Daily Mortgage Interest Rate Updates, Trends & Projections: April 2013

Mortgage Rate Update 4-29-13: Trends Projections & Today's Best Rates

We are off to a fairly flat start this morning.  With no major economic reports due today, we are likely looking at a somewhat neutral day in trading.

This daily mortgage interest rate report is designed to provide Borrowers & Real Estate Profesionals with factual data regarding where rates are at any given time and what trends are propelling current mortgage pricing on any given day. Feel free to browse the library and research historical rate updates dating back nearly 2 years at www.JasonGordon.info whenever desired.  To make things easier, I have also posted a quick report on How To Read The Charts Below.

Also, make sure to learn THE TOP 10 THINGS TO KNOW ABOUT MORTGAGE RATES (to help understand the relationship between rates & fees/credits) along with THE TRUTH BEHIND MORTGAGE QUOTES (to better understand the relationship between up-front closing costs and mortgage interest rates so you don't get duped by clever advertising campaigns). Remember, we all make better decisions in life when we have the actual facts to analyze!

Jason E. Gordon - Mortgage Rate Update - www.jasongordon.net

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

The following information is current as of Monday 4-29-2013 and will help you understand today's 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 Friday with an IMPROVEMENT to pricing.  Friday's IMPROVEMENT netted a change of 9 basis points (bps).

(hint: upward activity is good, downward activity is bad)

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

The following chart shows a summary of today's activity:

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

Market Commentary (Neil Trenerry)

FNMA 30-Year:
2.5 Coupon: Open 101.000 Change 0.0625
3.0 Coupon: Open 104.5625 Change 0.0313
3.5 Coupon: Open 106.4688 Change -0.0313

 

Treasuries:
5 Year: Open 99.7344 Change 0.1016 Yield 0.6790
10 Year: Open 103.0313 Change 0.0156 Yield 1.6630
30 Year: Open 105.3438 Change 0.0938 Yield 2.8570

 

Key Economic Data
EUR/USD: Open 1.3084 Change 0.0055
GBP/USD: Open 1.5502 Change 0.0020
USD/JPY: Open 97.840 Change -0.220
Oil: Open 93.68

 

Key Economic Data:
Personal Income for Mar: Actual 0.2%, Consensus 0.4%, Last 1.1%.
PCE for Mar
Core price index mm: Actual 0.0%, Consensus 0.1%, Last 0.1%.
Core price index yy: Actual 1.1%, Last 1.3%.
Price index mm: Actual -0.1%, Last 0.4%.
Price index yy: Actual 1.0%. Last 1.3%.
Midwest manufacturing for Mar: Actual 96.5, Last 96.3.
7:00: Pending Home sales for Mar: Consensus 1.0%, Last -0.4%.
7:30: Dallas Fed mfg bus index for Apr: Last 7.40.

 

Advice:
Again with not much help from News, I would expect today to be a close trading range, as some buying as traders re-open positions.

 

My position on MBS stays Neutral.

 

Market Commentary (Dan Rawitch)

Here is the link to today's video:
Personal income, spending and PCE prices all helped bonds this morning. Although, Existing homes sales were better than expected, it seems the market is willing to shrug off that number...at lease for now. Anyway, it looks like we could see a new trading range. THe bottom being 104ish and the top being 105ish. I'd like to see that range establish itsself and wind up for another big move up. If not, we will need a correction, prior to making new record highs!

 

Market Commentary (Bill Fisher)

ZipRealty put out a report a little over a week ago that suggested the number of homes coming to market in various parts of the nation was beginning to catch up with buyer demand. The report was described in an article by Julie Schmit in USA Today. Her opening sentence said, The supply of newly listed homes for sale is starting to show signs of keeping pace with buyer activity in some of the nations hottest real estate markets, new data suggest.

 

Is it just me, or is there something a bit strange in the fact that this was the only news article I could find on the subject...anywhere (other than in a quick NAR summary)?

 

The article asserted that new listings outnumbered new sales from mid-February to mid-March in 21 of 24 major metropolitan markets tracked by ZipRealty. In Los Angeles, for example, 16,170 homes were placed on the market and, during the same time period, 9,533 homes entered sales contracts.

 

Overall, the supply of homes available for sale in our nation stood at 4.7months in February, up from 4.3 months in January. This is not to suggest that the market is slowing, though. In seven of the major metropolitan areas followed by ZipRealty, more than 25% of the homes for sale sold in less than seven days. (Were speaking here of Las Vegas, Orange County, Sacramento, Denver, Washington DC, Seattle, and Austin.)

 

Now, given how few homes there have been on the market awaiting, in many areas, armies of potential homebuyers, youd think that the newspapers would be full of speculation about the changes many markets are undergoing. Years ago, most real estate offices displayed a sign in their windows that said, We need listings. It often seemed a bit like a used-car-lot greeting - "Here to buy a car today?" But the fact is, we have REALLY needed listings over the past year. The lack of them has kept a lid on the sales of new homes and has quite possibly slowed the construction of more new homes.

 

So here we have a bigger crop of listings- reason for cheer- and the markets and news media are remaining very quiet about it. We do understand that a few pieces of data do not make a trend, and that we need new listings to continue to sell as quickly as they reach the market.

 

Nonetheless, what can we make of the relative silence over this good news?

 

If you scan the home-building industry, you see that a great many companies disappeared during the real estate recession. Even those that remain, other than the biggies, which are already starting to make large amounts of money in this recovering market, have carefully-developed cautionary habits. They learned to run their businesses on shoestrings, to build as few homes as possible, too avoid any overly optimistic assumptions about the state of the industry. (Thus, we see the NAHB Housing Market Index, which measures the mood of builders, very often inclined to dip and to display its own skepticism of apparent market strength.)

 

Still, there may be a large problem that awaits those who dont enter this market aggressively and soon. They may miss the boat and, just as they were formerly chasing a dwindling marketplace, trying to stay alive, they could wind up chasing a speeding marketplace, trying to maintain enough inventory to satisfy demand.

 

This is good news, all in all, but an improving market requires a nimbleness of foot as surely as does a declining market. May your experience of the markets revival prove very enriching!

Trusted Industry Advisor

San Diego Residential Mortgage Specialist Jason E Gordon

The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon in an effort to provide transparency regarding true mortgage rate activity and market guidance to consumers and professionals interested in this activity. All Market Commentary is provided via The Mortgage Coach and/or their RateWatch technology software.

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.jasongordon.net or www.ApprovingSD.com or more information.

Click here for daily mortgage interest rate updates and projections for San Diego's 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

 

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Comment balloon 0 commentsJason E. Gordon • April 29 2013 09:09AM
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