The market has opened in a neutral pattern thus far today after a strong 21 point improvement yesterday. If you have not taken advantage of today's low interest rates and locked in a free rate reduction, you might want to consider doing it now before rates increase again.
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 Friday 10-12-2012 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 Thursday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's IMPROVEMENT netted a change of 21 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 103.094 Change 0.156
3.0 Coupon: Open 105.422 Change 0.141
3.5 Coupon: Open 106.703 Change 0.083
5 Year: Open 998365 Change 0.023 Yield 0.659
10 Year: Open 99.703 Change 0.156 Yield 1.658
30 Year: Open 98.469 Change 0.563 Yield 2.826
Key Economic Data:
EUR/USD: Open 1.2926 Change 0.0055
GBP/USD: Open 1.6043 Change 0.0045
USD/JPY: Open 78.310 Change 0.010
Oil: Open 92.25 Change 0.170
Key Economic Data:
PPI for Sep
Index: Actual 1.1%, Consensus 0.7%, Last 1.7%.
Inflation: Actual 2.1%, Consensus 1.8%, Last 2.0%.
Core month-on-month: Actual 0.0%, Consensus 0.2%, Last 0.2%.
Core year-on-year: Actual 2.3%, Consensus 2.5%, Last 2.5%.
6:55: Univ of Michigan for Oct
Sentiment prelim: Consensus 78.0 Last 78.3.
Conditions prelim: Consensus 86.0, Last 85.7.
1-yr inflation prelim: Last 3.3%.
5-yr inflation prelim: Last 2.8%.
7:30: ECRI weekly index: Last 126.3.
11:00: US Federal budget for Sep: Consensus 56.0b, Last -191.0b.
Wholesale prices in the U.S. rose more than forecast in September, reflecting a jump in fuel costs that failed to trickle down to other goods. The producer price index climbed 1.1% after a 1.7% gain in August, the Labor Department reported today in Washington. The median estimate in a Bloomberg survey of 76 economists called for a 0.8% increase. So-called core producer inflation, which excludes volatile food and energy prices, was unchanged, the first time it didn’t increase since October 2011. Facing a global economic slowdown, businesses may have difficulty passing higher energy costs onto customers, keeping a lid on prices. In addition, weak demand from abroad and in theU.S. will probably prevent the cost of raw materials from flaring, limiting inflation pressures and allowing the Federal Reserve to focus on jump-starting employment growth. “The gain is basically all energy,” Brian Jones, a senior U.S. economist at Societe Generale in New York, said before the report. “The underlying inflation outlook is actually pretty benign. This gives the Fed room, and what matters to them right now is the labor market.”
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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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, CDLP, RCS-D, CDPE, CMHS, CMC, NMLS 259027
11260 El Camino Real, Ste. 100, San Diego, CA 92130
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