The market opened today significantly worse than where it closed. See below for market commentary, trends, and projections. If you or someone you care about is shopping for a mortgage loan, make sure to read THE TRUTH BEHIND MORTGAGE QUOTES to insure you make the best financial decisions and avoid falling for clever marketing gimmicks.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 8-7-2012 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 a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENING resulted in a change of 3 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows the market activity for today:
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.
Market Commentary: Neil Trenerry
3.0 Coupon: Previous Close 103.609 Open 103.328 Change -0.281
3.5 Coupon: Previous Close 105.688 Open 105.500 Change -0.203
4.0 Coupon: Previous Close 107.047 Open 106.906 Change -0.141
5 Year: Previous Close 99.070 Open 98.859 Change -0.203 Yield 0.689
10 Year: Previous Close 101.188 Open 100.672 Change -0.531 Yield 1.618
30 Year: Previous Close 105.828 Open 104.406 Change -1.422 Yield 2.713
Key Economic Data:
EUR/USD: Previous Close 1.2431 Open 1.2468 Change 0.0034
GBP/USD: Previous Close 1.5667 Open 1.5735 Change 0.0065
USD/JPY: Previous Close 78.520 Open 78.800 Change 0.300
Oil: Previous Close 91.40 Open 91.90 Change 0.50
Key Economic News:
ICSC chain stores
Week-on-week: Actual 0.0%, Last -1.7%
Year-on-year: Actual 2.4%, Last 1.8%.
Week-on-week: Actual -0.2%, Last -1.4%
Year-on-year: Actual 2.0%, Last 1.1%.
12:00: Consumer Credit for Jun: Consensus 11.0b, Last 17.12b.
Treasuries dropped for a third day as the U.S. prepared to sell $72 billion of coupon-bearing debt this week, starting with an auction of three-year notes today. Ten-year yields rose to the highest level in a month after the German government backed a bond-buying plan announced last week by the European Central Bank, reducing demand for the safest assets. And with just Consumer Credit to come out at 12:00 the depending on how the auction goes today will dictate the market mood.
My position on MBS changes to neutral.
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.jasongordon.net or www.ApprovingSD.com or more information.
Do you want mortgage rate updates on your cell phone? Simply text the word UPDATES to 79564
Click here for daily mortgage interest rate updates and projections for San Diego's lowest 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
Sr. Mortgage Loan Officer
CMPS, CDPE, CMHS, CMC, NMLS 259027
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