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

Mortgage Rate Update 8-6-13: Trends Projections & Today's Best Rates

President Obama will evidently be calling for Fannie Mae & Freddie Mac to be replaced with a government mortgage reinsurer that would be designed only to sustain losses in catastrophic circumstances. Additional details about his proposed plan are elaborated below.

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 Tuesday 8-6-2013 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 Monday with an IMPROVEMENT to pricing.  Monday's IMPROVEMENT netted a change of 3 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 Best Mortgage Rates - Jason E Gordon - www.JasonGordon.info

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

 Today's Best Mortgage Rates - Jason E Gordon - www.JasonGordon.info

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

Market Commentary (Neil Trennery)

FNMA 30-Year:
2.5 Coupon: Open 92.0938 Change -0.0313
3.0 Coupon: Open 96.8281 Change 0.0156
3.5 Coupon: Open 100.7656 Change 0.0000
4.0 Coupon: Open 103.9219 Change 0.0156
 
Treasuries:
5 Year: Open 99.9219 Change -0.0313 Yield 1.3930
10 Year: Open 92.2656 Change -0.1094 Yield 2.6540
30 Year: Open 84.3906 Change -0.2813 Yield 3.7500
 
Key Economic Data
EUR/USD: Open 1.3291 Change 0.0034
GBP/USD: Open 1.5343 Change -0.0014
USD/JPY: Open 98.100 Change -0.200
Oil: Open 106.22
 
Key Economic Data:
ICSC chain stories
Week-on-week: Actual 0.3%, Last -1.6%.
Year-on-year: Actual 2.5%, Last 2.2%.
International trade for Jun: Actual -34.22b, Consensus -43.5b, Last -45.0b, Revised -44.10b.
Redbook
Month-on-month: Actual 1.0%, Last 0.8%.
Year-on-year: Actual 3.7%, Last 2.9%.
7;00: IBD economic optimism: Last 47.1%.
 
Advice:
President Barack Obama will call for Fannie Mae and Freddie Mac to be replaced with a government mortgage reinsurer that would sustain losses only in catastrophic circumstances. The president, in a speech today in Phoenix, will also renew calls for Congress to make it easier for homeowners to refinance their loans, according to administration officials. The president until now has refrained from endorsing a particular approach to remaking the nations housing finance system, seeking to avoid a partisan battle. Today he will outline basic principles that mirror those in a Senate bill backed by both Democrats and Republicans. A reformed system must have a limited government role, encourage a return of private capital and put the risk and rewards associated with mortgage lending in the hands of private actors, not the taxpayers, the White House said in fact sheet released to reporters yesterday. Obamas trip to Phoenix is the latest campaign-style effort to put pressure on Congress to pass measures to help boost economic growth. Last week, he traveled to Chattanooga, Tennessee, and visited an Amazon.com Inc. distribution center to argue for a lower corporate tax rate, with initial revenue designated for jobs programs. The president today also will call for passage of a new immigration law, citing home purchases by immigrants as a boon to the market, said the officials, who asked not to be identified to discuss the plan prior to Obamas speech. While in Phoenix, the presidents itinerary includes visits to a construction company and a local high school.
 
My position on MBS stays Neutral

Market Commentary (Dan Rawitch)

Trading is quiet so far today. We are seeming some selling pressure on bonds due to a better than expected trade deficit. This should not be a market mover, but sometimes we tend to over-focus on small things, when there is nothing else to focus on.

Later today we will see the results of the 3 year auction. Again, this could get more attention than it deserves, due to the lack of news ths week.

I expect to see us contnue in the current trading range, which means we should see price slip toward the bottom of the range. It will take an unexpected force, to move us out of this range.

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.

Click here for daily mortgage interest rate updates and projections for San Diego's best 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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Comment balloon 1 commentJason E. Gordon • August 06 2013 07:05AM
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