Current Mortgage Rates for Friday, February 24, 2012

Contrary to my expectations, we actually saw mortgage rates improve somewhat yesterday.  I do not think that we will see a repeat of this today, because U.S. economic data this morning was better than anticipated (typically mortgage rates rise on good news and fall on bad news).

There were two economic reports of consequence released this morning: New Home Sales and Consumer Sentiment.  New home sales for January fell by 0.9 percent from December to a pace of 321,000 sales.  This is actually better than expectations.  Consumer sentiment, as measured by the University of Michigan Index, increased to 75.3 in February, up slightly from 75 in January.  This is better than the consensus expectation of 73.  Although neither of these numbers are particularly great, they are probably enough to keep rates from improving today.

There are a lot of important economic reports next week, including Pending Home Sales on Monday, Durable Goods, the S&P/Case-Shiller Home Price Index, and Consumer Confidence on Tuesday, GDP on Wednesday, and Jobless Claims and ISM Manufacturing on Thursday.  If these reports show that the economy is continuing to improve, we could see rates continue to rise next week.  It is always possible that the situation in Europe or rising fuel prices could counterbalance positive economic data, but if I were interested in a new mortgage, I would lock now in case rates rise next week.

Some of Our Most Popular Rates and Products*:

***Mortgage fluctuate all the time. The above rates were quoted at 12:45 P.M., on February 24, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

Slate: What beer can teach us about emerging technologies.

ProPublica: Homeowners who negotiate debt relief could soon face massive tax bill.

NYT Dealbook: The Volcker Rule, made bloated and weak.

Housing Wire: Bank of America stops selling mortgage to Fannie Mae.

Spiegel Online: Portugal needs more money to stay afloat. And the focus shifts to Portugal.  Next up: Spain?  Italy?

Slate: Hey, it’s only a theory… How often was Albert Einstein wrong? He has a better batting average than I do, that is for sure.

Reuters: Iran’s Ahmadinejad, reviled abroad, fades at home.

Joe Posnanski: Poets and knuckleballers.

LA Times: San Francisco firefighters cling to wooden ladders.  Some of the SFFD’s ladders date back to 1918, and are apparently superior to modern metal ladders.

MacroBusiness: Europe’s credit crunch is still to come.

AFP: Rare whale caught on film for first time.

Time: How the U.S. could pressure North Korea tomorrow: quit the $100 bill.

* 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, $799 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, $799 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.