Despite Volitility, Today’s Mortgage Rate Still Below 5 Percent

September 24, 2009

Daily Mortgage Updates

A&N Mortgage Logo24 September 2009 ? Mortgage bonds are higher this morning after the bonds had an extremely volatile day yesterday. The overall effect on bonds for yesterday were a light drop, which was a result of the poor treasury auction as I mentioned in Monday?s update. The bonds recovered when the Fed statement was released and it was announced the Treasury buying program will continue through March or 2010 to keep the mortgage rates hopefully a bit lower and continue to support the struggling housing market. Today inventory of unsold homes fell to their lowest levels since April of 2007 however we have to keep an eye on this number as many banks have held foreclosures and not listed them on the market, which is already saturated with too much inventory. Unemployment continues to be a problem with 530,000 new claims versus the 550,000 which was expected. Bonds are currently up 16 bps for the day.

The 30-year rate is at 4.875% (apr 4.909) and the 15-year rate is at 4.375% (apr 4.433).

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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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