Current Mortgage Rates for Thursday, October 13, 2011

After rising for the better part of the last two weeks, it looks as thought we will get a reprieve, and mortgage rates will likely remain flat today.  The recent increase in rates illustrates why it is a good move to lock in a low rate when it makes sense to do so rather than waiting for rates to fall further. There is a much higher downside in waiting to lock than there is an upside in waiting for rates to fall further.  It is very difficult to time the market, and some who waited likely missed out on record low rates.  Nevertheless, rates are still close to historical lows, and you may be able to save money by refinancing your mortgage now.  If you’re anticipating buying a new home, we can help you to get pre-approved for a home loan, which can give you a leg up on other potential buyers.  Give us a call today at 877-868-2503 and speak with one of our licensed mortgage experts. We can help you start saving money on your home payments today.   

Some of Our Rates and Products*:

***Mortgage rates are always in flux.  The below rates were quoted at 1:01 P.M., on October 13, 2011.  Call 877-868-2503 for more details.***

Today’s Links:

NY Times/Dealbook: Wall Street’s “CrackBerry” Withdrawal.  Has any company done as bad a job in recent years as RIM?  Probably, but they’re high up on the list.

Washington Post: Banks turn to demolition of foreclosed properties to ease housing-market pressures.  I’m sure many of these houses are in rough shape, and it probably wouldn’t be worth it to renovate them.  They weren’t always like that, though.

Washington Post: RealtyTrac says mortgage defaults rose in the 3rd quarter.  More foreclosures on the way.

Felix Salmon: News Corp’s ethics cancer grows.  After the initial furor, this story kind of fell off the map.

ProPublica: Why no one believes the banks.

Calculated Risk: Weekly initial unemployment claims at 404,000.  The four week average is down slightly.

Barry Ritholtz: Florida AG takes orders, money from fraudclosure firm.  This is disgusting.

Grasping Reality With Both Hands: Goldman Sachs’s game of the European sovereign debt crisis.

* 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.