Daily Mortgage Interest Rate Updates, Trends & Projections

Mortgage Rate Update 2-3-14: Trends & Projections

We are currently riding a nice trend for mortgage rates, but history has taught us not to take these trends for granted. A big miss on the ISM Manufacturing Data has lifted Mortgage Backed Securities this morning.  Construction Spending came in at expectations. No further economic data will be released today. The Dow is currently down about 150 points.

As a result of the above economic activity, pricing has opened +/- 0.125 to the points/credits associated with each 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 Monday 2-3-2014 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 Friday with an IMPROVEMENT to pricing. Friday's IMPROVEMENT netted a change of 9 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)

Cpn 3.0 Chg -0.1719 Bid 97.15625
Cpn 3.5 Chg -0.1094 Bid 101.42188
Cpn 4.0 Chg -0.0625 Bid 104.73438
UST 5 YR Chg -0.0859 Bid 99.94531 Yield 1.5110
UST 10 YR Chg -0.2031 Bid 100.65625 Yield 2.6710
UST 30 YR Chg -0.3438 Bid 102.34375 Yield 3.6210
Euro Bid 1.3495 Chg 0.0010
Pound Bid 1.6344 Chg -0.0088
Yen Bid 101.830 Chg -0.180
Light Crude
Last 97.77
Key Economic Data:
Markit Mgf PMI Final for Jan: Actual 53.7, Last 53.7.
Automobile sales for Jan
Domestic cars: Consensus 5.30m, Last 5.25m.
Domestic trucks: Consensus 6.70m, Last 6.64m.
Total sales: Consensus 15.70m, Last 15.40m.
All cars sales: Last 7.73m
All truck sales: Last 7.67m.
7:00: Construction spending for Dec: Consensus 0.2%, Last 1.0%.
ISM for Jan
Manufacturing PMI: Consensus 56.0, Last 56.5.
Manuf prices paid: Consensus 54.0, Last 53.5.
Manuf employment Index: Consensus 55.8, Last 55.8.
Manuf new orders index: Last 64.4
Treasuries declined before reports this week on manufacturing and jobs that economists said will show growth is strong enough for the Federal Reserve to further reduce its debt purchases. Thirty-year bond yields were about three basis points from the lowest level in three months. February started on the opposite tack from January, when tumbling emerging-market currencies boosted demand for the relative safety of U.S. government securities. The rate on benchmark 10-year notes climbed after falling the most last month since August 2011. The Fed is relatively confident in the U.S. economy, which means that the taper is on track, said Patrick Jacq, a fixed-income strategist at BNP Paribas SA in Paris. If the payrolls data is strong, Treasuries will lose some support, but they will not come under huge selling pressure. The benchmark 10-year yield rose two basis points, or 0.02 percentage point, to 2.67 percent at 7:16 a.m. in New York, according to Bloomberg Bond Trader prices, after dropping to 2.64 percent on Jan. 31, the lowest since Nov. 8. The rate fell 38 basis points in January, the steepest monthly decline since August 2011. The 2.75 percent note due in November 2023 fell 7/32, or $2.19 per $1,000 face amount, to 100 22/32. Thirty-year bond yields also rose two basis points, to 3.62 percent. The rate dropped to as low as 3.59 percent on Jan. 31, the least since Oct. 30. The Bloomberg U.S. Treasury Bond Index gained 1.8 percent in January, the biggest gain since May 2012, as the Argentine peso led a decline in emerging currencies that also brought down the South African rand and Turkish lira.
My position on MBS
Short term Neutral.
Long term changes to Neutral
I had expected the economy to start to pick up by now.

Market Commentary (Dan Rawitch)

ISM index had the biggest drop since 2008. The index is over rated but the market is responding to it, none the less. Greece is in the news again, they may need yet another bailout. Bonds are continuing in the upward channel and are now again touching the top, so be a little careful. I say a little careful because because I do believe this move takes us to 102.00, BUT...don't expect a straight line up to that point. Expect a jagged line!

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

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



Gordon Mortgage Group - AmeriFirst Financial Inc.


Office: 619-200-8031

Email: jgordon@amerifirst.us



11440 W. Bernardo Court, Ste. 300, San Diego, CA 92127


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Comment balloon 1 commentJason E. Gordon • February 03 2014 09:36AM
Mortgage Rate Update 2-3-14: Trends & Projections
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