Sunday 6PM 01/17/10 Today’s Current Mortgage Rates Update News

Sunday 6PM 01/17/10 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 investors are becoming increasingly discouraged about the prospects for stronger growth in 2010. When the potential for bad economic news rises, mortgage rates tend to decline. This is because U.S. Treasury and mortgage-backed securities are seen as safer investments when times become tough, due-to-the-fact, that the “federal” government guarantees the I-O-Us will be re-paid at “face value” in the future.

The national-average thirty-year fixed-rate mortgage is now at five percent with one-and-three-eighths points, down “half” a point from a week earlier, for a savings of $500 on a one-hundred-thousand dollar loan.

The five-and-one-eighth percent rate is now at five-eighths of one point, also down “half” a point from January 8th.

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 down three-eighths of one point, with the four-and-three-eighths percent rate now at one-and-one-eighth points. The four-and-five-eighths percent rate is now at zero points.

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 is closed on Monday for the “federal” holiday. Tuesday will feature the “level” of foreign investment in the United States in November, an important indicator of Asian central bank participation in buying U.S. Treasury debt. On Wednesday, the government “will” announce last month’s Wholesale Inflation Level, via the Producer Price Index report. And on Thursday, we will find out “how many people” filed first-time claims for weekly state unemployment benefits.

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 afternoon, for my next *free* mortgage rate update.