Sunday 3PM 12/20/09 Today’s Current Mortgage Rates Update

Sunday 3PM 12/20/09 Today’s Current Mortgage Rates Update

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

Thirty-year mortgage rates were unchanged this past week, as bond market worries about a stronger economic outlook next year were offset by concerns about more potential bad news from the banking industry.

The national-average thirty-year fixed-rate mortgage is now at four-point-seven-five percent with two and one-eighth points.

The five percent rate is at five-eighths 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 fifteen-year fixed-rate did see a mild decline in the points. The four-and-a-quarter percent rate is at one-point-two-five points, down a quarter point from the start of the week, for a savings of two-hundred fifty-dollars on a “hundred grand” of borrowing. The four-and-three-eighths percent rate was down an eighth of a point to three-quarters 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 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.

During the upcoming week, there will be a series of fresh data releases. These will include the November “Existing Homes” sales report on Tuesday, the November “New Homes” sales report on Wednesday and Weekly Jobless Claims on Thursday. All U.S. financial markets are closed on Friday for Christmas.

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.