6 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!Email This Post To a Friend.
Today’s Mortgage Rates in the 5% to 5.375% for Qualified Buyers
July 6, 2009
Subscribe to our e-mail newsletter to receive updates.