Do you know someone who is currently applying for a mortgage loan and looking for the lowest mortgage rates? By forwarding this article, you will be doing them a huge favor! Finally a free daily report that offers complete transparency regarding mortgage rates by showing the actual market activity which influences the direction of mortgage rates. All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES to insure the best financial decisions are being made without the distraction of marketing gimmicks. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why) by subscribing to this complimentary daily update.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Friday 6-1-2012 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 Thursday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's IMPROVEMENT resulted in a change of 12 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 102.375 Open 102.891 Change 0.516
3.5 Coupon: Previous Close 104.953 Open 105.250 Change 0.297
4.0 Coupon: Previous Close 106.453 Open 106.594 Change 0.141
5 Year: Previous Close 99.781 Open 100.094 Change 0.313 Yield 0.606
10 Year: Previous Close 101.563 Open 102.547 Change 0.984 Yield 1.474
30 Year: Previous Close 106.750 Open 109.250 Change 2.500 Yield 2.556
Key Economic Data:
EUR/USD: Previous Close 1.2359 Open 1.2365 Change 0.0006
GBP/USD: Previous Close 1.5406 Open 1.5351 Change -0.0055
USD/JPY: Previous Close 78.350 Open 78.170 Change -0.1800
Oil: Previous Close 86.53 Open 83.42 Change -3.11
Key Economic News:
Domestic Vehicle Sales for May: Consensus 14.5m, Last 14.37m.
Personal consump real for Apr: Actual 0.3%, Last 0.1%.
Personal Income for Apr: Actual 0.2%, Consensus 0.3%, Last 0.4%.
PCE for Apr
Index month-on-month: Actual 0.0%, Last 0.2%.
Index year-on-year: Actual 1.8%, Last 2.1%.
Core price index month-on-month: Actual 0.1%, Consensus 0.2%, Last 0.2%.
Core price index year-on-year: Actual 1.9%, Last 2.0%.
Payrolls for May
Non-farm: Actual 69k, Consensus 150k, Last 115k.
Manufacturing: Actual 12k, Consensus 15k, Last 16k.
Private: Actual 82k, Consensus 160k, Last 130k.
Government: Actual -13k, Last -15k.
Unemployment Rate: Actual 8.2%, Consensus 8.1%, Last 8.1%.
Average earnings: Actual 0.1%, Consensus 0.2%, Last 0.0%.
Average workweek hours: Actual 34.4h, Consensus 34.5h, Last 34.5h.
Markit Mfg PMI for May: Actual 54.0, Last 53.9.
7:00: Construction spending for Apr: Consensus 0.4%, Last 0.1%.
7:00: ISM for May
Manufacturing: Consensus 53.9, Last 54.8.
Mfg prices paid: Consensus 56.8, Last 61.0.
Employment index: Last 57.3.
ECRI weekly index: Last 123.1. Annualized: Last 0.1%.
With payrolls coming in lower than expected and concerns over Europe still lingering over the markets. I would expect MBS pricing to continue to rally.
My position on MBS changes to Long.
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