Friday 8AM 01/29/10 Today’s Current Mortgage Rates Update News

Friday 8AM 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 “rose” again on Thursday, despite “shocking” news on the sustained increase in first-time claims for weekly state unemployment benefits, and a triple-digit plunge in stock prices, which took the Dow Jones Industrial average closer toward the 10,000 level. Shortly after the president’s State of the Union address on Wednesday night, U.S. Treasury yields had spiked higher in Asian trading. So, finishing the Thursday session almost unchanged was a relief to many traders.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with two points, “up” an eighth of a point from Wednesday, for an extra cost of $125 on a one-hundred thousand dollar loan.

The five-and-one-eighth percent rate held steady at “half” 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 higher, with the four-and-a-quarter percent rate now at one-and-three-quarters points, up an eighth of a point from Wednesday. The four-and-a-half percent rate was up an eighth of a point as well, to three-eighths 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, first-time claims for weekly state unemployment benefits remained in the 470,000 area, when economists had “expected” a drop to 450,000.

Today, we-will-see the first estimate of 4th Quarter Gross Domestic Product, for the three-month period, which ended on December 31st. The “guess” is that growth “more than doubled” from the third quarter of last year.

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.