Todays Mortgage Rates Are as Low as 4.875% for Well Qualified Buyers

July 10, 2009

Daily Mortgage Updates

A&N Mortgage Logo10 July 2009 ? Mortgage backed bonds struggled yesterday and closed down 34 BPS. This morning bonds opened up 38bps and continue to maintain the gains?currently the mortgage backed bonds are up 50bps. The Dow is down 31 and has not had a significant rally in some time. Chevron warned investors about concerns over future profitability which shook up the stock market a bit this morning.

Consumer confidence remains weak as the University of Michigan sentiment reports 64.6, as opposed to the 70.3 estimated. There are continued worries about the risk of higher unemployment.

All of this news this morning has given the mortgage-backed bond market a boost, however we are right in the middle of some resistance. However, mortgage rates are very good right now and if many consumers remember the “experts” predicting mortgage rates going to 4% that never materialized and many consumers did not take the opportunity to refinance when the 4.625% 30-year rate existed. While we may not hit the 4.625% again, some well qualified consumers may be able to obtain the 4.875% 30-year fixed. Learn from the past, take a good mortgage rate when you can and right now is a good time to consider locking in your loan!
Have a great weekend.

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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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