Mortgage Rate Update 12-19-13: Trends Projections

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

We had an extremely volatile day in trading yesterday, which was spurned by the Fed's decision to taper its bond purchases. The net result was a worsening of 38 basis points (bps). We opened this morning with continued losses of 50 additional bps. At present, we are slowly recovering with a 28 bps climb (but we've got plenty of ground to cover if we are to get back to Monday's pricing).

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!

San Diego Mortgage Rates - Jason Gordon - www.JasonGordonMortgage.com

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

The following information is current as of Thursday 12-19-2013 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 Wednesday with a SIGNIFICANT WORSENING to pricing. Wednesday's SIGNIFICANT WORSENING netted a change of 38 basis points (bps)

(Note: Upward activity on these charts is GOOD, downward activity is BAD)

Daily Mortgage Rate Update - Jason Gordon Mortgage

The following chart summarizes todays market activity:

Daily Mortgage Rate Update - Jason Gordon Mortgage

 

The following chart shows market activity over the past 10 days (hint: green is good, red is bad):

 Daily Mortgage Rate Update - Jason Gordon Mortgage

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

Daily Mortgage Rate Update - Jason Gordon Mortgage 

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.

 Daily Mortgage Rate Update - Jason Gordon Mortgage

Market Commentary (Neil Trennery)

Cpn 3.0 Chg -0.3750 Bid 94.81250
Cpn 3.5 Chg -0.3594 Bid 99.15625
Cpn 4.0 Chg -0.3125 Bid 102.79688

 

Treasury
UST 5 YR Chg 0.6172 Bid 99.24238 Yield 1.66000
UST 10 YR Chg -0.4531 Bid 98.39063 Yield 2.9380
UST 30 YR Chg -0.1250 Bid 97.25000 Yield 3.9060

 

Currency
Euro Bid 1.3669 Chg -0.0014
Pound Bid 1.6339 Chg -0.0052
Yen Bid 104.170 Chg -0.080
Light Crude
Last 97.79

 

Key Economic Data:
Unemployment
Initial jobless claims: Actual 379k, Consensus 334k, Last 368k, revised 369k.
Jobless claims 4-week avg: Actual 343.50k, Last 328.75k.
Continued jobless claims: Actual 2.884m. Consensus 2.780m, Last 2.791m, Rvised 2.790m.
7:00: Existing sales for Nov: Consensus 5.03m, Last 5.12m.
7:00: Leading index chg for Nov: Consensus 0.7%, Last 0.2%.
7:00: Philly Fed business index for Dec: Consensus 10.0, Last 6.5.
15;00: SEMI book/bill ratio for Nov: Last 1.05.

 

Advice:

 

For six months, the Federal Reserve has struggled to engineer a pullback of its bond-buying program without unhinging financial markets. Yesterday, the Fed did it. After the Fed and Chairman Ben S. Bernanke expressed enough confidence in the jobs outlook to taper the pace of asset buying and extended the timeline for zero interest rates, U.S. stocks surged to record highs and 10-year Treasury yields rose just six basis points. Thats the opposite of Bernankes experience in June, when global equity markets lost $3 trillion in the five days after he said he might reduce his $85 billion in monthly bond purchases this year and end it by mid-2014. Since then, policy makers have tried to convince investors that tapering quantitative easing isnt tightening policy. They succeeded yesterday by coupling a $10 billion reduction in monthly asset buying with a stronger commitment to keep interest rates at record lows, according to Ward McCarthy, chief financial economist at Jefferies LLC in New York. The Fed is trying to get policy back in the direction of normal without causing setbacks in the economy and too much distress in financial markets, said McCarthy, a former Richmond Fed economist, who predicted the Fed would taper. Based on the initial reaction, they found a magic elixir. The Standard & Poors 500 Index rose 1.7 percent yesterday to 1,810.65, its biggest gain in two months. Yields on the benchmark 10-year Treasury note climbed 0.06 percentage point to 2.89 percent, according to Bloomberg Bond Trader prices. Thats below the 2.99 percent reached Sept. 5 on speculation the Fed would taper that month. In September, the Fed refrained from tapering in part because of the rise in borrowing costs.

 

My position on MBS
Short term stays Neutral.
Long term Short.

Market Commentary (Dan Rawitch)

Well it happened, we tapered and it is going to be just fine! The market has a lot to digest but we did take our first step toward curing our addication. Rates should settle in at around the 3% mark on the 10 year and then we can start focusing on the news and things that matter. We should be prepared that could economic news will begin having a slightly magnified affect on the rise in interest rates, but that too will not last. I am excited for the future and for some realness in the economy. The problem is that as stimules contines to decline, so will the economy and we will most likely board this train again in the future. I remain long-term bullish on bonds, but I would not necessarily be lookin for any fast and significant improvements.

 

Here is today's video link:

Trusted Industry Advisor

San Diego Mortgage Rates - Jason Gordon - www.JasonGordonMortgage.com

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.GordonMortgage.com or www.ApprovingSD.com or more information.

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

Posted by

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

 

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. 

 

CLICK HERE TO READ CLIENT & REALTOR TESTIMONIALS

 

Gordon Mortgage Group Credentials 

Jason Gordon Mortgage 
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
California San Diego County La Jolla
Groups:
Realtors®
Dedicated Bloggers
San Diego North County Real Estate
Del Mar Real Estate
CALIFORNIA DREAMING
Tags:
san diego mortgage rates
jason gordon mortgage
first time homebuyer loans in san diego
best jumbo rates in san diego

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
478,184

Jason E. Gordon

Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS
Ask me a question
*
*
*
*
Spam prevention

Additional Information