Today’s Mortgage Rates Remain at 5% to 5.125% For Well Qualified Buyers

August 5, 2009

Daily Mortgage Updates

A&N Mortgage Logo5 August 2009 – Today the bond market opened down 31 bps. On Monday and Tuesday combined the bond market was down a total of 94bps. The bond market then bounced back due to a weaker ISM report (46.4 versus the expected 48). Also more job losses were reported, expectations were for job losses to come in at 350,000 and actual number was 371,000. These reports helped to correct the bond market and this was sorely needed. The bonds are now currently up 19bps for the day, which is a gain of 50bps since the open this morning. The Treasury announced a $75 billion auction next week, again too much supply versus the demand for these auctions continues to weigh on the bonds. At some point higher yields will have to be paid to continue to attract buyers and this is when we will see the mortgage rates rise. Again the 30 year fixed for the well qualified buyer would be around 5% to 5.125%. The 15 year fixed rate would be at 4.5% to 4.625%.

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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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