Todays best mortgage rates. What can we expect from mortgage rates this week? 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 8-30-2011 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 6 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 4.0%
Previous close 103.531
Opened Up 0.24bp @ 103.781
Key Economic Data:
UST 5 YR 0.94 Down 0.06
UST 10 YR 2.19 Down 0.07
UST 30 YR 3.54 Down 0.096
EUR / USD 1.4429 Down 0.0081
USD / JPY 76.6880 Down 0.1460
GBP / USD 1.6309 Down 0.0099
Oil 86.90 Down 0.37
Gold 1,827.10 Up 35.50
Key Economic News:
A Bit Weaker
Case-Shiller home price index declines slightly in seasonally adjusted terms, but rises sharply in not seasonally adjusted terms.
S&P/Case-Shiller home price index -0.1% vs median forecast flat.
1. The Case-Shiller index of home prices in 20 metro areas falls by 0.06% on a seasonally adjusted basis in June, while the median forecast had looked for unchanged prices. Due to upward revisions in previous months, however, the 4.5% year-on-year decline is smaller than the median forecast. On a seasonally unadjusted basis, prices rose 1.1% 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 Chicago (+1.32%), Washington DC (+0.95%) and Charlotte (0.86%). The largest declines are seen in Portland (-0.77%), Phoenix (-0.61%) and San Diego (-0.58%).
10:00: Conference Board confidence index (August): Likely drop. We forecast that the index of consumer confidence fell to 53.0 in August from 59.5 in July. This measure is less sensitive to financial market developments than the University of Michigan index of consumer sentiment, but nevertheless looks likely to decline following the drop in stock prices.
Consensus: 52.0; Last: 59.5.
12:15: Minneapolis Fed President Narayana Kocherlakota on the “Economic Outlook and a Reconsideration of Leverage Incentives.”
14:00: FOMC minutes (August 9 meeting): Easing options. In its statement after the August 9 meeting, the FOMC said that it had “discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability”. We therefore expect that the minutes will include more detail on the Fed’s easing options, and probably a discussion of the benefits and risks associated with each tool. Although Chairman Bernanke’s speech at the annual Jackson Hole conference did not include a discussion of easing options, the minutes may be a better place to present this material.
My position on MBS stays neutral.
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 or www.ApprovingSD.com or more information.
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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, CDLP, CDRE, RCS-D, CDPE, CMHS, CMC, NMLS 259027
11440 W. Bernardo Court, Ste. 300, San Diego, CA 92127
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