Thursday 8AM 01/28/10 Today’s Current Mortgage Rates Update News

Thursday 8AM 01/28/10 Today’s Current Mortgage Rates Update News

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

Thirty-year mortgage rates reversed direction and header higher again on Wednesday, after the Federal Reserve said it truly “will” stop purchasing mortgage-backed securities at the end of March. The Fed has been purchasing about 80 percent of “all” the new fixed-rate mortgages coming to market, to keep “home loan rates” low. Many Wall Street traders believe the task of buying most of the loans will be given to Fannie Mae, Freddie Mac and the FHA, when the Spring buying season commences.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with one and seven-eighths points, “up” a quarter of a point from Tuesday, for an extra cost of $250 on a one-hundred thousand dollar loan..

The five-and-one-eighth percent rate rose an eighth of a point to “half” 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 national-average 15-year fixed-rate mortgage was “UP” as well, with the four-and-a-quarter percent rate now at one-and-five-eighths points, up an eighth of a point from Tuesday. The four-and-a-half percent rate “rose” to a “quarter” 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.

New home sales fell 7.6 percent last month, to an “annualized” pace of only 342,000 units. This “was” down substantially, from an “upwardly” revised result, for the month of November.

Today, we-will-see first-time claims for weekly state unemployment benefits. A “decline” to the 450,000 mark, is expected.

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 later today for my next *free* mortgage rate update.