Friday 5PM 01/29/10 Today’s Current Mortgage Rates Update News

Friday 5PM 01/29/10 Today’s Current Mortgage Rates Update News

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates fell on Friday, despite the sharp increase in fourth-quarter “growth,” thanks to a “rise” in the “inventory” of unsold goods, plus higher exports. The Dow tried to stage a triple-digit rally on the news, but the effort fizzled, and that gave mortgages the “opportunity” to move to lower yield levels.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with one and five-eighths points, “down” three-eighths of a point from Thursday, for a savings of $375 on a one-hundred thousand dollar loan.

The five-and-one-eighth percent rate fell a “quarter” of one point to–a quarter of one point!

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average 15-year fixed-rate mortgage was “lower” as well, with the four-and-a-quarter percent rate now at one-and-A-half points, down a quarter of a point from Thursday. The four-and-a-half percent rate was down, to just “one-eighth” of one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate +before+ the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

As mentioned, October through December “GDP” jumped by 5.7 percent, the most in six years. But many “analysts” said, that type of large increase will not be seen again, during the “current” year.

Next Friday, we-will-see the January employment report. While the unemployment “rate” is expected to “remain” the same, the “number” of new jobs created, “may” move into “positive” territory, after December’s disappointing results.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later this weekend for my next *free* mortgage rate update.