Today’s Mortgage Rates Still at Historic Lows

October 8, 2009

Daily Mortgage Updates

A&N Mortgage Logo8 October 2009 ? The bond market started out on Wednesday up 25bps, partly due to the retreat in the stock market after a two-day rally on Monday and Tuesday. While bonds retreated during the day, they made a strong move after the successful 10-year Treasury auction. The mortgage bonds are near a very important level of resistance so while rates have improved, we may see a reversal in this if the bonds can not break the resistance level that it is currently testing. Mortgage applications reached a four month high last week as mortgage rates are at all-time lows which I have reported in the past week. Again, please review your mortgage situation, the 10/1 ARM and 30-year fixed are outstanding products at this time.

Today we will have a $12 billion 3-year T Note auction which we will watch closely while also seeing what how the stock market reacts to 3rd quarter profit reports.

Rates as of 10/7/2009:

? 30Yr Fx 4.625% (APR 4.662)

? 15Yr Fx 4.25% (APR 4.314)

? 5/1ARM 3.75% (APR 3.618)

? 7/1ARM 4.25% (APR 3.886)

? 10/1ARM 4.25% (APR 3.999)

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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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