Today’s Mortage Rates Holding Steady at 5.125% to 5.25%

July 24, 2009

Daily Mortgage Updates

A&N Mortgage Logo24 July 2009 ? The bonds really took a beating yesterday, finishing down 66bps. The pressure came from the rally in the stock market and the announcement of $115 billion in Treasury auctions next week. Today we opened up 6bps and are currently flat, which is a change of -6. Basically this will not impact the rates?we are basically in a holding pattern to see if the stock market retreats and how the auctions will go next week. Besides the $110 billion, there is the regular weekly auction of $90 billion so there is some concern there will be too much supply of the bonds next week. Consumer sentiment came in as expected at 66 with the estimate of 65 however this number may be influenced by the stock market rally which may be influencing the consumers that are surveyed. A strong rally in the market will always boost spirits however as we have said many times, the job losses will continue to weigh on the economic recovery. The unemployment numbers may also not be accurate because when the benefits run out after 6 months those numbers are not calculated anymore, and that hinders the accurate numbers of unemployment. The Dow is currently down 24 and has hit a resistance level as well. The 30 year rate is steady at 5.125% to 5.25% for well qualified buyers purchasing a Single Family Home or Condo (with a 75% Loan To Value).

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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, 773-305-7016, or 773-848-4144.

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