Daily Mortgage Interest Rate Updates, Trends & Projections: California: Poway: Stoneridge Country Club

Mortgage Rate Update 3-8-13: Trends Projections & Today's Best Rates

Mortgage Backed Securitiy prices are down again after a stronger than expected Employment Report. Against a consensus of 170,000 jobs added, there were actually 236,000 jobs added.  The net impact of this report dropped the unemployment rate from 7.9% to 7.7%. While good for the economy, this news is bad for mortgage rates!

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 3-8-2013 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 a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's WORSENING netted a change of 18 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 a summary of today's activity:

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 Lowest 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 97.8125 Change -0.7656
3.0 Coupon: Open 102.3281 Change -0.4375
3.5 Coupon: Open 105.9313 Change -0.2500

Treasuries:
5 Year: Open 99.2266 Change -0.2656 Yield 0.9100
10 Year: Open 99.4219 Change -0.6250 Yield 2.0660
30 Year: Open 97.4063 Change -1.1406 Yield 3.2610

Key Economic Data
EUR/USD: Open 1.2973 Change -0.0131
40GBP/USD: Open 1.4912 Change -0.0101
USD/JPY: Open 96.170 Change 1.330
Oil: Open 90.96

Key Economic Data:
Payrolls for Feb
Non-farm: Actual 236k, Consensus 160k, Last 157k, Revised 119k.
Private: Actual 246k, Consensus 167k, Last 166k, Revised 140k.
Manufacturing: Actual 14k, Consensus 8k, Last 4k, Revised 12k.
Government: Actual -10k, Last -9k, Revised -21k.
Unemployment Rate: Actual 7.7%, Consensus 7.95, LST 7.9%.
Average earnings: Actual 0.2%, Consensus 0.2%, Last 0.2%, revised 0.1%.
Average workweek hours: Actual 34.5, Consensus 34.4, Last 34.4.
7:00: Wholesale inventories for Jan: Consensus 0.3%. Last -0.1%.
7:30: ECRI weekly index: Last 128.5.

Advice:
Payrolls increased more than forecast in February and the jobless rate unexpectedly fell to a five-year low of 7.7 percent, a sign U.S. employers were undaunted by the budget impasse in Washington. Employment rose 236,000 last month after a revised 119,000 gain in January that was smaller than first estimated, Labor Department figures showed today in Washington. The median forecast of 90 economists surveyed by Bloomberg projected an advance of 165,000. The jobless rate dropped from 7.9 percent. Hiring in construction jumped by the most in almost six years. Automakers and home-improvement retailers are among those announcing plans to take on more staff, which will lead to gains in incomes that may help the worlds biggest economy weather federal cutbacks and higher taxes. Todays data may ratchet up debate among Federal Reserve policy makers, who are looking for substantial progress in the labor market to determine whether to maintain record stimulus. Theres a lot of dry tinder in the economy, Robert Dye, chief economist at Comerica Inc. in Dallas, said before the report. If companies are experiencing growth in orders, theyre going to be able to look past these broader fiscal concerns. Were still going to need to see ongoing solid gains in employment and steady drops in unemployment before the Fed eases off the gas pedal. Employers also boosted hours worked, and earnings picked up for American workers. Payroll projections ranged from gains of 121,000 to 260,000 following an initially reported 157,000 increase in January, according to the Bloomberg survey.

My position on MBS stays Long.

Market Commentary (Dan Rawitch)

Here is the link to today's video:

Ouch! Yet Another Gap down opening! Fundamentally speaking this was both earned and provoked by the surprisingly good unemployment numbers. We all knew (or should have known), that we were heading on a fast track to the bottom of the channel. Well, now we are there. Hopefully this is bottom. Technically, this looks like the bottom. However...an emotional sell off like the last few days, often ends in an oversold market. We may see momentum carry us lower, but I would expect a pretty good bounce up in the next couple of days.

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.

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

Sr. Mortgage Loan Officer

CMPS, CDPE, CMHS, CMC, NMLS 259027

 

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Comment balloon 1 commentJason E. Gordon • March 08 2013 11:49AM
Mortgage Rate Update 3-8-13: Trends Projections & Today's Best…
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Mortgage Backed Securitiy prices are down again after a stronger than expected Employment Report. Against a consensus of 170, 000 jobs added, there were actually 236, 000 jobs added. The net impact of this report dropped the unemployment rate from 7… more