Current Mortgage Rates for Friday, March 2, 2012
After a busy week of economic data, there are no reports today. In the absence of any significant news, I anticipate that mortgage rates will remain range bound today, and will end the day more or less unchanged.
As always, the Greek debt situation looms large over the markets that most influence rates. There is a good deal of question as to what is going to end up happening in Greece, how big of a haircut holders of Greek debt will take, whether Greek’s orderly default will trigger credit default swaps, and whether or not Greece will end up having to leave the Eurozone. With this situation in flux, it is hard to say how it will impact rates moving forward.
Next week there are a lot of U.S. economic reports, and there could be a lot of upward pressure on rates. Factory orders and the ISM Non-manufacturing Index are released on Monday, ADP employment on Wednesday, Jobless claims on Thursday, and non farm payroll on Friday. The employment reports, in particular, have the potential to cause rates to spike.
If you are looking for a new mortgage, it may be wise to lock in a low rate now. I believe that it is likely we will see rates slowly grind higher in the near term, and I think we may have left record low mortgage rates behind for quite some time.
Some of Our Most Popular Rates and Products*:
|Mortgage Product||Mortgage Rates||APR|
|30 Year Fixed Conventional Mortgage||3.625%||3.741%|
|20 Year Fixed Conventional Mortgage||3.500%||3.661%|
|15 Year Fixed Conventional Mortgage||3.125%||3.331%|
|30 Year Fixed FHA Mortgage||3.625%||4.975%|
|15 Year Fixed Conforming Jumbo||3.500%||3.670%|
|30 Year Fixed Conforming Jumbo||4.375%||4.474%|
|5/1 Adjustable Rate Mortgage||2.375%||2.752%|
|5/1 Adjustable Rate Conforming Jumbo Mortgage||2.750%||2.711%|
***Mortgage fluctuate all the time. The above rates were quoted at 1:00 A.M., on March 2, 2012. Call 877-868-2503 for more details.***
Today’s News, Links, and stuff I’m reading:
Barry Ritholtz: ISDA: Suckers wanted. “Here is a question for the crowd: exactly how brain damaged, foolish, and stupid must a trader be to ever buy one of these embarassingly laughable instruments called derivatives?
Reuters: Red Cross aid convoy reaches Homs, massacre feared.
McClatchy: Whatever happened to task force on oil speculation? The U.S. was a net exporter of oil last year due to depressed demand. So the spike in gas prices doesn’t have much to do with domestic supply and demand issues.
Washington Post: Euro unemployment hits 10.7 percent in January, new high since euro established in 1999. In some peripheral countries, youth unemployment is significantly higher (30-50%). I think that is even more troubling.
Massachusetts Real Estate Blog: Lawmakers to the rescue? Legislation filed to fix “Ibanez” foreclosure title defects. “The bill, if approved, will amend the state foreclosure laws to validate to a foreclosure, even if it’s technically deficient under the Ibanez ruling, so long as the previously foreclosed owner does not file a legal challenge to the validity of the foreclosure within 90 days of the foreclosure auction.”
Housing Wire: Fannie REO inventory declines 27% in 2011.
Washington Post: Radical theory of first Americans places Stone Age Europeans in Delmarva 20,000 years ago.
Bloomberg: Keystone oil pipeline seen raising gas prices in Midwest energy. Politicians may tell you that the Keystone XL pipeline will reduce gas prices. This article says otherwise.
ProPublica: Super donors: our reading guide to the top 10 Super PAC givers. It’s a fine election system that we have built ourselves in this country.
L.A. Times: Banks’ fees pay off – for credit unions. 1.3 million people shifted their money to credit unions last year.
Slate Explainer: Why is North Korea always short on food?
Vanity Fair: The wrath of Putin. There was an excellent documentary on Putin and the West last night on National Geographic. If this interests you, I would recommend checking it out.
* 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.