economic Data
EUR/USD: Open 1.3259 Change 0.0053
GBP/USD: Open 1.5234 Change 0.0116
USD/JPY: Open 99.280 Change -0.260
Oil: Open 107.37
Key Economic Data:
PCE for Jun
Personal consup real: Actual 0.1%, Last 0.2%, Revised 0.1%.
Personal income: Actual 0.3%, Consensus 0.4%, Last 0.5%, Revised 0.4%.
Consumption adjusted: Actual 0.5%, Consensus 0.5%, Last 0.3%, revised 0.2%.
Core PCE price index mm: Actual 0.2%, Consensus 0.1%, Last 0.1%.
Core PCE price index yy: Actual 1.2%, Last 1.1%, revised 1.2%.
PCE price index mm: Actual 0.4%, Last 0.1%.
PCE price index yy: Actual 1.3%, Last 1.0%, Revised 1.1%.
Payrolls for Jul
Non-farm: Actual 162k, Consensus 184k, Last 195k, Revised 188k.
Private: Actual 161k, Consensus 189k, Last 202k, Revised 196k.
Manufacturing: Actual 6k, Consensus 1k, Last -6k, Revised 3k.
Government: Actual 1k, Last -7k, Revised -8k.
Unemployment rate: Actual 7.4%, Consensus 7.5%, Last 7.6k.
Average earnings: Actual -0.1%, Consensus 0.2%, Last 0.4%.
Average work hours: Actual 34.4h, Consensus 34.5h, Last 34.5h.
6:45: ISM New York Index for Jul: Last 578.1.
7:00: Durable goods for Jun
Index: Last 4.2%
Ex-Def: Last 3.0%.
Factory orders: Consensus 2.3%, last 2.1%.
7:30: ECRI weekly index: Last 131.3.
Treasuries erased losses after a Labor Department report showed the economy added fewer jobs than forecast in July, damping speculation the Federal Reserve will slow the pace of bond purchases next month.
My position on MBS changes to Neutral.
(buy back short position).

Market Commentary (Dan Rawitch)

No Jobs=No Growth. We saw both of those fact manifest in this weeks news releases. No Growth=deflation concerns. Deflation=LOW RATES.

However, for now...we remain range bound. While it is a wild, volitile and emotional range, it is still range. Today we test the top and hopely, we dont free fall back to the bottom, as we have during the last three tests.

Today would be a likely day to break out, but I cant promise that. This has been one of the toughest markets to trade in my 30 year history.

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 or or more information.

Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage rates

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Jason E. Gordon

Branch Manager | Sr. Mortgage Loan Officer



Gordon Mortgage Group - AmeriFirst Financial Inc.


Office: 619-200-8031



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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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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