Do you know someone who is currently applying for a mortgage loan and looking for the lowest mortgage rates? By forwarding this article, you will be doing them a huge favor! Finally a free daily report which offers complete transparency regarding mortgage rates by showing the actual market activity which influences the direction of mortgage rates. All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES to insure the best financial decisions are being made without the distraction of marketing gimmicks. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why) by subscribing to this complimentary daily update.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 7-31-2012 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 an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's IMPROVEMENT resulted in a change of 18 basis points (bps).
(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:
Analyst: Neil Trenerry
3.0 Coupon: Previous Close 103.875 Open 104.078 Change 0.203
3.5 Coupon: Previous Close 106.000 Open 106.141 Change 0.141
4.0 Coupon: Previous Close 107.141 Open 107.219 Change 0.078
5 Year: Previous Close 99.430 Open 99.555 Change 0.125 Yield 0.591
10 Year: Previous Close 102.234 Open 102.500 Change 0.266 Yield 1.475
30 Year: Previous Close 108.703 Open 109.266 Change 0.563 Yield 2.554
Key Economic Data:
EUR/USD: Previous Close 1.2260 Open 1.2281 Change 0.0021
GBP/USD: Previous Close 1.5709 Open 1.5656 Change -0.0053
USD/JPY: Previous Close 78.150 Open 78.210 Change 0.060
Oil: Previous Close 89.78 Open 89.43 Change -0.35
Key Economic News:
ICSC chain stories:
Week-on-week: Actual -1.7%, Last 1.0%
Year-on-year: Actual 1.8%, Last 3.3%.
PCE for Jun
Personal consump: Actual -0.1%, Last 0.1%.
Personal Income: Actual 0.5%, Consensus 0.4%, last 0.2%.
Price Index: Actual 0.1%, Last -0.2%.
Core Price Index: Actual 0.2%, Consensus 0.2%, last 0.1%.
Employment wages quarterly: Actual 0.6%, Last 0.5%.
Employment benefits quarterly: Actual 0.6%, Last 0.5%.
Employment Costs quarterly: Actual 0.5%, Consensus 0.5%, Last 0.4%.
Week-on-week: Actual -1.4%, Last -1.3%.
Year-on-year: Actual 1.1%, last 1.3%.
CaseShiller for May
Month-on-month NSA: Actual 2.2%, Consensus 1.5%, Last 1.3%
Month-on-month SA: Actual 0.9%, Consensus 0.5%, Last 0.7%.
Year-on-year: Actual -0.7%, Consensus -1.5%, Last -1.9%.
6:45: Chicago PMI for Jul: Consensus 52.4, Last 52.9.
7:00: Consumer Confidence for Jul: Consensus 61.5, Last 62.0.
7:30: Dallas Fed Services Reve for Jul: Last 10.9.
I don’t expect much from today as I believe the markets are waiting for the FOMC Announcement and the ECB Announcement the following day. But the Fed merely begins their 2-day meeting today with the announcement scheduled for Wednesday.
My position on MBS stays Long.
Trusted Industry Advisor
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Jason E. Gordon
Branch Manager | Sr. Mortgage Loan Officer
CMPS, CDLP, RCS-D, CDPE, CMHS, CMC, NMLS 259027
11440 W. Bernardo Court, Ste. 300, San Diego, CA 92127
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