30-year Fixed Mortgage Rates Still in the Low 5s.

August 3, 2009

Daily Mortgage Updates

A&N Mortgage Logo3 August 2009 ? Today the mortgage backed bonds opened down 28 and continued to slide and are now currently down 59 bps. Last week we had a good rally with bonds as reported in the daily update and on Friday we hit a level of resistance which basically predicted this downturn this morning. The ISM index number came out  at 48.9, which is better the expected number of 46.5. A reading over 50 would indicate the economy is getting better so while this number improved, it still does not paint a rosy picture. Former Fed Chairman Alan Greenspan commented that the recession is almost over which sparked a rally in the stock market, putting additional pressure on the bonds. Today?s 30-year rate for the well qualified buyers of single family homes with an LTV of 60% would be 5% (assumes $350,000 loan amount or greater).

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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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