California Mortgage Interest Rate Update 5-20-2011 + Projected Trends & Today’s Best Mortgage Rates & Mortgage Quotes
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The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Friday 5-20-2011 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 Thursday with an IMPROVEMENT to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday’s IMPROVEMENT resulted in a change of 25 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 4.0%
Previous close 100.000
Opened Up 0.03bp @ 100.063
Key Economic Data:
EUR / USD 1.4239 Down 0.0070
USD / JPY 81.7003 Up 0.0925
GBP / USD 1.6229 Down 0.0008
Oil 98.62 Up 0.18
Gold 1,500.30 Up 7.90
Key Economic News:
8:00: New York Fed President William Dudley Speaks on regional economic conditions. Q&A expected.
Advice:
I would expect the market to trade in a close range, with some possible selling to protect profits over the weekend.
My position on MBS stays short.
Analyst #2 (Dan Rawitch):
Here is the link to our daily video http://ratewatch.com/ratewatchnow.html
No scheduled news today but the GAP stores did dissapoint the market this morning with their weak earnings report. To make matters worse, they gave guideance to analysts that the rest of the year would be tough. The GAP is such a classic consumer goods store and helps tell the story that most of us are still worried about the economy.
I expect the range of 99.75-100.50 should hold for a few days, at least until we get a glimpse of GDP next week.
For more information on topics like this, please feel free to visit www.MortgageStreetSmarts.com (an educational resource for Borrowers, Real Estate Agents, and Financial Professionals). Educational content provided by:
Jason E. Gordon
Residential Mortgage Specialist
CMPS, CDPE, NMLS 259027
Office: 619-200-8031
Email: info@MortgageStreetSmarts.com
Online Application www.MortgageStreetSmarts.com
Recommended Links:
- THE TRUTH BEHIND MORTGAGE QUOTES
- MORTGAGE INTEREST RATE UPDATES & PROJECTIONS (UPDATED DAILY!)
- HOW MUCH IS YOUR HOME CURRENTLY WORTH?
Free Services include:
mortgage calculator for monthly principal + interest payment calculations
mortgage calculator for amortization schedule calculations
mortgage calculator to calculate how much you can borrow
mortgage calculator for debt consolidation calculation schedules and options
mortgage calculator for Reverse Mortgage loan options and calculations
- FHA Mortgage Loans in California
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- First Time Home Buyer Loans available in California
- Move Up Buyers looking to advance their real estate holdings
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