Lower than expected unemployment figures are contributing to a slight market rally (which has slightly increased the cost of mortgage rates). Consider locking in any loans which are currently floating!
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 Thursday 12-13-2012 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 Wednesday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's WORSENING netted a change of 18 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows market activity thus far 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):
Market Commentary (Dan Rawitch)
Buy the rumor, sell the news...this is in part what happened yesterday. Add to that the fact that the Fed completely stated the obvious, but in doing so, he made us all wonder if thousands of baby boomer retire from the job market everyday...just how quickly will we hit 6.5% unemployment. I'd say, we hit it quickly and the economy will stink worst than today. Now that the fed spoke...he may feel compelled to hold that promise. So, we hit 6.5%, the economy is weak and he may still raise rates.
Can you imagine the panic selling that could occur when unemployment hits 6.75%? C'mon! The market will not wait for that point....many will exit now, in my opinion.
Having said that, I remain long term bullish...the fed just made the need for crack much greater.
Market Commentary (Barry Habib)
Click on the following link for a brief video conducted by Mr. Habib: http://www.mbshighway.com/nrep/dailyvideo.html
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.
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, CDLP, RCS-D, CDPE, CMHS, CMC, NMLS 259027
Office: 619-200-8031
Email: jgordon@amerifirst.us
11440 W. Bernardo Court, Ste. 300, San Diego, CA 92127
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Attention Real Estate Agents!
Ever heard of a Lender having more "skin in the game" during escrow than a Buyer? Ever wish a Lender would put their money where their mouth is? Learn how the Protect Your Transaction (PYT) program will improve the negotiation leverage for a Buyer, as well as how PYT benefits the Seller & Realtors in this short video.
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