Todays best mortgage rates. What can we expect from mortgage rates this quarter? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why).
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 10-4-2011 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 Monday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's IMPROVEMENT resulted in a change of 12 basis points (bps).
The following chart shows the market activity for today (hint: upward activity is good, downward activity is bad):
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.
Market Analysis
Analyst #1 (Neil Trenerry)
FNMA 30-Yr 3.5%
Previous close 103.125
Opened Down 0.15 @ 102.969
Key Economic Data:
UST 2 YR 0.25 Up 0.01
UST 5 YR 0.86 Up 0.01
UST 10 YR 1.74 Up 0.00
UST 30 YR 2.72 Up 0.00
EUR / USD 1.3204 Up 0.0028
USD / JPY 76.7545 Up 0.1255
GBP / USD 1.5379 Down 0.0054
Oil 75.91 Down 1.70
Gold 1,654.40 Down 3.30
Key Economic News:
9:00: Federal Reserve Governor Sarah Bloom Raskin speaks on foreclosure.
10:00: Factory orders (August): Unchanged Based on already-reported durable goods orders and our estimate for the nondurable goods component. Any revisions to durable goods shipments as well as data on factory inventories could have implications for our bean-count model for Q3 GDP. Yesterday we raised our estimate for Q3 GDP growth to 2.5% from 2.0% previously.
Consensus: +0.1%; Last +2.4%.
10:00: Federal Reserve Chairman Ben Bernanke testifies before the joint economic committee (JEC). We expect two major elements in Bernanke's remarks to the JEC today: 1) a discussion of the Fed's revised growth outlook and in particular the downside risks mentioned in the latest statement, and 2) an explanation of the "twist" and views on how it is intended to help growth. Expect a lively debate on the Fed's latest easing measures and questions about what the Fed could do to support growth in the future.
Advice:
Again with a strong Dollar and concerns over Greece, I would expect MBSs to continue to rally.
My position on MBS stays Long
Analyst #2 (Dan Rawitch)
Here is the link to our daily video: http://ratewatch.com/ratewatchnow.html
The Dow is down big on pre-opening trading and bonds did well overnight. I suspect a pretty decent (not saying amazing, just decent) opening in MBS this morning.
I am broadcasting from Dallas, so nothing is open yet.
Later this morning we will get Factory orders, they are forecasted to be down.
Today will be day two of the Fed doing the Twist! Today they will buy from 4-5 billion of 10 year bonds…lets see what happens. Lets also watch closely to see if the spread between MBS and the 10 year widens out of protest.
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.jasonegordon.com or www.ApprovingSD.com or more information.
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