Once again financial markets are being influenced by headlines out of Europe. European bigwigs met last night in order to formulate some sort of plan to deal with Europe’s debt issues. They do appear to have reached some sort of agreement, albeit one which I think will be totally inadequate to deal with European debt. The European Financial Stability Facility simply doesn’t have enough money to conduct a big bailout, if or when it is necessary, and the only entity that could provide it with funds – the European Central Bank – appears unlikely to do so. At some point in the coming months, some country (Spain, Italy, Greece, or maybe somebody else) will need money, and a lot of it, and the EFSF is going to come up short. The result could be disastrous.
In the meantime, the markets appear to be reacting favorably to the deal, and stocks are rising. Treasury bonds and mortgage backed securities are selling off in early trading, and I anticipate that mortgage rates will deteriorate somewhat today, although I don’t think they will spike dramatically.
If you want to refinance your present mortgage or purchase a new home, Total Mortgage can help. We have some of the lowest mortgage rates and fastest closing times in the industry. To learn more about our rates and products, call us today at 877-868-2503. One of our licensed loan officers can help you find out what mortgage is best for you, and help you with our free and easy pre-approval process.
Some of Our Most Popular Rates and Products*:
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 3.750% | 3.862% |
| 15 Year Fixed Conventional Mortgage | 3.250% | 3.448% |
| 30 Year Fixed FHA Mortgage | 3.750% | 5.092% |
| 30 Year Fixed Jumbo Mortgage | 4.625% | 4.740% |
| 5/1 Conforming ARM Mortgage | 2.375% | 2.384% |
| 5/1 Jumbo ARM Mortgage | 2.625% | 2.830% |
***Mortgage rates change frequently. The above rates were quoted at 12:55 P.M., on December 9, 2011. Call 877-868-2503 for more details.***
Today’s Links:
Naked Capitalism: Corzine’s know-nothing MF Global defense. Next they should subpoena Colonel Klink.
LA Times: Jon Corzine tells House panel of “stunned disbelief”. You know who else is expressing stunned disbelief? Me, at this explanation.
Barry Ritholtz: Bailout total: $29.616 trillion dollars. This counts everything, from overnight loans to long term loans. Still, the number is stunning.
Washington Post: 26 European Union leaders agree to fiscal curbs; Britain only holdout for broad deal. Britain is still “with Europe, but not of it”.
Housing Wire: Las Vegas lenders unlikely to face jail for unkempt properties.
Reuters: Moody’s cuts three French banks. Makes sense, seeing the exposure they have to the rest of Europe.
Felix Salmon: Europe’s disastrous summit. “The collapse of the entire edifice is now not a matter of if but rather of when”.
Dave Dayen: Knives come out against Martha Coakley, who dares try to hold banks accountable. Totally and utterly predictable.
Housing Wire: New Senate bill would privatize Fannie, Freddie within 10 years. I don’t know if ten years is a realistic timeline, given the complexity of making this happen.
Calculated Risk: Europe Friday: Over promise, under deliver again?
Bloomberg: Wary European CEOs move cash to Germany.
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.
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