Consumer Confidence and Case-Shiller Pulling Mortgage Rates in Different Directions

June 30, 2009

Daily Mortgage Updates

A&N Mortgage Logo30 June 2009 ? Today Consumer Confidence and Case-Shiller are impacting bonds in different directions. For starters the Case-Shiller Home Index Reading is a report that measures the home prices in the 20 largest US cities. The report is from April and showed fewer negative readings than prior reports, a slowing pace of decline in others, and actually some increases in the Dallas and Denver market. This may suggest the bottom of the housing is coming closer. Bonds were negatively impacted by this report and opened up this morning -44bps. However, the Consumer Confidence Report came out lower than expected at 49.3 versus 55.3 which gave bonds a needed boost. The bonds are currently only down 16bps which is an increase of 28bps since this morning. Stocks were positive but gave back gains on the Consumer Confidence Report news. Overall, while all economic news will impact both the stock and bond market we are seeing mortgage interest rates remain steady for the most part, ranging from 4.625% to 5.75%. The current 30-year mortgage rate is 5.125% with no discount or origination fee. The markets are closed on Friday and it should be a quiet Thursday with many traders leaving for the long holiday weekend.

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About Chris DePaepe

Chris is a lifelong Chicagoan who was born and raised on the Northwest side. She has a business degree from Rosary College in River Forest and a MBA in finance from DePaul University. She has been in the mortgage industry since July of 1996 and understands the importance of educating clients about the process of purchasing or refinancing a home. Chris?s education and customer service separates her from her competition, from taking an application at 11 p.m. to doing a closing in the convenience of your home, customer service is her #1 priority! With her extensive financial education she is able to pass along critical information to potential clients about mortgage interest and the differences between a 30, 25, 20 and 15 year loan. Chris will run every amortization chart and spend a great deal of time explaining the savings on your mortgage interest by showing actual examples. Also, most first time buyers do not understand the tax advantage of owning a home and she will break that down and show the actual tax advantage of owning a home versus renting. Chris prides herself on taking the time to fully educate every buyer so they are aware of the process from the beginning to the end without any surprises. Whether you are looking to refinance or purchase a home, understanding today?s market is extremely important to getting your loan approved. You can contact Chris 24/7 at chrisd@aandnmortgage.com, 773-305-7016, or 773-848-4144.

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