Daily Mortgage Interest Rate Updates, Trends & Projections: March 2016

Mortgage Rate Update 3-21-2016: Trends & Projections

Jason Gordon Mortgage - San Diego, CA

 

Weaker than expected Existing Home Sales data has moved Mortgage Backed Securities lower this morning.

Compared to Friday's closing, the market has opened with a 0.125 - 0.250 worsening to the Points/Credits associated with any given interest rate option.

This daily mortgage interest rate report is designed to provide Borrowers & Real Estate Professionals 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 Monday 3-21-2016 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 a  WORSENING to pricing. Friday's WORSENING netted a change of 3 basis points (bps).

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

Jason Gordon Mortgage - San Diego, CA

The following chart summarizes today's market activity:

Jason Gordon Mortgage - San Diego, CA

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

Jason Gordon Mortgage - San Diego, CA

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

Jason Gordon Mortgage - San Diego, CA

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 scenario involving a 740+ credit score, 25% down payment, owner occupied, single family residence, with impound account, with a loan amount up to $417,000 to accompany this pricing.

It bears noting that this chart does not necessarily represent today's best mortgage rates.

 Jason Gordon Mortgage - San Diego, CA

Beware of relying on Interest Rate Quotes like the one above!  

CLICK HERE TO READ ABOUT THE TRUTH BEHIND MORTGAGE QUOTES

 

Market Commentary (Neil Trennery)

FNMA in 32s
Cpn 2.5 Chg 0.000 Bid 99.01
Cpn 3.0 Chg -0.063 Bid 101.266
Cpn 3.5 Chg -0.022 Bid 104.146
Cpn 4.0 Chg -0.025 Bid 106.20

Treasury in 32s
UST 5 YR Chg -0.026 Bid 98.272 Yield 1.3645
UST 10 YR Chg -0.102 Bid 97.14+ Yield 1.9077
UST 30 YR Chg -0.230 Bid 95.20+ Yield 2.7130

Bank Rates
Discount 1.00%
Fed Funds 0.50%
Prime 3.50%

Currency
Euro Bid 1.12710
Pound Bid 1.44001
Yen Bid 111.763

News:
7:00: Existing Home sales for Feb: Consensus 5.35m, Last 5.47m.

Advice:
The worlds biggest bond dealers are getting saddled with Treasuries they cant seem to easily get rid of, adding to evidence of cracks in the $13.3 trillion market for U.S. government debt. The 22 primary dealers held more Treasuries last month than
any time in the last two years, Federal Reserve Bank of New York data show. While at first glance that may suggest a bullish stance, the surge in holdings is more likely the result of investors including central banks dumping the debt on the firms,
said JPMorgan Chase & Co. strategist Jay Barry. Foreign official accounts sold a net $105 billion of the securities in December and January, an unprecedented liquidation, Treasury Department data show. Strategists say there are signs that the buildup of Treasuries held by dealers is having a ripple effect, mucking up the plumbing of the financial system. While the holdings show they did their job by soaking up the supply from central banks raising cash to support their currencies, its adding to questions about the resilience of the worlds most important market. The Treasury Department is already looking into whether the market isnt operating as smoothly as it should.

My position on MBS:

Short term Stays Neutral.
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

 Market Commentary (Dan Rawitch)

 
The Gap down opening of 19 bps appears to be profit taking from traders that were spooked over the weekend. The only news released today was the Existing Home Sales number and it was weaker than expected, I was too quick to call the support level at 102.00, it is actually right where we opened at 101.84, so lets hope we hold that number. This is a very light news week, so the market will react to both the DOW and to Oil prices, which have been showing strength. TEMPORARY strength in my opinion. For now, if we hold support, I am looking for a range of 101.80-102.40.
 

2016 Economic Forecast (Barry Habib)

  
 

Trusted Industry Advisor

Jason Gordon Mortgage - www.GordonMortgage.com

The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason 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 and/or The TBWS Group.

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

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Comment balloon 1 commentJason E. Gordon • March 21 2016 08:19AM
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