Thursday 3PM 12/24/09 Today’s Current Mortgage Rates Update

Thursday 3PM 12/24/09 Today’s Current Mortgage Rates Update

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

Thirty-year mortgage rates rose once again on the Thursday heading into the Christmas holiday weekend. It was a reaction to the fact first-time claims for weekly state unemployment benefits fell sharply. Good news for the economy is typically bad news for those seeking a lower mortgage rates.

The national-average thirty-year fixed-rate mortgage rose an eighth of a point to four-point-eight-seven-five-percent with two and three-quarters points, for an extra cost of one-hundred-twenty-five dollars on a one hundred thousand dollar loan.

The five percent rate also rose an eighth of a point to two full points.

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 up as well, with the four-and-a-quarter-pct. rate up a quarter point to two-and-a-half points. And the four-and-a-half percent rate was up an eighth of a point to one-and-one-eighth points.

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.

Weekly jobless claims tumbled to a 15-month low of 452,000, which was far lower than expected and “way under” the 480,000 “first-time” claims from a week earlier.

On Friday, all U.S. financial markets are closed 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 Happy Holidays!