Today’s Mortgage Rates Are Up As Mortgage Bonds Drop

July 1, 2009

Daily Mortgage Updates

A&N Mortgage Logo1 July 2009 ? Bonds ended down yesterday by 34bps, which increased mortgage interest rates. When bonds are down, mortgage interest rates go up?when bonds are up mortgage rates go down! The Dow is up 99 and is enjoying a modest rally. This morning has been filled with news and we will start with China reporting that the manufacturing sector has expanded for the 4th straight month. The Dow Jones was up 15% from April to June however these gains were from very low levels in the stock market. ADP?s estimated job losses were worse than expected and the numbers may not even be accurate as the US Government is hiring 1.4 million workers to conduct the 2010 Census. It is not clear when or how many of these hires will be or have been made in any month. As you can see, if we knew this information (when the job creations hit) we could get an better reading on employment, even though these jobs are temporary. This would portray a picture of better employment numbers than what really exists.
Today the bond market opened down 22bps and is now only down 3bps. The official jobs-lost report will come out tomorrow which could have an effect on the bond market. Again rates were very good a couple of days ago and if you read my post hopefully you took advantage and locked in your mortgage rate!

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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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