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

Mortgage Rate Update 8-30-11 - Today's Best Mortgage Rates

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).

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 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).

Today's Best Mortgage Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

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

Today's Best Mortgage Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

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

Today's Best Mortgage Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

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

Today's Best Mortgage Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - 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.

Today's Best Mortgage Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

Market Commentary

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.

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

Main Points
:
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.

 

Advice:

 

 

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.

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

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.

 

 

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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. 

 

CLICK HERE TO READ CLIENT & REALTOR TESTIMONIALS

 

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Comment balloon 1 commentJason E. Gordon • August 30 2011 10:07AM
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