Today’s Mortgage Rates Remain Strong at 4.75%

November 3, 2009

Daily Mortgage Updates

A&N Mortgage Logo3 November 2009 ? Bonds opened down 19bps and have somewhat recovered to a current afternoon change of down 12bps. Wednesday marks the Fed?s two-day Federal Open Market Committee meeting. Many speculate that the Fed will leave rates at their current levels, but the meetings may indicate when the Fed plans on beginning the inevitable hiking of rates. As the Fed reduces its buying of Mortgage Backed Securities throughout the program?s remaining 22 weeks, we expect the rates to begin their rise. Of the $1.25 trillion established, nearly $977 billion have been purchased. The stock market has remained flat throughout the day with the Dow, Nasdaq and S&P 500 occasionally moving back and forth between the green and red. The highlight of the day was the acquisition of railroad operator Burlington Northern Santa Fe Corp for $26 billion by renowned financier Warren Buffet and his Berkshire Hathaway company. With the impending Fed meetings, the dollar has risen modestly as investors continue to sell risky stocks and assets. It will be interesting to see how the market performs the rest of the week as many companies continue to report 3Q results. Traditionally, November has been a strong month for investors as the holiday seasons are around the bend. Mortgage Rates do remain strong with 4.75% (4.83 apr) on the 30 year and 4.375% (4.423 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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