Ouch! Friday morning is having an unpleasant start for mortgage pricing given the data on today's Employment Report. Against a consensus forecast of 190K, the economy added 242K jobs. Remember, good news for the economy = bad news for mortgage rates!
Compared to Thursday's closing, the market has opened with a 0.125 worsening to the Points/Credits associated with any given interest rate option (but we are trending in the wrong direction early).
This daily mortgage interest rate report is designed to provide Borrowers & Real Estate Professionals 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!
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Friday 3-4-2016 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 an IMPROVEMENT to pricing. Thursday's IMPROVEMENT netted a change of 6 basis points (bps).
(Note: Upward activity on these charts is GOOD, downward activity is BAD)
The following chart summarizes today's market activity:
The following chart shows market activity over the past 10 days (hint: green is good, red is bad)
The following chart shows market activity over the past 1 month:
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 scenario involving a 740+ credit score, 25% down payment, owner occupied, single family residence, with impound account, with a loan amount up to $417,000 to accompany this pricing.
It bears noting that this chart does not necessarily represent today's best mortgage rates.
Market Commentary (Neil Trennery)
Beware of relying on Interest Rate Quotes like the one above!
CLICK HERE TO READ ABOUT THE TRUTH BEHIND MORTGAGE QUOTES
2016 Economic Forecast (Barry Habib)
Market Commentary (Neil Trennery)
Market Commentary (Dan Rawitch)
No News today and we continue to move sideways. I am impressed with how well bonds are holding up this morning, given that the Dow is up over 200 points and oil is rallying. If we move above the close of the last two trading days, we could spark a technical rally and at a minimum test the top of the trading range. However, if the Dow continues to rally, we could start seeing movement out of bonds and into stocks. This is a big news week...so stay alert.
Trusted Industry Advisor
The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason 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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