Mortgage Rates January 28, 2009

by steverussell on January 28, 2009 · 5 comments

Today marked the first FED meeting since December 16th when they announced the FED would be aggressively buying mortgage backed securities through the first 6 months of 2009.

The news was as expected with rates remaining unchanged and a commitment to keep them unchanged until further notice.

The bond market reacted negatively to the news as it is seen as a positive for the economy. Bond traders are selling this afternoon

and buying into the stock market which seems to be having a good day fueled by the financial stocks.

This of course means that mortgage rates will be worse tomorrow due to the late sell off this afternoon.

If you would like to get pre-approved for a purchase or refinance, please call 850-221-8334 anytime.

Rates as of 9:40 AM 1/28/2009

30 Yr Fixed Mtg	4.875%
15 Yr Fixed Mtg	4.750%
30 Yr FHA	4.875%
30 Yr VA	5.000%
Reverse Mortgage	Call For Rates

Steve Russell
Mortgage Banker
Primary Residential Mortgage
850-221-8334 Cell
850-497-6325 Office

Steve@steverussellonline.com

www.SteveRussellOnline.com

* All rates assume the purchase of a single family primary residence with at least 20% down payment, 740 credit scores, and verifiable income and assets. Rates vary based on borrower profile and property type. Rates are subject to change without notice. All rates also assume a 1% origination fee. Loans with no origination fee and no points may be available.

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January 23, 2009 -- Mortgage Rates January 23, 2009 (3)
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Tagged as: 2009, bond market, bond traders, borrower profile, credit scores, FED, fed meeting, fee loans, financial stocks, first fed, further notice, january 28, mortgage backed securities, mortgage banker, mortgage rates, nbsp, origination fee, primary residential mortgage, single family, steve russell, stock market, verifiable income, yr fha

{ 5 comments… read them below or add one }

1 Lambros Real January 29, 2009 at 3:06 am: Mortgage rates are being changed day by day. Having an interest rate that is low, makes now a great time to look into buying a home.
2 steverussell January 29, 2009 at 6:50 am: There is no question that this is an excellent time to buy a home. For many, the concern seems to be with the economy and potential for job loss.

Ironically, it is this same uncertainty that feeds the bond market making rates as appealing as they are today. When the economy recovers, so will the stock market (the arch nemesis of the bond market).
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4 Walt from Heloc March 1, 2009 at 9:44 pm: It’s now or never to think about buying bonds and stocks. I think for us it has never been a better time to acquire future wealth. people should stop looking at the economy only in negative ways. There is good too for those with cash-flow.

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