Today’s Mortgage Rates Holding in the 5.0% Range

August 27, 2009

Daily Mortgage Updates

A&N Mortgage Logo27 August 2009 ? The mortgage backed bonds opened down 31 bps this morning at 8:00 a.m. However when the stock market opened up lower (currently down 21.77) which helped the mortgage bonds rally and we are now only down 12bps?an improvement of 19bps. Things have quieted down with trading ahead of this afternoons 5-Year Treasury Auction for $28 billion. The 15-year fixed rate is 4.5% and the 30-year is again consistently holding at 5% to 5.125%. Jobless claims came out a bit worse than expected at 570,000 versus 565,000. The revised 2nd quarter GDP came in at -1.0%, close to expectations following an initial reading of -1.5%. Of note, the economy has now contracted for four consecutive quarters for the first time since the great depression.

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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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