Daily Mortgage Interest Rate Updates, Trends & Projections: California: San Diego: Fashion Valley

Mortgage Rate Update 7-31-13: Trends Projections & Today's Best Rates

Stronger than expected economic data caused a decline in Mortgage Backed Securities (MBS) this morning, ahead of the Fed Announcements (which are due later today). Second Quarter GDP increased 1.7% (above the consensus prediction of 1.1%). The ADP estimate for July employment showed an increase of 200,000 private sector jobs (above the consensus forecast of 180,000). As a result, pricing is roughly 0.250 - 0.375 worse to points/credits for any given interest rate from where we closed yesterday.

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 over 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...share this report with those whom you care about!

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 Wednesday 7-31-2013 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 Tuesday with a SIGNIFICANT WORSENING to pricing.  Tuesday's SIGNIFICANT WORSENING netted a change of 34 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 the activity thus far for today:

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 Best 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 Best Interest Rates - San Diego Residential Mortgage Specialist - Jason E Gordon - www.ApprovingSD.com

Market Commentary (Neil Trennery)


FNMA 30-Year:
2.5 Coupon: Open 91.3906 Change -0.7188
3.0 Coupon: Open 96.1875 Change -0.5469
3.5 Coupon: Open 100.1563 Change -0.4688
4.0 Coupon: Open 103.3594 Change -0.3594
5 Year: Open 99.6172 Change -0.3203 Yield 1.4560
10 Year: Open 92.0938 Change -0.5469 Yield 2.6730
30 Year: Open 84.7813 Change -0.8438 Yield 3.7270
Key Economic Data
EUR/USD: Open 1.3233 Change -0.0030
GBP/USD: Open 1.5350 Change -0.00286
USD/JPY: Open 98.220 Change 0.170
Oil: Open 103.35
Key Economic Data:
Mortgage Market
Index: Actual 494.4, Last 513.3.
Purchase: Actual 191.7, Last 198.5.
Refinance: Actual 2247.6, Last 2386.2.
30-yr Rate: Actual 4.58%, Last 4.58%.
ADP national employment for Jul: Actual 200.0k, consensus 180.0k, Last 188k, revised 198k.
GDP for Q2
Advance: Actual 1.7%, Consensus 1.0%, Last 1.8%, Revised 1.1%.
Sales Advance: Actual 1.3%, Consensus 0.8%, Last 1.2%, revised 0.2%.
Consumer spending Adv: Actual 1.8%, Last 2.6%, Revised 2.3%.
Deflator Adv: Actual 0.7%, Consensus 1.1%, Last 1.3%, revised 1.4%.
Core PCE prices Adv: Actual 0.8%, Consensus 1.1%, Last 1.3%, Revised 1.4%.
PCE prices Adv: Actual 0.0%, Consensus 1.1%, Last 1.0%, Revised 1.1%.
Employment wages Adv: Actual 0.4%, Last 0.5%.
Employment benefits Adv: Actual 0.4%, Last 0.1%.
Employment costs Adv: Actual 0.5%, Last 0.3%.
6:45: Chicago PMI for Jul: Consensus 54.0, Last 51.6.
11:00: Fed funds target rate.
The economy in the U.S. grew more than projected in the second quarter reflecting an unexpected pickup in inventory building as consumer spending cooled. Growth in the previous three months was revised down. Job gains and rising home prices are shoring up confidence and lifting automobile sales and production, making it likely the U.S. will pick up once government spending cuts and tax increases pose less of a restraint. The report also showed inflation is falling further below the Federal Reserves goal as official wrap up a two-day meeting today to determine whether to trim monthly bond purchases aimed at spurring growth. There are encouraging signs the economy can withstand the fiscal restraint, Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh, who projected a 1.5 percent increase in GDP, said before the report. Everything looks and feels better. We should see a generally better second half than first half, and a stronger second half this year than last year. Economists estimates for GDP ranged from a 0.1 percent drop to a 1.8 percent increase. The GDP estimate is the first of three for the quarter, with the other releases scheduled for August and September when more information becomes available.
With this news I would expect the market to sell off.
My position on MBS changes to Neutral.

Market Commentary (Dan Rawitch)

The market is nuts! GDP under 1.5% for the quarter and Bonds tank? C'mon! Not to mention they revised last months number from 1.8% growth all the way down to 1.1%. Last year at this time we were at 3%. How can GDP be halved after 1 trillion of stimulus. This economy is weak and I would hope the FED will mention that today in his remarks. I personally would have prefered no stimulus and to let the markets run their course. Well...that did not happen. So now the game must be played out and that means lower rates!

Hang in there. I think we will close the gap later today...unless the Fed says something dopey!

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. All Market Commentary is provided via The Mortgage Coach and/or their RateWatch technology software.

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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Comment balloon 0 commentsJason E. Gordon • July 31 2013 09:53AM
Mortgage Rate Update 7-31-13: Trends Projections & Today's Best…
Stronger than expected economic data caused a decline in Mortgage Backed Securities (MBS) this morning, ahead of the Fed Announcements (which are due later today). Second Quarter GDP increased 1. 7% (above the consensus prediction of 1. 1%). The ADP… more