4.5% Interest Rates Available

April 28, 2009

Daily Mortgage Updates

A&N Mortgage Logo28 April 2009 – Mortgage interest rates are actually doing very well today! We recommend a cautiously float stance as it relates to mortgage interest rate locks. If we continue to see deterioration of the market indices we would recommend locking. But for now, let’s just watch the market and if stocks start to fly, consider locking. With the right conditions, we’ve actually seen a 4.5% (4.677% APR) interest rate for a 30 year fixed mortgage (15 day lock) available with no points or added fees. Mortgage interest rates are still trying to push through some resistance but are struggling to stay at these low interest rate levels.

There are a number of mixed signals in the market today that are pointing to a recovery, yet there continues to be a slew of bad news that question whether the recovery is truly imminent. Amongst some of the positive news, is the string or earnings reports from the banking sector, led by Wells Fargo and 5th3rd Bank; a rise in March existing single family home sales in California, up 64%; significantly better than expected consumer price index, 39.2 versus expectations of 29.7 and 26.0 last month; an announcement from IBM that they are raising their stock dividend by 10% and aggressively repurchasing stock (indicating strong belief that the stock is very devalued), and the list goes on and on. On the negative side, GM outlines a turnaround plan that would leave the U.S. government in the auto business as well; Federal Banking regulators have told Bank of America and Citigroup that they may need to raise additional capital based on the “so-called” results of earlier stress tests placed on financial institutions, this capital shortfall represents billions of dollars; an additional Ponzi scheme discovered possibly affecting billions of dollars and crossing across international borders; and near pandemic levels of a deadly new flu virus; are all counter balancing the positives. Stay tuned but for now, we would recommend a cautious floating position.

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About Alicia Hyland

Alicia has over 20 years experience in the financial sector including tax, accounting, financial analysis and mortgage loan origination. She enjoys working with new housing developments and first time home buyers. She subscribes to several financial services such as Mortgage Market Guide, My Loan Biz, Wall Street Online to name a few to stay current on matters affecting the housing industry.

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2 Responses to “4.5% Interest Rates Available”

  1. Charles Hunt Says:

    Does this company do business in Mississippi, and if so, how can I contact them?

  2. Alicia Hyland Says:

    We do, but please remember that the rate is quoted for a client that meets perfect lending conditions — i.e. excellent credit — 740 mid fico, $250,000 loan amount, and a 15 day lock (which implies I already have the loan in process and in underwriting).