Wednesday 8AM 01/27/10 Today’s Current Mortgage Rates Update News

Wednesday 8AM 01/27/10 Today’s Current Mortgage Rates Update News

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

Thirty-year mortgage rates moved back “down” to Friday’s level, after concerns resurfaced about a potential slowdown in U.S. growth exacerbated by additional moves on Tuesday by China to cool down its surging economy. But there was also caution ahead of Wednesday’s Federal Reserve monetary policy decision, even though no change in rates is expected.

The national-average 30-year fixed-rate mortgage is now at four-and-seven-eighths percent with one and five-eighths points, down a quarter of a point from Monday, for a savings of $250 on a one-hundred thousand dollar loan..

The five-and-one-eighth percent rate fell an eighth of a point to three-eighths 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 “lower” as well, with the four-and-a-quarter percent rate now at one-and-A-half points, down an eighth of a point from Monday. The four-and-a-half percent rate fell to an eighth 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.

News from the consumer sector showed “confidence” was higher than expected this month, with a more than two-point increase.

Today, we-will-see the latest figures on New Home Sales. The estimate is that they rose “mildly” last month.

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.