Today’s Mortgage Rates Dipping Below 5% for Well Qualified Buyers

August 20, 2009

Daily Mortgage Updates

A&N Mortgage Logo20 August 2009 ? Bonds are currently up 12 bps but are hitting a ceiling of resistance for the 200 day moving average. There is tracking of the bond market, stock market, etc and typically there are indicators that can give trends. These moving averages, if broken through, would mean lower rates but typically you hit the 200 day moving average and then the bonds will reverse course and interest rates will go up slightly. The pattern then can start all over again. So when discussing the mortgage bonds, watching the moving averages is very helpful to assist my clients on when to lock their loan. Right now bonds are testing the moving day average so we will see where we fall after the announcements and stock market movement.

The Dow is up 46. The 30 year fixed rate remains between 4.875% and 5.125% which the 15 year is at 4.375% to 4.625%. Also, if you are a first time buyer you can look at the 5/1, 7/1 or 10/1 Arm to try and get a rate in the low 4?s.

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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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