Daily Mortgage Interest Rate Updates, Trends & Projections: California: Lemon Grove

Mortgage Rate Update 5-31-13: Trends Projections & Today's Best Rates

Another tough morning for mortgage rates.  Stronger than expected Manufacturing Data and Consumer Sentiment Data hurt Mortgage Backed Security pricing today. As we have seen lately, the reaction to today's economic was more extreme than usual.

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.  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!

Jason E. Gordon - Mortgage Rate Update - www.jasongordon.net

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Friday 5-31-2013 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 Thursday with an IMPROVEMENT to pricing.  Thursday's IMPROVEMENT netted a change of 15 basis points (bps).

(hint: upward activity is good, downward activity is bad)

 Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows the activity thus far for today:

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activity over the past 10 days (hint: green is good, red is bad):

 Today's Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

The following chart shows market activity over the past 1 month:

 Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

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.

Today's Lowest Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

Market Commentary (Neil Trenerry)

 

FNMA 30-Year:
2.5 Coupon: Open 96.8906 Change 0.1563
3.0 Coupon: Open 101.1406 Change 0.1563
3.5 Coupon: Open 104.0469 Change 0.1094
 
Treasuries:
5 Year: Open 100.0234 Change 0.0859 Yield 0.9950
10 Year: Open 96.8750 Change 0.1719 Yield 2.1000
30 Year: Open 92.4375 Change 0.1406 Yield 3.2730
 
Key Economic Data
EUR/USD: Open 1.2990 Change -0.0058
GBP/USD: Open 1.5217 Change -0.0013
USD/JPY: Open 100.590 Change -0.110
Oil: Open 92.70
 
Key Economic Data:
Personal consumption real for Apr: Actual 0.1%, Last 0.3%, Revised 0.2%.
Personal Income for Apr: Actual 0.0%, Consensus 0.1%, Last 0.2%, Revised 0.3%.
PCE for Apr
Index mm: Actual -0.3%, Last -0.1%.
Index yy: Actual 0.7%, Last 1.0%.
Core Index mm: Actual 0.0%, Consensus 0.1%, Last 0.0%, Revised 0.1%.
Core Index yy: Actual 1.1%, Last 1.1%, revised .2%.
6:45: Chicago PMI for May: Consensus 50.0, Last 49.0.
6:55: Univ of Michigan Final for May
Sentiment: Consensus 83.7, Last 83.7.
Conditions: Consensus 96.0, Last 97.5.
Expectations: Consensus 74.7, Last 74.8.
1 yr Inflation: Last 3.1%.
5 yr Inflation: Last 2.8%.
7:30: ECRI weekly index: Last 130.6.
 
Advice:
The news this morning should help the market bounce back from its lows, but being a Friday we might see some selling to cover positions for the weekend.
 
My position on MBS stays neutral.
 
(Starting to look at going Long).

 

Market Commentary (Dan Rawitch)

 

 
Michigan Sentiment (an indicator I place great value in), was up to its highest level in 6 years. So the good news for the economy is that consumers have not felt this good since the meltdown. The BAD news for the ecomony is that the last time consumers felt this good...they were on their short walk into the worst meltdown since the depression. Interesting, isnt it?
 
I cannot guarantee we have found bottom yet, but I can guarantee this market is WAY over sold and gravity eventually wins. Hang in there!

Trusted Industry Advisor

San Diego Residential Mortgage Specialist Jason E Gordon

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.

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.

Click here for daily mortgage interest rate updates and projections for San Diego's best 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

 

Gordon Mortgage Group - AmeriFirst Financial Inc.

 

Office: 619-200-8031

Email: jgordon@amerifirst.us

www.GordonMortgage.com

 

11260 El Camino Real, Ste. 100, San Diego, CA 92130

 

What People Are Saying About Jason Gordon

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Recommended Links:

 

To see if you qualify (and to obtain a current market interest rate quote), click here for a secure online loan application form.

 

Gordon Mortgage Group - AmeriFirst Financial

 

Licensed by the Department of Corporations under the California Residential Mortgage Lending Act.

AmeriFirst Financial Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS #145368) Toll free phone (877) 276-1974. Copyright 2012. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations may apply. AmeriFirst Financial is required to disclose the following licensing information. Please click here for licensing information. 

 

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Comment balloon 0 commentsJason E. Gordon • May 31 2013 08:57AM
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