Just before the final bell, we find ourselves at minus 9 basis points for this turbulent day.
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 nearly 2 years at www.JasonGordon.info whenever desired. Also, make sure to learn about 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.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Monday 10-15-2012 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 Friday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's WORSENING netted a change of 9 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows the activity thus far 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):
2.5 Coupon: Open 102,797 Change -0.172
3.0 Coupon: Open 105.219 Change -0.016
3.5 Coupon: Open 106.578 Change 0.000
5 Year: Open 99.805 Change -0.008 Yield 0.665
10 Year: Open 99.594 Change -0.063 Yield 1.670
30 Year: Open 98.031 Change -0.281 Yield 2.848
Key Economic Data:
EUR/USD: Open 1.2955 Change 0.0001
GBP/USD: Open 1.6070 Change -0.0011
USD/JPY: Open 78.390 Change 0.290
Oil: Open 91.83 Change -0.040
Key Economic Data:
NY Fed Manufacturing for Oct: Actual -6.16, Consensus -4.55, Last -10.41.
Retail sales for Sep
Index: Actual 1.1%, Consensus 0.8%, Last 0.9%.
Ex-autos: Actual 1.1%, Consensus 0.6%, Last 0.8%.
7:00: Business inventories for Aug: Consensus 0.5%, Last 0.8%.
Retail sales in the U.S. rose more than projected in September, reflecting broad-based gains that indicate household spending helped bolster economic growth last quarter. The 1.1% gain followed a revised 1.2% increase in August that was the biggest since October 2010 and larger than previously reported, Commerce Department figures showed today in Washington. The median forecast of 77 economists surveyed by Bloomberg called for a 0.8% rise. A drop in joblessness and firming home prices are leading to gains in confidence that may help chains such as Target Corp. and TJX Cos. keep attracting customers. At the same time, rising energy costs and concern about looming tax changes at the end of the year may prevent consumer spending, which accounts for about 70% of the economy, from strengthening much more. “We’re headed in the right direction,” Millan Mulraine, senior U.S. strategist for TD Securities in New York, saidbefore the report. “The labor market is fairly weak but it seems to be at a turning point. We have to get beyond all the uncertainty before we’ll see stronger consumer spending.” Economists’ estimates in the Bloomberg survey ranged from gains of 0.3% to 1.3%. The reading for August was revised from an initially reported increase of 0.9%. Twelve of 13 major categories showed gains last month, led by auto dealers, service stations and electronics stores.
My position on MBS stays Long.
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.
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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
Branch Manager | Sr. Mortgage Loan Officer
CMPS, RCS-D, CDPE, CMHS, CMC, NMLS 259027
11260 El Camino Real, Ste. 100, San Diego, CA 92130
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