Today’s Mortgage Rates Are 5.25% to 5.375% for Most Buyers

July 15, 2009

Daily Mortgage Updates

A&N Mortgage Logo15 July 2009 ? Bonds opened down 16bps today and continued to get worse throughout the day. Currently (2:45 p.m.) bonds are down 68 bps which is pressuring the mortgage interest rates. This is the 3rd straight day that we have seen the bond market drop and as I mentioned in Monday?s update there was some news that would affect the bond market. The predictions were that bonds would get worse and it unfortunately it has turned out to be true. While we finally tipped into the 4.875% 30-year rate for the well qualified consumer we have quickly retreated to a 30-year rate of 5.125% with most buyers ending up around 5.25% to 5.375%. Again, in two days we have seen the mortgage rates spike .25% and we may continue to get worse before flattening out.

The stock market has enjoyed three excellent days of gains and typically when the stock market starts to rally there will be pressure on the bonds. While concerns about inflation seem to have brewed they are not really valid at this time. However stronger manufacturing results and slightly higher consumer inflation were the two reports that have caused the spike to mortgage interest rates.

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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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