Today’s Mortgage Rates Up 0.125% to 5.125% to 5.375%

July 23, 2009

Daily Mortgage Updates

A&N Mortgage Logo23 July 2009 ? Bonds opened up this morning up 3 bps but quickly retreated and our currently down 50bps. Rates will increase .125% with this swing and we are now looking at 5.125% to 5.375% on the 30 year fixed rate. Still an excellent rate for buyers and consumers interested in refinancing. The existing home sales came out better with a 3.6% increase from last month and this is the 3rd consecutive month that we have seen gains in existing home sales. Homes are now affordable and with record low rates and the $8,000 first time buyer tax credit hopefully the housing market will continue to improve. The supply of homes, which is an important number, dropped from 9.8 months to 9.4 months which is the best level in over a year. The Dow is over 9,000 for the first time in many months and is up 168 today. When the stock market is up it typically pressures the mortgage bonds as money flows out of the safety of bonds to the riskier stock market. Also weighing on bonds is the announcement that treasury will auction $110 billion in mortgage bonds next week. We will watch closely as we are at a level of support with the bonds that hopefully will hold and keep rates in the low 5?s for the 30 year and the mid 4?s on the 15 year.

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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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