Mortgages Rates Today Fluctuating between 5% and 5.25%

A&N Mortgage Logo8 July 2009 – The mortgage backed bonds opened up slightly favorable today and have continued to gain momentum. The bonds are currently up 31 bps and if they can hold this gain we may see rates continue to improve. However earnings will start to come out over the next week, which will have an impact on the bond market. Whether that impact will reduce rates or increase rates is hard to tell. Some reports state earnings will not be as bleak as predicted and if the stock market rallies on that news, rates will once again increase. We are currently seeing the 30 year rate fluctuate at 5% to 5.25%.
For those buyer?s who may want to get the coveted 4.625% rate, my recommendation would be to look at the 10/1 Arm. One can easily get 4.625% to 4.75% and have a long-term rate available to them. I would consider this for first time buyers who intend to move prior to the 10/1 Arm Adjusting.
Currently the Dow is down almost 60 which is helping the bond market to increase. Also, oil prices are tumbling which will bring welcome relief to the gas prices.

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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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