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Monday 8AM 12/14/09 Free Mortgage Rates Update
December 14, 2009 by Mortgage Rates Update · Leave a Comment
Monday 8AM 12/14/09 Free Mortgage Rates Update
Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.
Thirty-year mortgage rates rose for a second consecutive week as bond market worries about a stronger outlook next year became more acute. Good news for the economy is often bad news for those seeking lower mortgage rates.
The national-average thirty-year fixed-rate mortgage is now at four-point-five percent with three and three-eighths points, up three-eighths of a point from a week earlier, for an extra cost of three-hundred seventy-five dollars on a one-hundred thousand dollar loan.
The four-point-eight-seven-five percent rate rose another quarter of one point to one and three-eighths points during the week.
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 fifteen-year fixed-rate is now at four percent with two and seven-eighths points, up a quarter point from the start of the week. The four-and-a-quarter percent rate is also up a quarter point to one-and-a-half points.
In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “real-time” information on changes in rates & points throughout each 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 rates are going up, and if you act quickly, you may be able to reach your local mortgage professional by phone to lock your rate +before+ the mortgage company has executed an emergency rate change. The cost of my service is less than one dollar a day.
During this new week, there will be a series of fresh data releases. These will include the November Producer Price Index on Tuesday, the Consumer Price Index on Wednesday and Weekly Jobless Claims on Thursday.
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.
