What a great day for the market on Friday. Typically an improvement of 24 basis points will result in a mid-day pricing improvement for the benefit of the Borrower! See below for a full breakdown of the recent activity for Friday, the last 10 days, and even the last month.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Monday 4-9-2012 and will help you understand todays 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 Friday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT resulted in a change of 24 basis points (bps).
NOTE: Due to Good Friday, the market closed early (thus the "flat line" in the afternoon period)
(hint: upward activity is good, downward activity is bad)
The following chart shows the market activity 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.
Analyst: Neil Trenerry
3.0 Coupon: Previous Close 100.609 Open 100.734 Change 0.125
3.5 Coupon: Previous Close 103.516 Open 103.609 Change 0.094
4.0 Coupon: Previous Close 105.484 Open 105.578 Change 0.094
5 Year: Previous Close 100.469 Open 100.523 Change 0.063 Yield 0.891
10 Year: Previous Close 99.531 Open 99.734 Change 0.203 Yield 2.030
30 Year: Previous Close 98.406 Open 98.813 Change 0.391 Yield 3.188
Key Economic Data:
EUR/USD: Previous Close 1.3099 Open 1.3050 Change -0.0049
GBP/USD: Previous Close 1.5886 Open 1.5856 Change -0.0030
USD/JPY: Previous Close 81.520 Open 81.290 Change -0.2100
Gold: Previous Close 1628.50 Open 1644.40 Change 15.90
Oil: Previous Close 103.31 Open 101.58 Change -1.73
Key Economic News:
Midwest manufacturing for Feb: Actual 91.7, Last 90.1.
7:00 Employment Trends for Mar: Last 107.5
With not much on the news front for help, we might see some buying as traders re-open close positions. Otherwise I expect a slow day. With trading range in the 3.0 coupon 100.625 – 100.875.
My position on MBS stays neutral.
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.
Click here for daily mortgage interest rate updates and projections for San Diego's lowest 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, CMC, NMLS 259027
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