Today’s Mortgage Rates Continue to Trend Lower

June 25, 2009

Daily Mortgage Updates

A&N Mortgage Logo25 June 2009 ? Mortgage backed bonds opened up 19 this morning and continued to trend up to a positive 41! Mortgage Bonds may be rallying as the unemployment continues to rise with 15,000 more jobs lost than forecasted. Yesterday?s announcement by the FED that they will keep the Prime Rate close to zero (0) for the entire year and also continue to buy mortgage backed bonds came as no surprise. The government continues to buy mortgage backed bonds to help keep the mortgage rates at a consistent low level to attract first time buyers with low home prices and low mortgage rates. If you are considering buying and you currently own, meet with a seasoned mortgage consultant who can explain the rent versus own benefits. Right now many renters would be surprised that they can actually have the same payment if they buy a home as what they are paying rent! Mortgage interest and real estate taxes are deductible and if you are purchasing in Chicago there are other incentives.

The 30-year rate continues to trend down and is currently at 5.125%. Today?s tip of the day if you are going to take a 30-year mortgage with an average loan amount of $200,000 and you apply $95.00 extra per month to your mortgage payment this will save $40,000 of interest over the life of the loan and your mortgage will be paid off in 25 years!

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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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