Tuesday 8AM 12/01/09 Free Mortgage Rates Update

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

Thirty-year mortgage rates were down for the 6th trading-day-in-a-row yesterday, because investors remained nervous about the potential for debt-defaults by emerging countries.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with one-and-three-eighths points, down an eighth of a point from Friday, for a savings of another one-hundred-twenty-five dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate is now at zero points, down an eighth of a point from Friday.

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 fifteen-year fixed-rate mortgage was down an eighth of a point, with the four-percent rate at one-and-seven-eighths points. And the four-and-a-quarter percent rate also moved lower–to just half of one point.

If you want to know instantly when rates are moving higher or lower, while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

The Chicago purchasing managers said on Monday that their index of regional manufacturing activity rose to 56.1 in November from 54.2 a month earlier. Any reading above “50” constitutes expansion in the sector.

Today, we-will-see the *national* manufacturing index for November. That report is expected to show a 54.7 result, down one point from October’s 55.7 mark.

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.