Wednesday 5PM 01/13/10 Today’s Current Mortgage Rates Update News

Wednesday 5PM 01/13/10 Today’s Current Mortgage Rates Update News

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

Thirty-year mortgage rates rose slightly on Wednesday, after an auction of $21 billion in U.S. 10-Year Treasury securities met with solid demand, despite the absence of foreign central banks. Last year, the “Federal” Reserve had an understanding with China and Japan to buy our “IOUs,” but that agreement has apparently expired. Fortunately, Wall Street firms and private investors picked up the slack, which “avoided” a potential disaster.

The national-average thirty-year fixed-rate mortgage is now at five percent with one and seven-eighths points, up an eighth of a point from Tuesday, for an extra cost of $125 on a one-hundred-thousand dollar loan.

The five-and-a-quarter percent rate is now at three-eighths of one point, also up an eighth of a point from Tuesday.

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-three-eighths percent rate now at one-and-A-half points. The four-and-five-eighths percent rate is now at 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.

Wednesday’s data release concerned the Fed’s latest view on “regional” economic activity. The central bank said things were “slightly improved,” but it will be “a long road back” to “fiscal” health.

On Thursday, we-will-see December retail sales, which are expected to have been lackluster, when compared to November.

And the latest “weekly jobless claims” will be revealed. They are expected to remain near the current level.

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 Thursday morning for my next *free* mortgage rate update.