Do you ever wonder how so many Banks can each claim to have the best mortgage rates on the same day? This is clearly an example of clever advertising designed to lure you in to making unsound buying decisions. Before making a commitment to work with a Bank, Direct Lender, or Mortgage Broker, first read THE TRUTH BEHIND MORTGAGE QUOTES to insure that you are not falling for clever advertising gimmicks when securing your largest debt!
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 5-1-2012 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 Monday with a NEUTRAL RESULT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's NEUTRAL RESULT resulted in a change of 0 basis points (bps).
(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 101.031 Open 101.094 Change 0.063
3.5 Coupon: Previous Close 103.828 Open 103.875 Change 0.047
4.0 Coupon: Previous Close 105.766 Open 105.813 Change 0.047
5 Year: Previous Close 100.313 Open 100.344 Change 0.031 Yield 0.805
10 Year: Previous Close 100.750 Open 100.813 Change 0.063 Yield 1.908
30 Year: Previous Close 100.281 Open 100.438 Change 0.156 Yield 3.103
Key Economic Data:
EUR/USD: Previous Close 1.3241 Open 1.3271 Change 0.0030
GBP/USD: Previous Close 1.6234 Open 1.6236 Change 0.0002
USD/JPY: Previous Close 79.80 Open 79.810 Change 0.0100
Gold: Previous Close 1663.40 Open 1670.50 Change 7.10
Oil: Previous Close 104.87 Open 104.63 Change -0.24
Key Economic News:
ICSC chain stores
Week-on-week: Actual -0.3%, Last 0.8%.
Year-on-year: Actual 4.2%, Last 3.6%.
Week-on-week: Actual -0.2%, Last -0.1%.
Year-on-year: Actual 2.9%, Last 2.7%.
7:00: Construction spending for Mar: Consensus 0.5%, Last -1.1%.
7:00: ISM Manufacturing PMI for Apr: Consensus 53.0, Last 53.4.
7:30: Texas service sector outlook for Apr: Last 18.9.
7:30: Dallas Fed Services Reve for Apr: Last 16.5.
The market is creeping up from the open, unless we get a big surprise from Construction spending later this morning I would expect the market to continue on the same course. But I’m starting to getting concerned by the possibility of a trader induced short position correction.
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, CMHS, CMC, NMLS 259027
What People Are Saying About Jason Gordon
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Attention Real Estate Agents!
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