Today’s Morgage Update: Fed to Issue More than $100 Billion Next Week

November 20, 2009

Daily Mortgage Updates

A&N Mortgage Logo20 November 2009 –Bonds opened up nearly unchanged at positive 3 bps to a current day change of 0 bps. Of the $1.25 trillion allotted to Mortgage Backed Securities, $1.023 trillion have been purchased. The Fed announced that it will unload a record $44 billion in 2-Year notes, $42 billion in 5-Year notes, and $32 billion in 7-Year notes all next week. It is unsure how the market will react with such a significant bond issue as well as its effect on the bond market. Ben Bernanke?s speech earlier this week, declaring the Fed?s commitment to the dollar, has improved the dollar’s value but it has also pushed stocks and commodities lower. The Dow, Nasdaq and S&P 500 have all struggled for the latter part of the week and they seem to be finishing the week in the red. There is no upcoming economic news of significance and as always, it will be interesting to see how the markets open up Monday morning. Mortgage rates continue to hold strong for the time being with 4.625% (4.678% apr) on the 30 year and 4.25% (4.334% apr) on the 15 year.

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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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