Today’s Mortgage Rates in the 5% to 5.375% for Qualified Buyers

July 6, 2009

Daily Mortgage Updates

A&N Mortgage Logo6 July 2009 ? Today the mortgage backed bonds opened up 6bps. Right now we are currently down 6bps. The Dow is down 67 however, and that is not really giving any steam to a rally for the bond market. The mortgage backed bonds are at a resistance level as we have seen the rates trend down the past week. Trading remains slow after the long holiday weekend. The Dow has been pressured lower over concerns for the overall global economy recovery. It took a long time for the economy to get to where we are currently at and it will be a slow long grind to recover as with any recession. Unemployment reached a 26 year high for the US, and in Europe they are not faring much better. I encourage all homeowner?s to review their mortgage rate to see if they can take advantage of the 30 year fixed mortgage rates. Again, with many variables in pricing a mortgage a consumer should be around the 5% to 5.375% range. Some of the issues that affect your mortgage rate are your loan to value (LTV) of your home. Your credit score (which a 740+ is now what is required) and the type of home (single family versus condo or multi-unit property). For first-time buyers the rates have been extremely stable and hopefully with the first-time buyer credit of $8,000 you can purchase an affordable home with almost the same payment as your rent!

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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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