Today’s Mortgage Rates: Bernanke Signals a Modest Economic Rebound

November 16, 2009

Daily Mortgage Updates

A&N Mortgage Logo16 November 2009 –Bonds opened up at a positive 3bps today to a current day change of 28bps.  Investors have patiently awaited Federal Reserve Chairman Ben Bernanke?s 12:15 EST talk concerning the economy and its future.  Bernanke?s speech highlighted the indication that most economists expect moderate economic growth in the next year, but unfortunately not enough to curb the unemployment numbers.  Many have worried about the possibility of inflation due to the recent rise of commodities such as gold and oil, but Bernanke believes inflation should remain subdued for some time.  The stock market is up nearly 1.5% in the Dow, Nasdaq and S&P 500, fueled by better-than-expected October retail sales of 1.4% versus an anticipated 0.9% rise.  The markets also took into account investor predictions of a global rebound.  Commodities continue to soar as a result of the weak dollar, but with the Fed?s announcement of it?s commitment to a strong dollar, some investors may begin to take profits from commodities.  It will be interesting to see how bonds and the stock market open up tomorrow as more of this information is absorbed and dissected.  Mortgage Rates remain strong at 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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