After a poor start, the market recovered nicely yesterday to finish up 6 basis points. For a full detailed report of the recent history of mortgage rates, along with projections of future interest rate activity, please reference the charts below.
If you are personally seeking a mortgage, I recommend that you do not make a move without first reading about THE TRUTH BEHIND MORTGAGE QUOTES to insure the best financial decisions are being made without the distraction of clever marketing antics.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Thursday 4-19-2012 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 Wednesday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Wednesday's IMPROVEMENT resulted in a change of 6 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 100.406 Open 100.609 Change 0.219
3.5 Coupon: Previous Close 103.453 Open 103.563 Change 0.109
4.0 Coupon: Previous Close 105.500 Open 105.563 Change 0.063
5 Year: Previous Close 100.727 Open 100.813 Change 0.086 Yield 0.832
10 Year: Previous Close 100.156 Open 100.375 Change 0.219 Yield 1.958
30 Year: Previous Close 99.969 Open 100.313 Change 0.344 Yield 3.109
Key Economic Data:
EUR/USD: Previous Close 1.3120 Open 1.3100 Change -0.0021
GBP/USD: Previous Close 1.6019 Open 1.6045 Change 0.0026
USD/JPY: Previous Close 81.240 Open 81.510 Change 0.2700
Gold: Previous Close 1638.80 Open 1641.50 Change 2.70
Oil: Previous Close 102.67 Open 102.61 Change -0.06
Key Economic News:
Initial jobless claims: Actual 386k, Consensus 370k, Last 380k.
Jobless claims 4-week average: Actual 374.75k, Last 368.50k.
Continued jobless claims: Actual 3.297m, Consensus 3.28m, Last 3.251m.
7:00: Existing home sales for Mar: Consensus 4.62m, Last 4.59m.
7:00: Leading index change for Mar: Consensus 0.4%, Last -0.9%.
7:00: Philly Fed business index for Apr: Consensus 12.0, Last 12.5.
With unemployment slipping, all eyes will be on Existing home sales. I expect the 3.0 coupon to stay around 100.50 unless we have some surprise later on in the day.
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
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