Monday 5PM 01/25/10 Today’s Current Mortgage Rates Update News

Monday 5PM 01/25/10 Today’s Current Mortgage Rates Update News

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

Thirty-year mortgage rates rose on Monday after the stock market found its “footing” and held a narrow gain. There was talk that Fed Chairman “Ben Bernanke” might be granted a “second” four-year term as “Fed Head” after all. But the speculation will not end until the vote is in, and the “exact date” of the “U.S. Senate” showdown has “yet” to be determined.

The national-average 30-year fixed-rate mortgage rose to four-and-seven-eighths percent with one and seven-eighths points, up a quarter of a point from Friday, for an extra cost of $250 on a one-hundred thousand dollar loan..

The five-and-one-eighth percent rate rose an eighth of a point to “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 “up” as well, with the four-and-a-quarter percent rate at one-and-five-eighths points, up an eighth of a point from Friday. The four-and-a-half percent rate rose to a “quarter” 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.

The bond market “benefited” from a report on Monday morning, saying existing home sales plunged 16.7 percent last month, after many people thought the $8000 federal income tax credit (for first-time buyers) would not be renewed. It eventually was extended, but too late to cause an improvement in the December data.

On Tuesday, we will find out how Consumer Confidence “fared” this month. The expectation is for a “sideways” trend.

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 on Tuesday morning for my next *free* mortgage rate update.