Current Mortgage Rates for Monday, February 13, 2012

This morning stocks are rallying ostensibly because of a Greek debt deal, and we may see mortgage rates go slightly higher, although I do not expect that they will spike today.  The debt deal comes with many strings attached, specifically extremely harsh austerity measures and cuts that are causing riots in Greece.  Banks and foreign businesses have been the target of looting and burning.  The Greek people, already suffering through what is basically an economic depression and are up in arms over more austerity measures, which will only make matter worse.

While the debt deal is “good news” for the markets, and would normally cause mortgage rates to rise, I don’t think anyone really believes that this is the last we will hear of problems in Greece (or Portugal, Spain, or Italy).  The Greeks are going to hold new parliamentary elections soon, and based on the anger we are seeing, I really doubt that any of the politicians that voted for these austerity measures will be returning to office.  I think all bets are off when a new government is installed.

While there isn’t much economic news today, tomorrow will be the retail sales report, Wednesday features industrial production and FOMC minutes, Thursday has housing starts, jobless claims, and the producer price index, and Friday has the consumer price index.  U.S. economic numbers have been growing stronger lately, and if these reports confirm that trend, we could see higher mortgage rates by the end of the week.

Some of Our Most Popular Rates and Products*:

***Mortgage rates change often. The above rates were quoted at 1:05 P.M., on February 13, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

NYT: Greek parliament passes austerity plan as riots rage. Greek youth unemployment is close to 50%, and things are going to get better rather than worse if this austerity plan continues.  I have to imagine that this ends in a Greek exit from the Euro.

Philoma Tsoukala via CreditSlips: Greek endgame in sight.

Lambert Strether via Naked Capitalism: The killing of Greece. “Portugal suffers from similar problems, and Spain is the elephant in the room”.

Reuters: Israel says bombs target embassies in India, Georgia. Bad news all around this morning.

Propublica: Will mortgage settlement avoid repeating Obama’s foreclosure failures?  Doubtful.

NYT: The deal is done, but hold the applause.  “There’s no doubt that the banks are happy with this deal.  You would be, too, if your bill for lying to courts and end-running the law came to less than $2,000 per loan file.”  This deal really is an abomination.

LAT: Mortgage settlement is great – for politicians and banks.  I am glad to see that the knives are out for this deal, even though it probably makes no difference in the end.

Bloomberg: Florida homeowners find little to cheer.  I don’t think people are buying the P.R. on this mortgage settlement.

Reuters: Syrian forces bombard Homs after Arab peace proposal.  Assad continues to murder his own people.

Barry Ritholtz: My application: head of public relations, Goldman Sachs.

* 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.