What are California's best mortgage rates? What can we expect from mortgage rates for the remainder of this month? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why).
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 11-29-2011 and will help you understand todays 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 Monday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's IMPROVEMENT resulted in a change of 52 basis points (bps).
The following chart shows the market activity for today (hint: upward activity is good, downward activity is bad):
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 1.00% Origination Fee (1 Point) to accompany this pricing. It bears noting that this chart does not necessarily represent todays best mortgage rates.
Analyst #1: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 101.875
Opened Down 0.125 @ 101.750
Key Economic Data:
UST 2 YR 0.26 Up 0.00
UST 5 YR 0.95 Up 0.03
UST 10 YR 2.01 Up 0.04
UST 30 YR 2.96 Up 0.03
EUR / USD 1.3314 Down 0.0006
USD / JPY 77.8500 Up 0.1300
GBP / USD 1.5602 Up 0.0092
Oil 98.56 Up 0.35
Gold 1,711.70 Down 2.80
Key Economic News:
9:00: S&P/Case-Shiller home price index (September):
Consensus: -0.1%; Last -0.1%.
10:00: Conference Board confidence index (November): Improvement. Household attitudes appear to have improved in November, based on the University of Michigan’s index of consumer sentiment, as well as daily measures of confidence we track. We therefore forecast an increase in the Conference’s Board’s confidence index to 44.0 from 39.8 previously.
Consensus: 44.0; Last: 39.8.
10:00: FHFA House Price Index (September): Another decline? This index—which tracks the purchase price of homes with agency-conforming mortgages—has weakened over the last few months. Consensus forecasts expect another decline for September.
Consensus: -0.1%; Last -0.1%.
11:30: Federal Reserve Vice Chair Janet Yellen on the global recovery at the San Francisco Fed’s Asia Economic Policy Conference.
12:15: Federal Reserve Governor Sarah Bloom Raskin moderates panel at Fed conference.
12:27: Atlanta Fed President Dennis Lockhart on the economy.
16:30: San Francisco Fed President John Williams speaks to reporters at Fed conference.
19:00: Minneapolis Fed President Narayana Kocherlakota speaks to reporters before speech at Stanford. His formal remarks—titled “Making Monetary Policy”—will follow at 20:00.
Depending on how much the Conference Board improves by could reverse yesterday’s gains. Otherwise I would expect the market to continue to improve.
My position on MBS stays neutral.
Analyst #2: Dan Rawitch
Here is the link to our daily video: http://ratewatch.com/ratewatchnow.html
WTH…on Consumer Confidence! I did not see that one coming, nor did most economist. As time permits today, I will dig into that number and report back to you. Something seems crazy.
We also have Case Shiller down and FHFA up, American Airlines files BK and yields climbing in both Germany and Italy.
All in all, a very unstable and difficult to understand market place. I’d expect a fairly narrow trading range, until we get more news and sense of direction as the week goes on.
Trusted Industry Advisor
The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon. 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.jasonegordon.com or www.ApprovingSD.com or more information.
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