Daily Mortgage Interest Rate Updates, Trends & Projections: Mortgage Rate Update 9-16-13: Trends Projections & Today's Best Rates

Mortgage Rate Update 9-16-13: Trends Projections & Today's Best Rates

One of the candidates for Federal Chief withdrew unexpectedly over the weekend.  His withdrawal leaves Janet Yellen, the current Fed Vice Chair as the clear favorite to replace Ben Bernanke. She is expected to continue the Fed's loose monetary policy, which caused a rally in both stocks and bonds this morning. Today's economic data had little impact. The Dow is up 170 points. No more economic data will be released today.

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 Monday 9-16-2013 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.  Friday's IMPROVEMENT netted a change of 13 basis points (bps).

(hint: upward activity is good, downward activity is bad)

San Diego Mortgage Rates - www.JasonGordonMortgage.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 Lowest 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:
3.0 Coupon: Open 95.5313 Change 1.0313
3.5 Coupon: Open 99.8125 Change 0.8906
4.0 Coupon: Open 103.3594 Change 0.7500
 
Treasuries:
5 Year: Open 99.7266 Change 0.6641 Yield 1.5560
10 Year: Open 97.5781 Change 0.9219 Yield 2.7810
30 Year: Open 97.1563 Change 0.9375 Yield 3.7840
 
Key Economic Data
EUR/USD: Open 1.3379 Change 0.0087
GBP/USD: Open 1.5944 Change 0.0072
USD/JPY: Open 98.670 Change -0.660
Oil: Open 106.30
 
Key Economic Data:
NY Fed manufacturing for Sep: Actual 6.29, Consensus 9.20, Last 8.24.
Industrial output for Aug: Actual 0.4%, Consensus 0.4%, Last 0.0%, Revised 0.0%.
Capacity utilization for Aug: Actual 77.8%, Consensus 77.8%, Last 77.6%, Revised 77.6%.
Manuf output for Aug: Actual 0.7%, Consensus 0.4%, Last -0.1%, Revised -0.4%.
 
Advice:
Treasuries advanced, with 10-year yields falling by the most in six weeks, after Lawrence Summers withdrew his candidacy to become the next Federal Reserve chairman. Benchmark notes rose for a fourth day as Pacific Investment Management Co.s Mohamed El-Erian said the exit of the former Treasury secretary increases the probability of policy continuity at the Fed. This would be seen as being particularly supportive to shorter-maturity notes, El-Erian wrote in a commentary on the Business Insider website. Treasury yields will still increase by year-end as the economy improves, according to Societe Generale SA in Paris. The market had assumed Summers was going to get the Fed chairmanship and that he would be more hawkish than other potential candidates, said Peter Jolly, head of market
research for National Australia Bank Ltd. in Sydney. With him stepping aside and withdrawing his candidacy, were likely to see bonds rally.
 
My position on MBS stays Long.
( FNMA 3.0 Oct @ 94*201/2 )
Considering selling long position.

Market Commentary (Dan Rawitch)

Summer has caused a Fall in bond yields! Lawrence Summer has allegedly pulled his name out of the running for Fed Chairman. It turns out I was not the only person terrified by the prospect of Summer running the FED.
 
This is a big news week, I'd expect reasonable volitility. I would also expect some profit taking up here and attempt to close the gap. I dont see the gap closing all the way, but I do see us testing the resistance line I drew on the chart.
 
Here is today's video:

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

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 0 commentsJason E. Gordon • September 16 2013 11:03AM

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