Daily Mortgage Interest Rate Updates, Trends & Projections: February 2011

San Diego Mortgage Interest Rate Update 2-25-2011 + Projected Trends & Today's Best Mortgage Rates

Introducing an easy-to-follow inside look at mortgage rate activity, featuring charts, rate sheets, market commentary, and even video recordings all in one daily morning blog! Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why). Subscribe to this free daily update by clicking the button on the right hand side of this page and always be aware of todays best mortgage rates. Although the title of this blog mentions San Diego, these updates are good for the entire state of California.

While basic understanding of the "book smarts" within the mortgage industry will help you understand specific terminology, loan programs, and features, there is so much more you will need to know in order to make an informed financial decision.

My approach to providing education strives to further your understanding beyond the "book smarts" of the mortgage industry, and learn the valuable "street smarts" that will help you achieve the best possible results, while avoiding the most common pitfalls that non-informed Borrowers and Real Estate Professionals have experienced.

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Friday 2-25-2011 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 Thursday with a WORSENING to pricing (as indicated by the chart below). Note that any movement that exceeds 25 basis points is significant (and will typically warrant a pricing adjustment by most Lenders). Thursday's WORSENING resulted in a change of 3 basis points (bps).

Mortgage Street Smarts - Daily Interest Rate Updates, Daily Interest Rate Projections, Todays Best Mortgage Rates, Provided by Jason Gordon, CMPS, Direct Lender, Wholesale Broker. For free mortgage loan calculator, no obligation loan quote, or to apply online, visit www.MortgageStreetSmarts.com

The following chart shows the market activity thus far today (hint: upward activity is good, downward activity is bad):

Mortgage Street Smarts - Daily Interest Rate Updates, Daily Interest Rate Projections, Todays Best Mortgage Rates, Provided by Jason Gordon, CMPS, Direct Lender, Wholesale Broker. For free mortgage loan calculator, no obligation loan quote, or to apply online, visit www.MortgageStreetSmarts.com

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

Mortgage Street Smarts - Daily Interest Rate Updates, Daily Interest Rate Projections, Todays Best Mortgage Rates, Provided by Jason Gordon, CMPS, Direct Lender, Wholesale Broker. For free mortgage loan calculator, no obligation loan quote, or to apply online, visit www.MortgageStreetSmarts.com

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

Mortgage Street Smarts - Daily Interest Rate Updates, Daily Interest Rate Projections, Todays Best Mortgage Rates, Provided by Jason Gordon, CMPS, Direct Lender, Wholesale Broker. For free mortgage loan calculator, no obligation loan quote, or to apply online, visit www.MortgageStreetSmarts.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.

Mortgage Street Smarts - Daily Interest Rate Updates, Daily Interest Rate Projections, Todays Best Mortgage Rates, Provided by Jason Gordon, CMPS, Direct Lender, Wholesale Broker. For free mortgage loan calculator, no obligation loan quote, or to apply online, visit www.MortgageStreetSmarts.com

Market Commentary

Analyst #1: Neil Trenerry

FNMA 30-YR 4.5%

Previous close 101.620
Opened Up 003bp @ 101.656

Key Economic Data:

EUR / USD  1.3755  Down  0.0045
USD / JPY  81.6770  Down  0.2153
GBP / USD  1.6093  Down  0.0045

OIl  97.09  Down  0.19
Gold  1,406.40  Down  9.40

Key Economic News:

The economy grew at a 2.8% annual rate in the fourth quarter, slower than previously calculated and less than forecat as state and local govemnents made deeper cuts in spending. The revised increase in gross domestic product compares with a 3.2% estimate issued last month and a 2.6% gian in third quarter, figures from the Commerce Department showed today in Washington. The economy, excluding inventories, grew at a 6.7% pace, the mot since 1998.
The Federal Reserve's preferred price gauge, which is tied to consumer spending and strips out food and energy costs, climbed at a 0.5% annual pace. The Fed's longer term projection for inflation is a range of 1.6% to 2%. Rising oil and food costs may push up the prices of other goods and services.

6:00: PCE Core price index (Q\Q Annual) Consensus +0.4%. Last +0.4%.

7:00: U of Michigan cosumer sentiment - Final for Feb No Consensus. Last 75.3 mom.

Advice:

With the tide seeming to be turning in Libya, and a good run for MBS pricing this week. You might want to protect these gains by locking today.

I would lock today.

My position on MBS has changed to neutral today (Seller).

Analyst #2 Dan Rawitch

Here is the link to our daily update 
http://ratewatch.com/ratewatchnow.html

A slight downward revision to the GDP number, is exactly what the economy does not need right now.  The number is only horrible if we need jobs...which I think we do.

Still remaining nicely in the up channel as we have for the past 15 days.  I love that we stayed over 101.50, in light of an average auction and some decent news yesterday.  We still appear to be positioned to run at 102

I believe this is still the beginning of long and positive move up.  having said that...it is NEVER a straight line up and you should always expect the unexpected.

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

Sr. Mortgage Loan Officer

CMPS, CDPE, CMHS, CMC, NMLS 259027

 

Gordon Mortgage Group - AmeriFirst Financial Inc.

 

Office: 619-200-8031

Email: jgordon@amerifirst.us

www.GordonMortgage.com

 

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. 

 

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Jason Gordon Mortgage 
Comment balloon 0 commentsJason E. Gordon • February 25 2011 10:59AM
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