Perspective Buyers, Traders Hopeful of Tax Credit Extension

October 14, 2009

Daily Mortgage Updates

A&N Mortgage Logo14 October 2009 ?Today’s bonds opened down 47bps and, after staging a rally, they were pushed back down. We are currently down 37bps and are testing resistance levels. As recommended in recent posts, locking was the bias since we reached a low point in mortgage rates on 10/2/2009. While rates are up slightly, these are still phenomenal mortgage rates and they remain near all time lows.

Also, there is strong sentiment that the home buyers tax credit will be extended. The credit may also be expanded to include a broader range of home buyers in the hopes of further stabilizing the real estate market. There are still many more foreclosures to come as unemployment continues to be a problem. The long term outlook for mortgage interest rates remains stable as the economy still is in a recovery mode.

Strong earnings from JP Morgan Chase and Intel have pushed stocks higher and the DOW has exceeded the 10,000 level for the first time in over a year. Although the Bull market mode has arrived, there is always room for a reversal lower as we may see the market take its gains and retreat.

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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, 773-305-7016, or 773-848-4144.

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