Todays best mortgage rates. What can we expect from mortgage rates this week? 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 Monday 10-24-2011 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 Friday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders).Friday's WORSENING resulted in a change of 22 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 Commentary
Analyst#1: Neil Trenerry
FNMA 30-Yr 3.5%
Previous close 100.969
Opened Down 0.03 @ 100.938
Key Economic Data:
UST 2 YR 0.28 Up 0.01
UST 5 YR 1.08 Up 0.02
UST 10 YR 2.22 Up 0.00
UST 30 YR 3.25 Down 0.02
EUR / USD 1.3850 Down 0.0046
USD / JPY 76.1400 Down 0.1500
GBP / USD 1.5917 Down 0.0036
Oil 88.37 Up 0.97
Gold 1,659.60 Up 23.50
Key Economic News:
Comments from Fed officials:
8:45: New York Fed President William Dudley on the regional and national economy. Q&A scheduled. Following Vice Chair Yellen’s remarks on Friday, President Dudley’s speech today could help guide expectations for the November 1-2 FOMC meeting.
9:00: Dallas Fed President Richard Fisher on challenges to economic growth. Q&A scheduled.
13:00: New York Fed President William Dudley on the regional and national economy. Text of speech nearly identical to remarks earlier in the day. Q&A scheduled.
Advice:
With no news for help, another slow day.
My position on MBS stays neutral.
Analyst #2: Dan Rawitch
Here is the link to our daily video: http://ratewatch.com/ratewatchnow.html
The markets are a bit quite today and there is no scheduled news. Good corporate earnings from Caterpillar and others, are giving the Dow some lift and putting some pressure on bonds.
Bonds have actually held quite nicely, in spite of some wildly positive moves in the equity markets. I wonder how long that can last?
At the moment, we sit atop a critical level of support for the MBS 3.5% coupon, as we all wait to see what happens on Wednesday in Europe.
Be careful right here.
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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