Todays best mortgage rates. What can we expect from mortgage rates next 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).
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Friday 10-21-2011 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 Thursday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's WORSENING resulted in a change of 3 basis points (bps).
The following chart shows the market activity for today (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:
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.
Analyst#1: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 100.969
Opened Up 0.22 @ 101.188
Key Economic Data:
UST 2 YR 0.27 Up 0.00
UST 5 YR 1.08 Up 0.02
UST 10 YR 2.22 Up 0.03
UST 30 YR 3.25 Up 0.04
EUR / USD 1.3880 Up 0.0100
USD / JPY 76.1400 Down 0.6600
GBP / USD 1.5926 Up 0.0135
Oil 88.72 Up 2.65
Gold 1,645.40 Up 32.50
Key Economic News:
13:00: Minneapolis Fed President Narayana Kocherlakota on “Making Monetary Policy”. Q&A scheduled.
13:20: Dallas Fed President Richard Fisher on the economy. Q&A scheduled.
15:00: Federal Reserve Vice Chair Janet Yellen on “The Outlook for the US Economy and Economic Policy”. We will be watching closely for any discussion of changes in Fed communication and/or asset purchases. Governor Tarullo said yesterday that the Fed should “move back up toward the top of the list of options” large-scale purchases of MBS. The title of Vice Chair Yellen’s remarks suggests she may discuss issues beyond monetary policy—including fiscal and housing policies.
With no news for help, and the Europeans talking about the Euro. I would expect the market to remain flat.
My position on MBS stays neutral.
Analyst #2: Dan Rawitch
Here is the link to our daily video: http://ratewatch.com/ratewatchnow.html
No Scheduled news today. More gossip and speculation in Europe. It does not appear that an agreement will be reached this weekend and it could take until the middle of next week.
This will continue to overshadow the markets and cause additional pent up demand for a very big and very wild swing, when this is out of the way.
We are still at a critical point on the charts, with a great deal more downside than upside.
Trusted Industry Advisor
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.
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Jason E. Gordon
Residential Mortgage Specialist
CMPS, CDPE, CMC, NMLS 259027
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