Today’s Mortgage Rates Hit 5% Again

July 2, 2009

Daily Mortgage Updates

A&N Mortgage Logo2 July 2009 ? The mortgage bonds have opened up 22bps this morning and briefly went down to 16 bps however they have really started to heat up and are now up 31bps. Investors are moving to the safety of the bond market due to the unemployment numbers coming in at 467,000 versus expectations of job losses of 365,000. The job loss report is not even that accurate as they use a birth to death ratio to determine job losses for this forecast. The actual number of job losses may be as high at 670,000. This would seem more accurate as the unemployment number jumped to 9.5% and this number is determined by actual phone calls that survey 60,000 households. The Dow Jones is down 176.

The 30 year fixed rate has once again hit 5% and this is with no points or origination fees. The markets are closed tomorrow so enjoy the holiday weekend and I will return on Monday, July 6th, 2009.

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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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