Today’s Mortgage Rates Still in the Low 5’s for Qualified Buyers

July 17, 2009

Daily Mortgage Updates

A&N Mortgage Logo17 July 2009 – Bonds opened down 16 bps and then quickly continued the downward slide to 38bps. However in the past hour (11:00 to 12:00) they have rebounded to come back to down 16bps. This is important as we need the bonds to stabilize so that mortgage rates stay in the low 5?s. Housing starts were better than expected but the mixed news is that some high profile companies earnings came in worse than expected. The battle of starting to come out of the recession will continue for months and this plays on the mortgage bonds like a yo-yo, which causes the spikes and retreats in the mortgage rates. The mortgage rates are directly influenced by mortgage backed bonds, NOT THE 10 YEAR Treasury. The 30 year rate is hovering around 5.125% and 5.25% today which is still excellent for the first time buyers getting into the market.

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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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