Today’s Mortgage Rates Lower After Last Week’s Increases

August 11, 2009

Daily Mortgage Updates

A&N Mortgage Logo11 August 2009 ? While last week?s stock market rally proved detrimental to bonds, we are starting to see a slight recovery in them this week. The bond market dropped 189 bps from Monday to Friday last week, which spiked up the interest rates to 5.5% – 5.625% for the 30 year fixed. Most of the economic news last week was positive, which will pressure the bond market adversely, and last week was no exception.

Yesterday, bonds had a nice recovery as the stock market cooled off and we were up 56bps. Today we are up 25 bps as stocks opened lower, weighed down by financials as investors pause after the huge rally last week. The current 30 year fixed for the well qualified borrower would be 5.125% to 5.25% while lower loan amounts with higher LTV?s would be slightly higher. We will watch closely this week to see if bonds can regain some ground, this has been the pattern over the last few months. The Dow is now down almost 100 for the day .

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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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