Mortgage Rates Jumped About Half a Point in One Day

May 29, 2009

Daily Mortgage Updates

A&N Mortgage Logo29 May 2009 ? Mortgage rates jumped about a full half point within one day. This is the biggest one-day jump I have ever seen-from 4.75-5.0% up to 5.25-5.5%-bad news for anybody sitting on the fence and not locking a rate, ?waiting for rates to go down even further.? The New York Fed bought up over $25B of mortgage bonds, trying to push mortgage rates back down after 10-year yield and the Fannie index both dropped significantly Wednesday, causing a sharp rise in rates. This should hopefully bring mortgage rates back down some Friday and Monday. After dipping Wednesday, the Dow is over 8400 again Thursday, after an auction of 7-yr T-bills went fairly well, and energy stocks rallied. It is reported that GM will likely file for Chapter 11 bankruptcy on Monday. They are hoping to restructure to make the company profitable.

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About Neena Vlamis

Neena Vlamis, President and Co-founder of A & N Mortgage Services, enjoys a challenge. In particular, she and colleagues specialize in finding the best mortgage product for each of their home-buying customers. Whereas many financial institutions shy away from customers who have special financial needs, Neena and A & N boast a winning record with clients from all ends of the spectrum. Neena and the professionals at A and N succeed in home-financing scenarios as a result of their unparalleled commitment to providing honest advice, extensive breadth of personal finance knowledge vis-a-vis home ownership, and their power of being a mortgage bank and broker. These assets, in combination, have built A & N Mortgage Services into the premier originator of residential home loans in the Chicagoland area. Neena Vlamis and A and N Mortgage will identify the optimal financial product and strategy for your specific homeownership need. You can contact her at neenav@aandnmortgage.com or 773-305-LOAN.

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