Unemployment Report Sends Bonds Soaring

November 6, 2009

Daily Mortgage Updates

A&N Mortgage Logo6 November 2009 ?Bonds opened up 12bps and have trended upwards to an impressive day change of up 31bps. The Labor Department announced that unemployment rose higher than expected. The 10.2% unemployment rate for October exceeded analysts’ predictions of a 9.9% rate.  This is the first time in 26 years that unemployment has topped the 10% threshold. That figure has certainly added to the strength of mortgage bonds today. With this announcement in mind, the stock market showed signs of heading into the red, but it has quickly recovered on the strength of company earnings and gold commodities, once again. Washington continues to take a strong stance on improving the housing sector as seen by the Fed keeping interest rates low and with Congress recently renewing the first-time homebuyer credit and the Mortgage Backed Securities program. We will look for news over the weekend to see how Bonds and the stock market will open on Monday. Mortgage Rates are still strong with 4.750% (4.799% 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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