Sunday 9PM 01/31/10 Today’s Current Mortgage Rates Update News

Sunday 9PM 01/31/10 Today’s Current Mortgage Rates Update News

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

Thirty-year mortgage rates were “essentially” unchanged this past week, because of “mixed” signals about the direction of the economy. Therefore, after rising on Monday, rates fell on Tuesday but moved up again on Wednesday and Thursday before tumbling on Friday.

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

The five-and-one-eighth percent rate is now at a “quarter” of one point, down an eighth of a point from January 22nd, for a savings of $125 on a one-hundred thousand dollar loan.

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 unchanged, with the four-and-A-quarter percent rate still at one-and-A-half points. The four-and-A-half percent rate is 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, Monday will feature January “manufacturing” results and Tuesday will see December “pending” home sales. On Wednesday, it’s time for the January “service-sector” index, while Thursday will be “all about” weekly jobless claims. Friday is when we “learn” about January “payroll” jobs and the “national” unemployment rate.

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.