Daily Mortgage Interest Rate Updates, Trends & Projections: June 2014

Mortgage Rate Update 6-24-14: Trends & Projections

Stronger than expected New Home Sales and Consumer Confidence data has hurt Mortgage Backed Securities, reducing this morning's gains (after a pretty brutal day yesterday). The April Case-Shiller 20 City Home Price Index showed that home prices were 11% higher than this time last year.

The market has opened roughly 0.125 WORSE for the Points/Credits associated with any given interest rate option.

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 over 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...share this report with those whom you care about!

San Diego Mortgage Rates - Jason Gordon - www.JasonGordonMortgage.com

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

The following information is current as of Tuesday 6-24-2014 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 Monday with a SIGNIFICANT WORSENING to pricing. Monday's SIGNIFICANT WORSENING netted a change of 37 basis points (bps).

(Note: Upward activity on these charts is GOOD, downward activity is BAD)

Best Mortgage Rates in San Diego - Gordon Mortgage Group - www.GordonMortgage.com

The following chart summarizes todays market activity:

Best Mortgage Rates in San Diego - Gordon Mortgage Group - www.GordonMortgage.com

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

 Best Mortgage Rates in San Diego - Gordon Mortgage Group - www.GordonMortgage.com

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

Best Mortgage Rates in San Diego - Gordon Mortgage Group - www.GordonMortgage.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.

Best Mortgage Rates in San Diego - Gordon Mortgage Group - www.GordonMortgage.com

Market Commentary (Neil Trenerry)

FNMA - Month Jul
Cpn 3.0 Chg 0.2500 Bid 98.15625
Cpn 3.5 Chg 0.2031 Bid 102.32813
Cpn 4.0 Chg 0.1563 Bid 105.64063

Treasury
UST 5 YR Chg 0.1250 Bid 99.16406 Yield 1.6770
UST 10 YR Chg 0.2813 Bid 99.18750 Yield 2.5940
UST 30 YR Chg 0.6719 Bid 99.21875 Yield 3.4170

Currency
Euro Bid 1.3618 Chg 0.0015
Pound Bid 1.6992 Chg -0.0031
Yen Bid 101.890 Chg -0.040
Light Crude
Last 106.11

Key Economic Data:
ICSC Chain Stories
WW: Actual 2.0%, Last 0.4%.
YY: Actual 4.1%, Last 3.1%.
Redbook
MM: Actual -1.7%, Last -1.6%.
YY: Actual 3.3%, Last 3.5%.
Monthly Home Price for Apr
MM: Actual 0.0%, Last 0.7%.
YY: Actual 5.9%, Last 6.5%.
Index: Actual 211.4, Last 211.6.
CaseShiller for Apr
20 MM SA: Actual 0.2%, Consensus 0.8%, Last 1.2%.
20 MM NSA: ctual 1.1%, Consensus 0.8%, Last 0.9%.
20 YY: Actual 10.8%, Consensus 11.6%, Last 12.4%.
7:00: Consumer Confidence for Jun: Consensus 83.5, Last 83.0.
7:00: New Home Sales for May: Consensus 0.440m, Last 0.433m.

Advice:
Treasuries gained before reports that analysts said will show new-home sales slowed and gross domestic product contracted more than earlier estimated. Two-year notes were little changed before the Treasurys $30 billion sale of the securities today. They were yielding their highest since May 2011 in when-issued trading before the auction. A measure of Treasury volatility dropped yesterday to the lowest since May last year amid speculation an uneven U.S. economic recovery will prompt the Federal Reserve to keep
interest rates low for longer. While the economic recovery in the U.S. appeared to be solid, the market is watching if that pace will be sustained in the second half of the year, said Richard Kelly, a senior rates strategist at Toronto-Dominion Bank in London. And the
Fed has signaled it is not heading to the exit in a hurry. Expectation of low policy rate is going to keep bond yields well-anchored. Benchmark 10-year yields dropped three basis points, or 0.03 percentage point, to 2.60 percent at 7:03 a.m. New York time, according to Bloomberg Bond Trader data. The 2.5 percent note maturing in May 2024 climbed 9/32, or $2.81 per $1,000 face amount, to 99 5/32. The rate has increased from 2.48 percent at the end of last month. Treasury trading volume fell to $192 billion yesterday, the
lowest level since May 23 and a third daily decline, according to ICAP Plc, the largest inter-dealer broker of U.S. government debt. The average daily volume during the past year is $317 billion.

My position on MBS:

Short term stays Neutral.
( leaning towards Long ).
Long term stays Neutral.

Long = I anticipate pricing to improve which leads to lower Rates.
Neutral = Market should stay close to open plus or minimums 25bps.
Short = I anticipate pricing to weaken which leads to higher Rates.

Short term = 1 - 2 days out
Long term = 30+ days out
 

Trusted Industry Advisor

San Diego Mortgage Rates - Jason Gordon - www.JasonGordonMortgage.com

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) Certified Mortgage Coach (CMC), and Certified Military Housing Specialist (CMHS), 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.GordonMortgage.com or www.CrossApproval.com or more information.

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

 

 

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Recommended Links:

 

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Comment balloon 0 commentsJason E. Gordon • June 24 2014 08:15AM
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