Mortgage Rate Update 1-16-14: Trends & Projections

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

December CPI inflation rose 0.3% from November, matching the consensus projections. Core CPI, which excludes food & energy, increased 0.1% (also matching the consensus). Weekly jobless claims declined slightly to 326,000, which was also very close to expectations. The net result is an average 0.250 - 0.375 IMPROVEMENT to the points/credits associated with each interest rate option today thus far.

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 1-16-2014 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 an IMPROVEMENT to pricing. Wednesday's IMPROVEMENT netted a change of 16 basis points (bps).

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

San Diego Mortgage Rates - www.GordonMortgage.com

The following chart summarizes todays market activity:

San Diego Mortgage Rates - www.GordonMortgage.com

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

 San Diego Mortgage Rates - www.GordonMortgage.com

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

San Diego Mortgage Rates - www.GordonMortgage.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.

San Diego Mortgage Rates - www.GordonMortgage.com 

Market Commentary (Neil Trenerry)

FNMA
Cpn 3.0 Chg 0.3750 Bid 95.96875
Cpn 3.5 Chg 0.3281 Bid 100.34375
Cpn 4.0 Chg 0.2656 Bid 103.82813

 

Treasury
UST 5 YR Chg 0.1563 Bid 99.33594 Yield 1.6400
UST 10 YR Chg 0.4063 Bid 98.18750 Yield 2.8450
UST 30 YR Chg 0.8594 Bid 99.57813 Yield 3.7740
Currency
Euro Bid 1.3622 Chg 0.0020
Pound Bid 1.6347 Chg -0.0022
Yen Bid 104.270 Chg -0.290
Light Crude
Last 93.84

 

Key Economic Data:
CPI for Dec
MM, SA: Actual 0.3%, Consensus 0.3%, Last 0.0%.
YY, NSA: Actual 1.5%, Consensus 1.5%, Last 1.2%.
Core MM, SA: Actual 0.1%, Consensus 0.1%, Last 0.2%.
Core YY, NSA: Actual 1.7%, Consensus 1.7%, Last 1.7%.
Index NSA: Actual 233.05, Consensus 233.09, Last 233.07.
Core Index SA: Actual 235.50, Last 235.24.
Real weekly earnings for Dec: Actual 0.5%, Consensus -0.3%, Last 0.4%.
Unemployment
Initial jobless claims: Actual 326k, Consensus 328k, Last 330k.
Jobless claims 4-wk avg: Actual 335.00k, Last 349.00k.
Continued jobless claims: Actual 3.030m, Consensus 2.848m, Last 2.865m.
NAHB housing market index for Jan: Actual 56, Consensus 58, Last 58.
Philly Fed business index: Actual 9.4, Consensus 8.6, Last 6.4.
8:30: Cleveland Fed CP for Dec: Last 0.2%.

 

Advice:
Treasury 10-year note yields fell as a report showed the consumer price index rose 1.5 percent in the past year, below the Federal Reserves 2 percent target. Real yields traded at about the highest in almost two years as the government report showed inflation in December matched forecasts. China and Japan boosted holdings of Treasuries to a record high in November, data released on the Treasury Departments website showed. The U.S. is scheduled to announce plans to sell 10-year Treasury Inflation Protected Securities next week. Its surprising that the pickup in U.S. inflation has so far been relatively subdued considering the growth dynamics, said Michael Leister, a senior fixed-income strategist at Commerzbank AG in London. Low inflation seems to be a problem in the western economies. This suggests further increase in nominal yields wont be as fast as in the Feds previous tightening cycles.

 

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

Market Commentary (Dan Rawitch)

Mixed news today. Thankfully CPI came in under the expected target, which is great, as this the most important interest rate driver in a turnaround economy.

 

I would expect sideways movement, prior to taking another run at the top of the channel. Naturally, this will be driven by the next couple of days news releases

 

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

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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

 

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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