Today’s Mortgage Rates Are 5% to 5.125%?Impacted by Treasury Auction and Price Index

August 25, 2009

Daily Mortgage Updates

A&N Mortgage Logo25 August 2009 ? Bonds opened up 3bps, but are currently down 16bps as buyers are a bit cautious with the $42 billion Treasury auction today. Case-Shiller Housing Price Index rose to a seasonally adjusted 1.4% in June?the 2nd month in a row. Prices rose in 18 of 20 cities used in the survey and the index showed that prices for the 2nd quarter rose by 2.9. This is the 1st quarterly increase in 3 years. Prices are still down 15.4% compared to last year. While the number?s are good we must remember that some of the improvements may be coming from people who would have purchased in 2010 that are moving up their buying to take advantage of the lower rates and the $8,000 tax credit. This means that we will see a little dip in the housing numbers early next year. The 30-year and 15-year rates are stable at the moment; we will see how the auction goes and give the update tomorrow. 5% to 5.125% for the 30 year and 4.5% to 4.625% for 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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