Mortgage Rates Are On a Roller Coaster

June 1, 2009

Daily Mortgage Updates

A&N Mortgage LogoMonday 01 June 2009 ? Mortgage bonds were up over 130 bps last Friday, after dropping over 180 bps last Wednesday, which would have really helped push mortgage rates back down, except that they are down over 70 bps again first thing this Monday morning. Saying rates are on a roller coaster would be an understatement. Freddie Mac released a report Thursday that said while home values continue to fall, the rate of price depreciation has moderated in all nine regions of the U.S. Illinois is listed as having an increase in home values by 0.8%. Too soon to celebrate, I say, but I?ll take any good news I can get these days. On Thursday, the Mortgage Bankers Association released a survey showing foreclosure activity had hit an all-time high in Q1 2009, with 3.85% of all mortgages somewhere in the foreclosure process. It also said that the delinquency rate, which excludes houses in the foreclosure process, for residential properties was at 9.12% for the same time period, and that 12% of all mortgages are now delinquent at least one payment. Also noteworthy is that 56% of the mortgages in foreclosure are conforming, fixed-rate mortgages, proving once again, that subprime mortgages are not the only reason, or even the main reason, for the housing mess.

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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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