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Thursday 5PM 12/10/09 Free Mortgage Rates Update
December 10, 2009 by Mortgage Rates Update · Leave a Comment
Thursday 5PM 12/10/09 Free Mortgage Rates Update
Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.
Thirty-year mortgage rates rose for a second day in-a-row after lower-than-hoped demand for the government’s offering of 13 billion dollars in U.S. 30-Year Treasury bonds.
The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with two-and-seven-eighths points, up an eighth of a point from Wednesday, for an extra cost of one-hundred twenty-five dollars on a one-hundred thousand dollar loan.
The four-point-eight-seven-five percent rate is now at one point, up a quarter-of-a-point from Wednesday, for an extra cost of two-hundred-fifty dollars.
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-percent rate at two-and-three-eighths points. And the four-and-a-quarter percent rate is still at one point.
In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “real-time” information on changes in rates & points throughout each 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 rates are going up, and if you act quickly, you may be able to reach your local mortgage professional by phone to lock your rate +before+ the mortgage company has executed an emergency rate change. The cost of my service is less than one dollar a day.
On Friday, the government will release its report on November retail sales. The expectation is for a rise of half a percent after a 1.4 percent improvement in October.
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 Friday morning for my next *free* mortgage rate update.
