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  1. Current Mortgage Rates for Thursday, February 9, 2012

    By on February 9, 2012

    Three pieces of news will likely cause mortgage rates to increase today.  First, weekly initial unemployment claims in the United States dipped again, dropping 15,000 from the previous week to 358,000.  The four-week moving average for initial unemployment claims is down by 11,000 to 366,250.  The weekly numbers are subject to significantly more fluctuation than the four week average, and the downward trend here is a good sign.

    The second piece of “good news” is that a foreclosure fraud agreement between state attorney generals and major U.S. banks appears to have been reached. Although I personally hate this deal and think it amounts to an outright screwing of the American people, flouts the rule of law, amounts to a slap on the wrist, and does absolutely nothing to solve the fundamental problems in the housing market, it will likely be interpreted as good news by the markets.  It will almost certainly buoy the stocks of major banks.

    The third piece of “good news” is that a Greek debt deal has been reached.  Bondholders will take a haircut, and a crisis will probably be averted – for the time being.  Greece is in the midst of a depression, and deep cuts and austerity measures will only exacerbate the problem, and I don’t suspect that the Greek people will be happy with this deal.  Nevertheless, this deal, assuming it moves forward, will avert a “disorderly default”.

    Given all of this news, I think we will see rates increase today.

    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 rates change often. The above rates were quoted at 1:05 P.M., on February 9, 2012. Call 877-868-2503 for more details.***

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    Category: Mortgage Rates

  2. 30 Year Fixed Mortgages Maintain Record Lows – For Now

    By on February 9, 2012

    This morning Freddie Mac released their Primary Mortgage Market Survey and found that the benchmark 30-year fixed rate mortgage maintained its record lows from the week prior. The 30 year mortgage stayed at an average rate of 3.87%.  The 15-year fixed mortgage rose slightly, from 3.14% to 3.16%.  5/1 ARMs rose from an average of 2.80% to 2.83%, and 1-year ARMs rose two basis points to 2.78%.  Frank Nothaft, vice president and chief economist for Freddie Mac remarked:

    “A strong January employment report added upward pressure to most mortgage rates this week. The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3 percent, which was the lowest since February 2009.  Although historical revisions also added 266,000 even more workers, they caused the labor participation rate to fall to 63.7 percent, representing the smallest share since May 1983, which offset some of the rise in mortgage rates.”

    Given recent events, I do not that we will see recent lows repeated last night.  Mortgage backed securities are selling off somewhat today (although nowhere near as much as I expected).  The Greeks have ostensibly reached a debt agreement, U.S. employment numbers are steadily improving, and state and federal officials have reached a foreclosure deal with major banks (a deal which I hate, but that is an issue for another blog).  Mortgage rates typically improve on bad news, and rise on good news, and all of the aforementioned news should be “good” in the eyes of the markets.

    Barring a larger than expected third round of quantitative easing from the Federal Reserve in the form of mortgage-backed securities purchases, I think we will see mortgage rates slowly increase over the coming weeks.

     

     

    Category: Mortgage Rates

  3. Current Mortgage Rates for Tuesday, February 7, 2012

    By on February 7, 2012

    After a busy week of economic data, this week is extremely slow, with relatively few reports being published.  As a result, moves in mortgage rates will likely be dictated by news and rumors out of Europe, trading momentum in the markets, and whatever else may crop up over the course of the week.

    Greece has now missed several deadlines for getting a debt deal done, and they don’t appear to be any closer to coming to some sort of agreement.   The Greeks are having difficulty reaching a debt deal with their investors, the IMF, the EU, and ECB.  This is really not new at all, and a Greek default is more or less fait accompli, it is simply a matter of how messy the default ends up being. Greece is in the midst of a depression, and its politicians are not keen to impose austerity measures that will exacerbate the problem.  The Germans, and some other European nations want to set the Greeks on a more sustainable course, but it could also be inferred that they are looking to punish the Greeks for their perceived profligate ways.  I don’t envision a good outcome here.

    There are further fears that other European nations will follow in Greece’s footsteps, which makes sense to me.  If I’m Portugal, and I having a crushing debt load, why don’t I give my bondholders a 70%+ haircut just like Greece?  I bet this route will also look very appealing to Ireland and Italy, and who knows which other European countries will feel similarly.

    I think we will probably see mortgage rates more or less hold steady today.  There’s not a lot of other economic news on the horizon today (or this week, for that matter), so Euro-zone rumors and whispers will most likely dominate the news this week, and mortgage rates will move accordingly.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.657%
    20 Year Fixed Conventional Mortgage 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.125% 3.322%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:05 P.M., on February 7, 2012. Call 877-868-2503 for more details.***

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    Category: Mortgage Rates

  4. Current Mortgage Rates | Mortgage Rates | Friday, February 3, 2012

    By on February 3, 2012

    Yesterday Freddie Mac’s Primary Mortgage Market Survey saw hit new record lows, with the average rate on a 30 year fixed rate mortgage hitting 3.87%.  Based on the events of this morning, I do not think we will see a new record next week.

    Mortgage rates are rising on the basis of a relatively strong jobs report this morning.  Unemployment dropped to 8.3% in January, and we added 243,000 jobs.  Employment in November was adjusted upward from +100k to +157k, while December’s numbers were revised upward from +200k to +203k.  While this looks good on its face, when you look a little deeper, there are some problems here.  The labor force participation rate fell to 63.7, which is a 30 year low, and the number of people that dropped out of the labor force fell by 1.2 million, which is a record.  So unemployment is falling, due at least in part to the fact that the number of unemployed people being counted is reduced.

    Still, stocks are rallying early, while mortgage backed securities and treasury bonds are getting crushed.  While rates will rise today, I expect that we will see them adjust back downward next week, as soon as people remember that Europe is a mess, and there still appears to be a ways to go before a Greek debt settlement is reached.  Further, it seems likely that Portugal, and maybe other European nations with unmanageable debt loads will follow Greece’s example and ask their bondholders to take significant haircuts.  I think the European situation will keep rates from really spiking in the near future.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.657%
    20 Year Fixed Conventional Mortgage 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.125% 3.322%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:15 P.M., on February 3, 2012. Call 877-868-2503 for more details.***

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    Category: Mortgage Rates

  5. Current Mortgage Rates | Mortgage Rates | Thursday, February 2, 2012

    By on February 2, 2012

    Mortgage rates are improving somewhat this morning, despite a positive initial unemployment claims report (recall that mortgage rates usually get worse on good news).  In all likelihood everybody is awaiting tomorrow’s non farm payroll report, and we won’t see a lot of movement one way or the other today.  According to Bloomberg, the consensus expectation for NFP is that we will see a 135,000 increase, and that the unemployment rate will stay the same.  Realistically, we need to start seeing numbers of +300k before seeing any significant decline in unemployment, and I don’t think that will happen anytime soon.

    As always, the situation in Greece and the possibility of some kind of implosion of the Eurozone is helping to keep rates depressed.  Now there is the growing concern that Portugal and other European countries may follow in the footsteps of Greece and default on their debts as well (I don’t see why they wouldn’t).  I saw some truly staggering numbers about European youth unemployment yesterday, and in light of this, and the huge debt loads of peripheral European countries, I am having trouble envisioning a positive outcome to this whole mess.

    In other news, President Obama announced a new refinancing program yesterday.  Again.  I don’t think this has any chance of passing through Congress, and even if it does, I don’t think it does anything to address the real problems that are killing the housing market (specifically, the $700+ billion in negative equity spread through the sector).  The plan would help those who are underwater and current on their mortgages.  This is marginally helpful at best, but does nothing to help those that are behind on their mortgages and underwater, and lets the foreclosure crisis rage on.  This program may help some small number of people (if it ever gets enacted), but is more election year talking point than real plan.

    If you need a new mortgage, give us a call at 877-868-2503.  We have some of the best rates in the industry and are often able to close loans in 21 days or less.  Whether you want to buy a new home or refinance your current one, we can advise you on choosing a new mortgage that will help you secure your financial future.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.657%
    20 Year Fixed Conventional Mortgage 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.125% 3.322%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:15 P.M., on February 2, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

  6. Current Mortgage Rates for Tuesday, January 31, 2012

    By on January 31, 2012

    Mortgage rates will likely remain near all-time lows today in light of mixed economic data this morning, and mixed news out of Europe.  At this point the markets seem more rumor driven than data driven, and stocks are rising this morning on rumors that the Greek debt talks may be progressing (even though there are other signals that suggest the debt contagion is spreading to Portugal, Italy, and possibly Spain).  We could easily see the market turn on a dime if whispers emerge that the Greek debt agreement is falling apart.

    I think that we will likely see rates continue to be range bound today, with rates hovering right around record lows.  If you need a new mortgage, we may be able to help you lock in some of the lowest rates in decades.

    If you want to refinance your home or purchase a new house, call one of our licensed loan officers today at 877-868-2503. Total Mortgage has some of the best rates you will find, and our in-house closing and processing centers allow us to close loans very quickly, often in 21 days or less.  Lower home payments could be just a phone call away, don’t hesitate to contact us now.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.657%
    20 Year Fixed Conventional Mortgage 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.125% 3.322%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:15 P.M., on January 31, 2012. Call 877-868-2503 for more details.***

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    Category: Mortgage Rates

  7. Current Mortgage Rates for Monday, January 30, 2012

    By on January 30, 2012

    Once again, the situation in Greece is driving down rates.

    Mortgage rates look to improve today as skittish investors seek safe harbor in mortgage backed securities and treasury bonds.  Stock are down sharply this morning as Greece is having difficulty reaching an agreement with its creditors, the EU, the IMF, and the ECB ( I know, shocking).  The news that a Greek debt agreement is delayed should surprise precisely nobody. The interests of none of the involved parties are aligned, and some form of default is basically assured.  The only real questions that remain is whether the default will be orderly or disorderly, and whether other countries (Portugal? Ireland?) follow suit.

    This is a big week for economic news, with the S&P Case-Shiller Home Price index out tomorrow, initial jobless claims on Thursday, and the all-important non farm payroll report on Friday. In the meantime, I think the biggest lever on the markets (and mortgage rates) will remain Greece (I know, we’re all tired of hearing about Greece).

    If you are looking for a new mortgage, Total Mortgage may be able to help you out.  Whether you are refinancing or purchasing a new home, we have some of the best rates and the fastest closing times in the industry.  Call us now at 877-868-2503 to speak with one of our licensed loan officers. Rates are close to all-time lows, and you may be able to save hundreds of dollars on your monthly home payments.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.657%
    20 Year Fixed Conventional Mortgage 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.125% 3.322%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:10 P.M., on January 30, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

  8. Current Mortgage Rates for Friday, January 27, 2012

    By on January 27, 2012

    The U.S. economy grew more slowly than anticipated in the fourth quarter of 2011.  The GDP numbers released this morning showed growth of 2.8%, somewhat less than the expected growth of 3.0%.  Nominal GDP growth was only 3.2%, substantially less than the 4.9% that was expected.  The long and short is that this is a mixed report.  The consumer sentiment report from the University of Michigan published today showed an uptick in consumer sentiment, rising from 69.9 in December to 75.0 in January.  In the scheme of things, this is still quite low.

    All of this, combined with the continuing fiasco in Europe, will most likely serve to keep mortgage rates close to record lows, and perhaps push them a little bit lower today.  I don’t anticipate any drastic swings today, barring some sort of breaking news.  There are no more economic reports scheduled for this afternoon.

    If you need a new mortgage, Total Mortgage can help you lock in some of the lowest rates we’ve seen in our lifetimes.  We feature some of the best rates in the industry, as well as some of the fastest closing times.  Our in-house underwriting and processing centers allow us to frequently complete a mortgage in 21 days or less.  Call us today at 877-868-2503 to get pre-approved for a home loan or to get additional information about our rates and services.  

    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 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.000% 3.205%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:05 P.M., on January 27, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

  9. Current Mortgage Rates for Thursday, January 26, 2012

    By on January 26, 2012

    Mortgage rates improved significantly yesterday after the results of the FOMC meeting came out in the afternoon, and they are improving again today.  The Fed announced that it will most likely keep rates low until 2014, announced a target rate of inflation of 2%, and left open the possibility of additional quantitative easing if the economy falters or if the situation in Europe deteriorates.  QE3 is not a done deal by any means, but it remains a distinct possibility.

    In any case, all of this news, as well as continued problems in Europe, caused the treasury bond and mortgage backed securities markets rally yesterday and they are still rallying today.  If you are going to refinance your home or purchase a new one, today is a good day to lock in a very low rate.  Our loan officers meet the highest licensing and certification standards, and can help you determine which mortgage product is the best for you and your family’s long-term financial future.

    Call us today at 877-868-2503.  We can help you get pre-approved for a home loan quickly and easily over the phone.  Lower monthly home payments may only be a phone call away.

    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 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.000% 3.205%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:15 P.M., on January 26, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

  10. Current Mortgage Rates for Wednesday, January 25, 2012

    By on January 25, 2012

    After remaining relatively flat yesterday, we can expect that mortgage rates will remain flat again today, at least until this afternoon’s FOMC announcement.  It is anticipated that the Fed will announce that it is going to push back any possible interest rate hike until 2014 and will announce a target rate for inflation, something that it has never explicitly done before (although the Fed’s effective target rate for inflation has always been about 2%).  If we see any sort of deviation from what is expected, we could see some market movement, but otherwise, I think these expectations are already baked in to the market to a large degree.  I also don’t anticipate any further signals about additional easing at this time.

    With rates sitting near their all-time lows, now is a good time to lock in a low rate for many years into the future.  Whether you are refinancing or purchasing a new home, Total Mortgage can help you save on your home payments.  Our dedication to customer service and responsible lending has allowed us to be named one of the fastest growing financial services companies in the country by Inc. Magazine for two years running.  Give us a call today at 877-868-2503 to get a free rate quote and find out which of our mortgage products could be best for you.  

    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 3.625% 3.780%
    15 Year Fixed Conventional Mortgage 3.000% 3.205%
    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% 2.437%
    5/1 Adjustable Rate Conforming Jumbo Mortgage 2.750% 2.711%

    ***Mortgage rates change often. The above rates were quoted at 1:15 P.M., on January 25, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

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