Today’s Mortgage Rates Impacted by Unimployment Rates and Jobs Data

September 4, 2009

Daily Mortgage Updates

A&N Mortgage Logo04 September 2009 ? Today the bonds opened down 3bps and have continued to slide this afternoon. We are down 25bps. The unemployment figure jumped to 9.7%, which is up from 9.4% as expected. The unemployment rate has doubled since the beginning of the recession in 2007. The job losses were reported at 216,000 versus the expected 230,000. The highly flawed jobs data, which is certain to be revised time and again, will almost always understate job losses during a decline because of the birth-to-death ratio averaging. It would be hard to believe that only 216,000 jobs were lost because the last couple of reports were revised to show 50,000 additional jobs lost. 130,000 new jobs have to be created just to keep up with the population growth.

The 30-year fixed is at 4.875% (apr 4.93) and the 15 year fixed at 4.375% (4.468).

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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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