Friday 8AM 01/15/10 Today’s Current Mortgage Rates Update

Friday 8AM 01/15/10 Today’s Current Mortgage Rates Update

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

Thirty-year mortgage rates fell slightly on Thursday, after the last of three major Treasury IOU offerings this week, met with decent demand. There was also relief that “consumer spending” was lackluster during the final weeks leading up to Christmas. Bad news about the economy is often good news for those hoping for lower mortgage rates.

The national-average thirty-year fixed-rate mortgage is now at five percent with one and three-quarters points, down an eighth of a point from Wednesday, for a savings of $125 on a one-hundred-thousand dollar loan.

The five-and-a-quarter percent rate is now at a “quarter” of one point, also down an eighth of a point from Wednesday.

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 fifteen-year fixed-rate mortgage was down as well, with the four-and-three-eighths percent rate now at one-and-three-eighths points. The four-and-five-eighths percent rate is now at 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, December retail sales fell 0.3 percent following an “upwardly” revised 1.8 percent gain for November.

When it came to weekly jobless claims, they climbed to 444,000 from the prior 433,000.

Today, we-will-see December consumer prices, which are expected to “have been” up by 0.2 percent, just half the gain seen in November.

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 today for my next *free* mortgage rate update.