Mortgage Rate Update 8-20-13: Trends Projections & Today's Best Rates

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

Surprising economic adversity in India is significantly hurting the Rubee. The ripple effect back to America is positive for mortgage rates, as we opened strongly today...effectively erasing the carnage from yesterday. That said, it is early...and the market remains highly volatile.

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 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...share this report with those whom you care about!

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 Tuesday 8-20-2013 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 Monday with a SIGNIFICANT WORSENING to pricing.  Monday's SIGNIFICANT WORSENING netted a change of 44 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 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 Best 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 Trennery)

FNMA 30-Year:
3.0 Coupon: Open 94.6563 Change 0.3438
3.5 Coupon: Open 98.9063 Change 0.3750
4.0 Coupon: Open 102.4063 Change 0.3281
 
Treasuries:
5 Year: Open 99.1328 Change 0.2422 Yield 1.5580
10 Year: Open 97.1250 Change 0.4063 Yield 2.8340
30 Year: Open 95.6563 Change 0.5234 Yield 3.8700
 
Key Economic Data
EUR/USD: Open 1.3422 Change 0.0089
GBP/USD: Open 1.5668 Change 0.0020
USD/JPY: Open 97.2790 Change -0.280
Oil: Open 105.46
 
Key Economic Data:
ICSC Chain stories
Week-on-week: Actual -1.9%, Last -0.2%.
Year-on-year: Actual 2.2%, Last 2.6%.
National Activity index for Jul: Actual -0.15, Last -0.13, Revised -0.23.
Redbook
MM: Actual 0.2%, Last 0.4%.
YY: Actual 3.4%, Last 3.7%.
15:00: SEMI book/bill ratio for Jul: Last 1.10.
 
Advice:
Treasuries rose for the first time in four days on speculation a withdrawal of stimulus by the Federal Reserve may hurt weakening emerging economies, stoking demand for the safety of U.S. government debt.
 
Completing going Long,
 
My position on MBS stays Neutral.

Market Commentary (Dan Rawitch)

So...yesterday was brutal as we failed the test at the bottom of the range. If you recall, I said we are not ready for high rates and that economic troubles both National and Global could spark a flight to safety. Well...it is happening, but I must admit I did not see it coming from India. Right now the Rubee is free falling, which most likely will crater the DOW (at least for today) and it is driving scared money back into bonds. The Ten year is up almost a point, thus erasing the last two days of pain and taking the yield back to 2.80. MBS are beginning to follow suit and I am hoping for a close back above Fridays low. This, would be a great set up for a bounce back rally that is way overdue.
 
While I TRULY hope the Rubee currency free fall does not cause disaster in India, it does remind us of how fragile the global picture is.

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

 

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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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