I’m David Beadle. Here’s what’s happening from RateAlertNow.com.
Thirty-year mortgage rates were “unchanged” on Monday, as traders “marked time” ahead of Tuesday’s auction of $40 billion of 3-Year Treasury notes. It’s part of a $74 billion package of “intermediate” and “longer-dated” IOUs, being sold this week, to help pay for the ongoing “massive amount” of federal deficit spending.
The national-average 30-year fixed-rate mortgage is still at four-and-three-quarters percent with two and one-eighth points.
The five percent rate remains at “three-quarters” 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 “unchanged as well,” with the four-and-a-quarter percent rate at one and one-eighth points. The four-and-three-eighths percent rate is at “half” 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.
On Tuesday, we-will-see weekly retail sales. They were down 0.8 percent on a “week-to-week” basis in the previous report.
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 Tuesday morning, for my next *free* mortgage rate update.
