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

Mortgage Interest Rate Update 6-28-2011 + Projected Trends & 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 article! 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).

Mortgage Street Smarts - Daily interest rate updates, daily mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit www.MortgageStreetSmarts.com for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

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

The following information is current as of Tuesday 6-28-2011 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 a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENING resulted in a change of 28 basis points (bps).

 Mortgage Street Smarts - Daily interest rate updates, daily mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit www.MortgageStreetSmarts.com for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

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

 Mortgage Street Smarts - Daily interest rate updates, daily mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit www.MortgageStreetSmarts.com for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

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 mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit www.MortgageStreetSmarts.com for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

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

 Mortgage Street Smarts - Daily interest rate updates, daily mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit www.MortgageStreetSmarts.com for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

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 mortgage rate projections, mortgage quotes, featuring todays best mortgage rates. Provided by San Diego Residential Mortgage Specialist Jason E Gordon, CMPS, Direct Lender, Mortgage Broker, San Diego, CA. Visit www.MortgageStreetSmarts.com for free online mortgage calculator, no hassle mortgage quote, and secure online mortgage loan application.

Market Commentary

Analyst #1 (Neil Trenerry):

FNMA 30-Yr 4.0%

Previous close 100.974

Opened Up 0.09bp @ 100.875

Key Economic Data:

EUR / USD  1.4305  Up  0.0017
USD / JPY  80.8725  Down  0.0200
GBP / USD  1.5984  Down  0.0006

Oil   91.68   Up   1.07

Gold   1,500.40   Up  4.00

Key Economic News:
Case-Shiller home price index declines less sharply than the median forecast in seasonally adjusted terms, and rises in not seasonally adjusted terms, pointing to stabilization in house prices in April.

Key Numbers:
S&P/Case-Shiller home price index -0.1% vs median forecast -0.2%.

Main Points:
1. The Case-Shiller index of home prices in 20 metro areas falls by 0.09% on a seasonally adjusted basis in April, a decline that is smaller than the median forecast but in line with our expectation. Due to downward revisions in previous months, however, the 4% year-on-year decline is in line with the median forecast. On a seasonally unadjusted basis, prices rose 0.7% month on month; we would put some weight on the n.s.a. numbers as there have been questions about the seasonal adjustment process in the Case Shiller data in the past.

2. The (seasonally-adjusted) home price index increases in about half of the metro areas, including large increases in Washington DC (+1.96%), Minneapolis (+1.14%) and Atlanta (+0.85%). The largest declines are seen in Detroit (-1.81%), Dallas (-1.10%) and Boston (-1.04%).

3. As the Case-Shiller index is based on three-month averages and we saw declines of 0.25% in February and March this release suggests that house prices are beginning to stabilize. This is consistent with the sequential improvement seen recently in other house price indicators such as the CoreLogic and FHFA indexes.

10:00: Conference Board consumer confidence for June.  We expect a slight renewed setback in confidence in view of the recent deterioration in the labor market and the weaker reading in the University of Michigan reading this month. 

Median forecast (of 69): 61.0; last 60.8.

10:00: Richmond Fed manufacturing and service indexes for June. Forecasters (there are only 7 of them) expect a slight improvement in the manufacturing index to -3 from -6.  There is no consensus for the service index, which showed a sharp drop in shopper traffic in the retail sub-survey last month.

Median forecast (of 7): -3, last -6.

Advice:

My position on MBS stays neutral. 

Analyst #2 (Dan Rawitch):

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

Gap down opening is mostly technical and resulting from a not so good 2 year auction yesterday,  this brings concerns that perhaps today's 5 year auction will not go well either.  On bullish side for bonds, we have VERY weak consumer confidence numbers, combined with weak year over year housing prices.

Throw in a side of Greece and you most likely will have a shot at closing the gap today.  If the auction does not go well and we break through 100.80, this could turn into a fairly big move downward.  Still, a correction in my opinion, but none the less, it is never fun to watch a sell off.  Yes, I sound wishy washy but this thing can and will break either way depending on the auction.

Trusted Industry Resource

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 for more information.

Click here for daily mortgage interest rate updates and projections

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,  RCS-D, CDPE, CMHS, CMC, NMLS 259027

 

Gordon Mortgage Group - AmeriFirst Financial Inc.

 

Office: 619-200-8031

Email: jgordon@amerifirst.us

www.GordonMortgage.com

 

11260 El Camino Real, Ste. 100, San Diego, CA 92130

 

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