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

Mortgage Rate Update 7-29-11 - Great Day For Rates!

Todays 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 Friday 7-29-2011 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 Thursday with an IMROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's IMPROVEMENT resulted in a change of 25 basis points (bps).

 Mortgage Interest Rate Update, Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.com

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

 Mortgage Interest Rate Update, Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.com

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

Mortgage Interest Rate Update, Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.com

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

Mortgage Interest Rate Update, Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.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 Interest Rate Update, Jason E Gordon, San Diego Residential Mortgage Specialist, www.ApprovingSD.com

Market Commentary

Analyst #1 (Neil Trenerry)

FNMA 30-Yr 4.0%

Previous close 100.781

Opened Up 0.25bp @ 101.031

 

Key Economic Data:

EUR / USD  1.4351  Up  0.0018
USD / JPY  77.1665  Down  0.5080
GBP / USD  1.6372  Down  0.0002

Oil   95.22   Down   2.22

Gold   1,626.20  Up   10.00


Key Economic News:

 

Several important releases today, including the advance report for Q2 GDP:

 

8:30: GDP (Q2-Advance): Another soft quarter & annual revisions.We estimate that real GDP increased by just 1.5% (qoq ar) in the second quarter. Relative to our expectations earlier in the year, consumer spending was the major disappointment: available data suggest consumption growth of just 0.5% during the quarter. We look for a moderate gain in business fixed investment, roughly flat housing investment, and some boost from inventory building. Government spending was likely a drag on growth overall, with weakness at the state and local level offsetting a small gain in federal government outlays.

 

Along with today’s Q2 GDP report, the BEA will also publish annual revisions to the US national accounts. These will incorporate new source data, updated seasonal adjustment, and presentational changes. Real growth rates in GDP and its components will be revised back to 2003, and there could be very small revisions to earlier years as well. Real GDP levels will be revised back to 1929. Revisions could be sizable in imports (due to new seasonal adjustment for imported petroleum) and possibly consumer spending (due to new source data).

Consensus: +1.8%; Last (Q1-Final): +1.9%.

GDP price index: Consensus: +2.0%; Last: +2.0%.

PCE core index: Consensus: +2.3%; Last: +1.6%.

 

8:30: Employment cost index (Q2): Moderate wage growth.  We forecast that growth in the Employment Cost Index (ECI) retreated to 0.4% (qoq, not annualized) in Q2 after a spike in benefit growth in Q1.

Consensus: +0.5%; Last: +0.6%.

 

9:45: Chicago purchasing managers’ index (July). Small decline. Other regional manufacturing surveys available for the month of July point to a small decline in the Chicago purchasing mangers’ index.

Consensus: 60.0; Last: 61.1.

 

10:00: Reuters/University of Michigan consumer sentiment (July final): Stable? Forecasters are looking for this index to stabilize after a sharp drop in the preliminary July report. Daily confidence measures for the latter part of July suggest possible downside risk to consensus forecasts.

Consensus: 64.0; Last: 63.8 (July prelim).

 

15:15: St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart on monetary policy.

 

 

Advice:

 


Keep your eyes on Washington!

 

Float with caution.


My position on MBS changes to short

Analyst#2 (Dan Rawitch):

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

Poor GDP, Low Consumer Confidence and weaker Manufacturing numbers have caused a big gap up opening in bonds.  Nice!   At for bonds...I am concerned about a double dip recession, which is good only for rates and bad for our starving purchase market.  Congress playing chicken with the debt ceiling is not going to help our confidence either.

Not sure if we close the gap today, most likely we will not with all this bond friendly news.  I would be cautious though...this debt ceiling game of chicken could create all sorts of unintended consequences.

 

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 todays 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

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

 

What People Are Saying About Jason Gordon

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Recommended Links:

 

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Comment balloon 0 commentsJason E. Gordon • July 29 2011 07:21PM
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