Mortgage Rate Update 10-9-14: Trends & Projections

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

This morning, the weekly Jobless Claims report came in at 287K, below the consensus prediction of 295K.  Jobless Claims remain near the lowest levels since 2006. No more economic data will be released today.

Compared to yesterday's closing, the market has opened with a 0.125% WORSENING to the Points/Credits associated with any given interest rate option.

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 10-9-2014 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 a SIGNIFICANT IMPROVEMENT to pricing. Wednesday's SIGNIFICANT IMPROVEMENT netted a change of 30 basis points (bps).

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

San Diego Best Mortgage Rates - www.GordonMortgage.com

The following chart summarizes todays market activity:

San Diego Best 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 Best Mortgage Rates - www.GordonMortgage.com

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

San Diego Best 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 Best Mortgage Rates - www.GordonMortgage.com

 

 

 

 

 

 

 

 

 

 

Market Commentary (Neil Trenerry)

FNMA - Month Aug
Cpn 3.0 Chg 0.0156 Bid 100.23438
Cpn 3.5 Chg -0.0156 Bid 103.54688
Cpn 4.0 Chg -0.0781 Bid 106.32813
 
Treasury
UST 5 YR Chg -0.0156 Bid 100.95313 Yield 1.5500
UST 10 YR Chg 0.0469 Bid 100.54688 Yield 2.3120
UST 30 YR Chg 0.0938 Bid 102.45313 Yield 3.0500
 
Currency
Euro Bid 1.2722 Chg -0.0011
Pound Bid 1.6180 Chg 0.0015
Yen Bid 107.820 Chg -0.250
Light Crude
Last 86.78
 
Key Economic Data:
Unemployment
Initial Jobless Claims: Actual 287k, Consensus 294k, Last 287k.
Jobless Claims 4-wk avg: Actual 287.75k, Last 294.75k.
Continued Jobless Claims: Actual 2.381m, Consensus 2.410m, Last 2.398m.
7:00: Wholesale Inventories for Aug: Consensus 0.3%, Last 0.1%.
7:00: Wholesale Sales for Aug: Consensus 0.4%, Last 0.7%.
 
My position on MBS:
Short term changes to Neutral.
Long term stays Neutral.
 
Long = I anticipate pricing to improve which leads to lower Rates.
Neutral = Market should stay close to open plus or minimums 25bps.
Short = I anticipate pricing to weaken which leads to higher Rates.
 
Short term = 1 - 2 days out
Long term = 30+ days out 

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) Certified Mortgage Coach (CMC), and Certified Military Housing Specialist (CMHS), 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.CrossApproval.com or more information.

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

 

 

Successful Realtors embrace technology to help market properties and themselves. This video summarizes a few of the tools the team at GORDON MORTGAGE GROUP (powered by AmeriFirst Financial Inc.) provide their Realtor Partners on a daily basis. Contact us today to learn more!

 

 

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

 

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Rainmaker
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Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Jason, thanks for being a constant resource of good info; I send many of my clients your daily updates when asked "how's mortgage rates doing?"...since I'm not a lender, I let them read facts from you, not opinion from me.

Oct 09, 2014 01:39 AM #1
Rainmaker
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Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS

Thanks Thomas...much appreciated!  This is an example of why your clients speak so highly of you and continue to follow your professional guidance. 

Oct 09, 2014 02:03 AM #2
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Rainmaker
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Jason E. Gordon

Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS
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