Stocks got hammered yesterday while treasury bonds and mortgage backed securities rallied on twin pieces of bad news. The news? Financial firm MF Global filed for bankruptcy and any Greek acceptance of a proposed bailout is going to be tied to a referendum. The news out of Greece is still reverberating today because the proposed bailout is extremely unpopular and seems unlikely to pass a referendum. Stocks are down again in early trading today. A result of this action is that mortgage rates improved considerably yesterday, and may well do so again today. If you’re looking to refinance your current mortgage or purchase a new home, you may want to monitor today’s market action. To lock a low rate with Total Mortgage, call us today at 877-868-2503. One of our mortgage professionals can help you decide which product would be best for you.
Some of Our Rates and Products*:
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 3.875% | 4.027% |
| 15 Year Fixed Conventional Mortgage | 3.250% | 3.517% |
| 30 Year Fixed FHA Mortgage | 3.750% | 5.092% |
| 30 Year Fixed Jumbo Mortgage | 4.875% | 4.992% |
| 5/1 Conforming ARM Mortgage | 2.500% | 2.951% |
| 5/1 Jumbo ARM Mortgage | 2.750% | 3.038% |
***Mortgage rates are always in flux. The below rates were quoted at 1:04 P.M., on November 1, 2011. Call 877-868-2503 for more details.***
Today’s Links:
Boston Real Estate Now: A year into the double dip, where prices are falling – and where they aren’t. This is specific to the greater-Boston area.
NY Times: Markets slide after surprise referendum is set by Greece. This bailout is extraordinarily unpopular, and there have been strikes and riots in Greece for a few months now. So we can guess how this one is going to go.
Washington Post: Debt plan for Greece to fall hardest on locals. And this is why the Greeks don’t like this plan. They don’t want to lose their pensions to bail out huge German and French banks, and I can’t say that I blame them.
Reuters: Greek referendum deepens Euro Zone crisis. Apparently the Germans are mad. So unlike the Germans.
Calculated Risk: Greece update. A bunch more on Greece.
Bloomberg: European stocks drop as Greece’s government calls referendum; banks tumble.
Matt Stoller: Why a foreclosure fraud settlement is a ridiculous idea.
NY Times: A deal that wouldn’t sting. More on the foreclosure settlement. It could cost banks as little as $3.5 billion in cash.
CNN/Money: Home prices heading for triple-dip.
Housing Wire: Several more years with nearly 1M foreclosures per year.
* 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.
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