Bonds Up, Mortgage Rates Hold Steady

July 28, 2009

Daily Mortgage Updates

A&N Mortgage Logo28 July 2009 ? What a day for bonds, this morning the bonds were up 3bps, and by Noon we were flying high with Day Change up 50 bps. However as I mentioned in my daily update last week, there were treasury auctions that were taking place this week of almost 210 billion which is an extreme supply. The 2 year Treasury Note auction of 42 billion was not well received, while yesterdays 20 year went over well. With the 2 year auction not going well this has weighed heavily on the bonds and we are now up 12 bps which is a drop of 38bps. We will see a lot of volatility today and over the next few days with more auctions to follow. The 30 year rate is holding steady at 5.125% to 5.25% with 0 points, when paying 1 point which is 1 percent the consumer would be looking at a rate of 4.875% to 5% on the 30 year fixed.

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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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