Current Mortgage Rates Hold Firm – Tuesday December 6, 2011

As has been the case every day for at least several weeks now, news out of Europe is influencing the markets.  Today S&P warned that they are closer to downgrading 15 European countries as well as the European Financial Stability Facility, which is the Euro zone’s bailout fund.  In early trading stocks and bonds are selling off while mortgage backed securities remain range bound.  With little U.S. economic data coming out today, I don’t anticipate a lot of mortgage rate movement today unless there is some sort of breakthrough in Europe.

If you’re considering purchasing a new home or refinancing your current mortgage, Total Mortgage may be able to help you save time and money. We are known for offering some of the lowest rates and fastest closing times in the industry.  Our loan pre-approval process is quick, easy, free, and may be completed over the phone in just a couple of minutes.  To speak with one of our licensed loan officers about our low rates and products, call us today at 877-868-2503.  Start saving money on your home payments today.

After a huge rally last week, the stock market is rising again on optimism that the Europeans are going to work out some kind of a debt deal in the coming week. Despite the huge stock market rally, Treasury bonds and mortgage-backed securities didn’t lose as much ground as we might expect (Treasuries and MBS usually move opposite the stock market), and mortgage rates only moved upward marginally.

Some of Our Most Popular Rates and Products*:

***Mortgage rates change frequently.  The above rates were quoted at 1:01 P.M., on December 6, 2011.  Call 877-868-2503 for more details.***

Today’s Links:

Housing Wire: New Jersey foreclosures wait in the wings as court deliberates key case. This case is a big deal in New Jersey, and I’m sure other state courts will look to it as persuasive precedent.

Bloomberg: S&P puts 15 Euro nations on watch for downgrade amid sovereign-debt crisis.  Downgrades for everybody!

Reuters: S&P says EFSF could be downgraded. And while we’re at it…

Housing Wire: Three more notaries charged in Nevada robo-signing scandal. These are more indictments of people that are relatively low on the totem pole. I’m guessing they will try to get these people to flip on the higher-ups.

Felix Salmon: The Eurozone’s terrible mistake.

Boston Real Estate Now: Myths and facts about getting a mortgage in 2011.

Slate: Location, Location, Negotiation.  Slate’s negotiation academy podcast discusses real estate deals.

NY Times: Germany calls S&P threat a spur to action.

Lender Processing Services: Home price index shows 1.2 percent decline in September U.S. home prices.  Par for the course.

Washington Post: Tremors from a Euro collapse would be global, with U.S. recession likely.  Isn’t the global economy great?

* 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.

Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.