Sunday 3PM 01/24/10 Today’s Current Mortgage Rates Update News

Sunday 3PM 01/24/10 Today’s Current Mortgage Rates Update News

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

Thirty-year mortgage rates moved lower again this past week, because of increasingly “aggressive” verbal attacks on Wall Street, emanating from the White House. When there is uncertainty in the air, investors often turn to the perceived safety of U.S. Treasury and mortgage-backed securities to “protect” their cash. As a result, home loan rates typically decline.

The national-average thirty-year fixed-rate mortgage is now at four and seven-eighths percent with one-and-five-eighths points, down a “quarter” point from a week earlier, for a savings of $250 on a one-hundred-thousand dollar loan.

The five-and-one-eighth percent rate is now at three-eighths of one point, also down a “quarter” of a point from January 15th.

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 also down a quarter of one point, with the four-and-A-quarter percent rate now at one-and-A-half points. The four-and-A-half 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.

This week, Wall Street will watch to see if current Fed Chairman Ben Bernanke will be “approved” for another four-year term in that position. A U.S. Senate confirmation vote is expected. There has been substantial opposition from both Democrats and Republicans who are angry that Bernanke created $1.5 trillion in new cash out of “thin air” last year, without “prior” approval of that sum, by Congress.

Insofar as “data” are concerned, Monday will feature December existing home sales and Tuesday will see the January Consumer Confidence Index. On Wednesday, it’s time for the “Federal” Reserve’s latest announcement on interest rates, while Thursday will be “all about” weekly jobless claims. Friday is when we learn “how well” the economy did, during the October-thru-December period, with the release of the Gross Domestic Product numbers.

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 Monday morning, for my next *free* mortgage rate update.