Daily Mortgage Interest Rate Updates, Trends & Projections: Mortgage Rate Update 2-25-13: Trends Projections & Today's Best Rates

Mortgage Rate Update 2-25-13: Trends Projections & Today's Best Rates

Last week finished nicely with a Friday rally which ended in a 12 basis point improvement. We are certainly hoping for this trend to continue as we close out the month of February.

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 nearly 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!

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 Monday 2-25-2013 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 Friday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Friday's IMPROVEMENT netted a change of 12 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 a summary of today's activity:

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

Market Commentary (Neil Trenerry):

FNMA 30-Year:
2.5 Coupon: Open 98.7813 Change -0.2969
3.0 Coupon: Open 102.7969 Change -0.1719
3.5 Coupon: Open 105.1875 Change -0.1094

Treasuries:
5 Year: Open 100.1328 Change -0.1016 Yield 0.8470
10 Year: Open 100.0156 Change -0.3281 Yield 1.9980
30 Year: Open 98.7344 Change -0.7500 Yield 3.1920

Key Economic Data
EUR/USD: Open 1.3297 Change 0.0111
GBP/USD: Open 1.5102 Change -0.0035
USD/JPY: Open 94.060 Change 0.680
Oil: Open 93.62

Key Economic Data:
National Activity index for Jan: Actual -0.32, Last 0.02.
7:30: Dallas Fed mfg bus index for Feb: Last 5.50.

Advice:
Treasuries snapped a three-day gain before the U.S. government sells $99 billion of notes this week starting with $35 billion of two-year securities today. Demand for the safest securities was damped as economists said U.S. reports this week will show sales of new homes increased in January and consumer confidence improved this month. Investors also awaited the results of Italys parliamentary elections today and Federal Reserve Chairman Ben S. Bernankes testimony before U.S. lawmakers tomorrow and the following day.The underlying economy in the U.S. is doing quite well, especially in comparison with the euro zone, said Philip Marey, a senior market economist at Rabobank Groep in Utrecht, the Netherlands. We are looking for the Italian elections later and the Bernanke speech. The benchmark 10-year security yielded 1.97% at 7:09 a.m. New York time, according to Bloomberg Bond Trader prices. The 2% note maturing in February 2023 was at 100 9/32. The 10-year yield may increase to 2% this week, Rabobanks Marey said. Treasuries handed investors a loss of 0.8% this year through Feb. 22 after accounting for interest payments,according to Bank of America Merrill Lynch indexes. The MSCI All-Country World Index of shares returned 4.4 percent.

My position on MBS stays Long.

Market Commentary: (Barry Habib)

Stocks are starting the day higher, possibly continuing their march towards all-time highs.  Mortgage Bonds, on the other end of the see-saw, are lower.  Today is another very quiet economic news day, but the week heats up starting tomorrow when “Big” Ben Bernanke speaks before the Senate at 10:00 AM ET.  He is expected to clarify or correct concerns regarding the Fed’s QE exit strategy raised by last weeks Fed Minutes.

Friday, March 1st, The Sequester kicks in. So what is the Sequester?  Lawmakers couldn’t get their acts together to cut spending before the end of the year to avoid the “Fiscal Cliff”.  They took care of the taxes portion, as seen by the raises in the payroll tax and long term capital gains tax, but gave themselves 60 days to address spending cuts.  The Sequester is a total of 85 Billion in cuts, including defense, domestic discretion, Medicare, and other “mandatory” cuts.  The Sequester could create a bit of a headwind for the economy.

Overseas, Haruhiko Kuroda is looking to be the favorite for the next Bank of Japan Governor.  He has been a vocal advocate of a weaker Yen.  One of the ways to make a weaker Yen is by buying assets in other denominated currencies.  For us dollars, you would buy US bonds and securities.  Japan is expected to increase their buying of US Bonds, which could help keep rates low.  Additionally, the UK had their AAA credit rating cut by Moody’s on Friday. 

Looking at the charts, the S&P 500 is higher again this morning bouncing off support at the 25-day Moving Average on Friday.  Mortgage Backed Securities were halted again on Friday by the ceiling at 103.  MBS are still trading in a tight trading range between support at 102.5 and resistance at 103.  We can begin the day floating, but we should have a bias towards locking before the end of the day.  

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.

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

Branch Manager | Sr. Mortgage Loan Officer

CMPS, CDLP, CDRE, RCS-D, CDPE, CMHS, CMC, NMLS 259027

 

Gordon Mortgage Group - AmeriFirst Financial Inc.

 

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Comment balloon 2 commentsJason E. Gordon • February 25 2013 07:35AM

Comments

Thank you for the true and valuable information.  It helps us help our clients.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) over 7 years ago

My pleasure Tim...always happy to assist. Your clients might also gain some valuable insight by clicking on the hyperlinks to the 2 articles in the third paragraph of this potst as well. Enjoy!

Posted by Jason E. Gordon, Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE (AmeriFirst Financial Inc, San Diego, CA) over 7 years ago

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