We are on a nice run with mortgage pricing over the past 2 days. Monday netted a 37 basis point improvement.
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 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!
The following information is current as of Tuesday 1-14-2013 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 SIGNIFICANT IMPROVEMENT to pricing. Monday's SIGNIFICANT IMPROVEMENT netted a change of 37 basis points (bps).
(Note: Upward activity on these charts is GOOD, downward activity is BAD)
The following chart summarizes todays market activity:
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)
Cpn 3.0 Chg -0.1406 Bid 96.10938
Cpn 3.5 Chg -0.1406 Bid 100.455313
Cpn 4.0 Chg -0.0781 Bid 103.96875
UST 5 YR Chg -0.0938 Bid 99.46875 Yield 1.6120
UST 10 YR Chg -0.1875 Bid 99.14063 Yield 2.8510
UST 30 YR Chg -0.2500 Bid 99.31250 Yield 3.7880
Euro Bid 1.3671 Chg -0.0001
Pound Bid 1.6422 Chg 0.0042
Yen Bid 103.660 Chg 0.680
Key Economic Data:
ICSC chain stories
WW: Actual -1.0%, Last -.5.4%.
YY: Actual 1.3%, Last 1.7%.
Import Prices for Dec: Actual 0.0%, Consensus 0.3%, Last -0.6%.
Export Prices for Dec: Actual 0.4%, Consensus 0.1%, Last 0.1%.
Retail sales for Dec
Control: Actual 0.7%, Consensus 0.3%, Last 0.5%.
Sales: Actual 0.2%, Consensus 0.1%, Last 0.7%.
Sales ex-autos: Actual 0.7%, Consensus 0.4%, Last 0.4%.
MM: Actual -0.3%, Last -0.6%.
YY: Actual 2.9%, Last 4.1%.
7:00: Business inventories for Nov: Consensus 0.3%, Last 0.7%.
Treasuries remained lower after a report showed retail sales rose in December more than forecast, easing concern that the economic recovery is uneven as the Federal Reserve cuts back on its debt-purchase program. The yield on the benchmark 10-year note rose from the lowest level in a month before Federal Reserve board members Charles Plosser and Richard Fisher speak on the economicout look. Atlanta Fed President Dennis Lockhart yesterday backed reductions in U.S. stimulus even as data last week showed the U.S. economy added jobs at the slowest pace since January 2011. A gauge of Treasury volatility fell to the lowest in almost two months. Virtually everyone in the market is expecting more tapering, despite some recent soft patches in the data, said Peter Osler, head of rates strategy at broker Marex Spectron Group Ltd. in London. Policy makers are likely to continue with the message that theyll stick to their tapering plan. Its only a question of timing really. This is a bumpy recovery for sure but the broader trends are still encouraging.
My position on MBS
Short term Neutral.
Long term Short.
Trusted Industry Advisor
The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E 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.
Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage rates
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