Daily Mortgage Interest Rate Updates, Trends & Projections: California: Indio

Mortgage Rate Update: 5-31-16: Trends & Projections

April Core PCE price index rose 0.2% from March, matching the consensus. It was 1.6% higher than 1 year ago, still well below the Fed's target level of 2.0%. April Personal Income rose 0.4%, matching expectations. The Chicago PMI regional manufacturing index & Consumer Confidence were both lower than expected. No more economic data will be released today.

Compared to Friday's closing, the market has opened with a 0.125  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 Tuesday 5-31-2016 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 21 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)

Market Update
FNMA in 32s
Cpn 2.5 Chg -0.04+ Bid 99.02
Cpn 3.0 Chg -0.050 Bid 102.026
Cpn 3.5 Chg -0.030 Bid 104.15

Treasury in 32s
UST 5 YR Chg -0.054 Bid 99.250 Yield 1.4189
UST 10 YR Chg -0.100 Bid 97.210 Yield 1.8834
UST 30 YR Chg -0.220 Bid 96.092 Yield 2.6802

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

Currency
Euro Bid 1.11606
Pound Bid 1.46313
Yen Bid 111.178

News:
Personal Income for Apr: Actual 0.4%, Consensus 0.4%, Last 0.4%.
Core PCE for Apr: Actual 0.2%, Consensus 0.2%, last 0.1%.
6:45: Chicago PMI for May: Consensus 50.7, Last 50.4.
7:00: Consumer Confidence for May: Consensus 97.0, Last 94.2.

Advice:
Bonds fell as the Federal Reserve moves closer to raising interest rates amid signs inflation is picking up. Oil headed for its longest run of monthly gains in five years, while stocks declined in Europe. Treasuries retreated in the first full day of trading since Fed Chair Janet Yellen said late Friday that the improving economy meant a rate increase would probably be in order in the coming months. European shares dropped for the first time in six days as Volkswagen AG led carmakers lower after reporting a slide in profit at its namesake brand. In China, stocks climbed even after a flash crash in index futures with the Shanghai gauge jumping the most in almost three months. Gold rose for the first time in 10 days. The Feds rate outlook is occupying investors as futures show odds of a hike in July at more than 50 percent while gains in commodity prices from crude to crops bolster prospects for inflation. With officials emphasizing policy tightening is dependent on economic improvement, investors will be scrutinizing payrolls and personal income data due this week. The payroll data is probably the key figure that will shape the Fed decision," said Otto Waser, chief investment officer of R&A Group Research & Asset Management in Zurich. If the payroll data is weaker than what is now expected, it will raise the chance they wont hike. The potential for higher U.S. yields helped send a gauge of the dollar versus major peers to its biggest monthly gain since
September 2014. Consumer spending probably picked up in April, economists in a Bloomberg survey said before a Commerce Department report on Tuesday. U.S. employers probably added 160,000 jobs in May and average hourly earnings grew at a 2.5
percent annual pace, another survey showed ahead of Labor Department data on Friday.

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)

Here we go YET again. MBS's are stuck right around 102.20 and very much threatening a sell off. So much news today, including ANOTHER great housing stat, this time the case schiller report told us housing prices rose more than expected. On the We also learned that consumer spending was up, which was counter intuitive, given the fact that consumer confidence was reported down this morning. IN the good for Bonds column we also learned that Chicago PMI was weak. This mixed bad of news will most likely keep bonds in the same boat. Unsure, but nervous and ready to sell off, so be careful. We have a very big news week coming!

 

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

 

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Office: 619-200-8031

Email: jgordon@amerifirst.us

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Comment balloon 0 commentsJason E. Gordon • May 31 2016 10:32AM
Mortgage Rate Update: 5-31-16: Trends & Projections
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April Core PCE price index rose 0. 2% from March, matching the consensus. It was 1. 6% higher than 1 year ago, still well below the Fed's target level of 2. 0%. April Personal Income rose 0. 4%, matching expectations. The Chicago PMI regional… more