Daily Mortgage Interest Rate Updates, Trends & Projections: California: San Diego: Rancho Bernardo

Mortgage Rate Update 8-14-14: Trends & Projections

Weak economic data in Europe has lifted Mortgage Backed Securites this morning. German GDP growth was lower than expected. In the US, weekly Jobless Claims rose to 311K, above the consensus of 300K. July Import Prices declined 0.2% from June, matching the consensus. The Dow is up 20 points. No more economic data will be released today. The results from the 30 year Treasury auction will come out later this morning.

Compared to yesterday's closing, the market has opened with a 0.125% IMPROVEMENT for the Points/Credits associated with any given interest rate option.

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!

San Diego Mortgage Rates - Jason Gordon - www.JasonGordonMortgage.com

The Mortgage Street Smarts of where mortgage interest rates are going (and why):

The following information is current as of Thursday 8-14-2014 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 Wednesday with an IMPROVEMENT to pricing. Wednesday's IMPROVEMENT netted a change of 15 basis points (bps).

(Note: Upward activity on these charts is GOOD, downward activity is BAD)

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The following chart summarizes todays market activity:

Ethical Mortgage Professional in San Diego - www.GordonMortgage.com

The following chart shows market activity over the past 10 days (hint: green is good, red is bad):

 Ethical Mortgage Professional in San Diego - www.GordonMortgage.com

The following chart shows market activity over the past 1 month:

Ethical Mortgage Professional in San Diego - www.GordonMortgage.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.

Ethical Mortgage Professional in San Diego - www.GordonMortgage.com

Market Commentary (Neil Trenerry)

FNMA - Month Aug
Cpn 3.0 Chg 0.2500 Bid 98.96875
Cpn 3.5 Chg 0.2031 Bid 102.65625
Cpn 4.0 Chg 0.1250 Bid 105.7031
 
Treasury
UST 5 YR Chg 0.1719 Bid 100.37500 Yield 1.5460
UST 10 YR Chg 0.3633 Bid 99.85938 Yield 2.3910
UST 30 YR Chg 0.6094 Bid 103.03125 Yield 3.2150
 
Currency
Euro Bid 1.3395 Chg 0.0031
Pound Bid 1.6689 Chg 0.0003
Yen Bid 102.340 Chg -0.070
Light Crude
Last 97.16
 
Key Economic Data:
Import Prices for Jul: Actual -0.2%, Consensus -0.3%, last 0.1%.
Export Prices for Jul: Actual 0.0%, Consensus -0.1%, Last -0.4%.
 
Unemployment
Initial Jobless Claims: Actual 311k, Consensus 295k, Last 289k, Revised 290k.
Jobless Claims 4-wk avg: Actual 295.75k, Last 293.50k, Revised 293.75k.
Continued Jobless Claims: Actual 2.544m, Consensus 2.500m, Last 2.518m.
 
Advice:
Applications for unemployment benefits in the U.S. rose more than forecast last week, interrupting a steady decline to pre-recession lows. Jobless claims climbed by 21,000 to 311,000 in the period ended Aug. 9, the highest in six weeks, a Labor Department report showed today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for 295,000. There was nothing unusual in the data and no states were estimated, a spokesman said as the figures were released. The jump represents a departure from a run of low readings that showed employers had been holding firm on staffing levels in order to keep up with demand. Federal Reserve Chair Janet Yellen is among policy makers who remain concerned that pockets of slack in the job market, including stagnant wages and elevated numbers of long-term unemployed workers, continue to hold back the worlds largest economy. Well probably see a bit of a give back from the sharp drop weve seen in the weeks before, Millan Mulraine, deputy head of U.S. research and strategy at TD Securities USA LLC in New York, said before the report. The underlying story on claims remains the same -- its one thats fairly constructive and one thats pointing to a labor market thats finally, I would think, having lift-off. Estimates in the Bloomberg survey ranged from 286,000 to 315,000. The Labor Department revised the prior weeks reading to 290,000 from an initially reported 289,000.
 
My position on MBS:
 
Short term stays Long
Long term stays Short.
 
Long = I anticipate pricing to improve which leads to lower Rates.
Neutral = Market should stay close to open plus or minimums 25bps.
Short = I anticipate pricing to weaken which leads to higher Rates.
 
Short term = 1 - 2 days out
Long term = 30+ days out

Market Commentary (Dan Rawitch)

We have formed an upward channel and I believe we will continue upward and test the top of that channel. The top is 102.90- 103.00. It is a wide channel, which could create volitility at the top, however given a EURO economy that is starting tell the real story and a housing market facing affordability AND inventory concerns...WE MUST have lower rates and I beleive that will play out in the months to come. Stay careful and remember...that a healthy bull market does not go straight up. Quite the opposite. As a bull market rises, it will shake the tree often, to drop the weak bond holders and then move upward again with the stronger branches.

Trusted Industry Advisor

San Diego Mortgage Rates - Jason Gordon - www.JasonGordonMortgage.com

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) Certified Mortgage Coach (CMC), and Certified Military Housing Specialist (CMHS), 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.GordonMortgage.com or www.CrossApproval.com or more information.

Click here for daily mortgage interest rate updates and projections for San Diego's best mortgage interest 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:

 

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Comment balloon 0 commentsJason E. Gordon • August 14 2014 08:14AM
Mortgage Rate Update 8-14-14: Trends & Projections
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Weak economic data in Europe has lifted Mortgage Backed Securites this morning. German GDP growth was lower than expected. In the US, weekly Jobless Claims rose to 311K, above the consensus of 300K. July Import Prices declined 0. 2% from June,… more