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Mortgage Rates Expected To Increase In 2011
By Michael Kling on December 30, 2010

Experts are predicting that mortgage rates will increase in 2011 as the overall economy and housing markets gradually improve, but they differ on how much mortgage rates will increase next year.

The Mortgage Bankers Association predicts that mortgage rates for the 30-year fixed-rate mortgage will eventually go over 5 percent by the end of the year. The rate for the commonly used mortgage will increase to 4.8 percent in the second quarter of 2011, and to 5 percent in the third quarter before surpassing the 5 percent mark by the end of the year, said Jay Brinkmann, the MBA’s chief economist. View current mortgage rates.

Mortgage rates for the 30-year fixed-rate mortgage will continue increasing throughout 2012, rising to 5.7 percent.

The Federal Reserve plans to purchase $600 billion of Treasury bonds to lower mortgage and interest rates for other loans. By driving down interest rates in its so-called quantitative easing plan, it hopes to decrease unemployment and avoid deflation. But Brinkman believes the Fed’s quantitative easing plan is already priced into mortgage rates. Barring some kind of drastic action, it won’t drive down mortgage rates much, he said.

30-year Fixed Mortgage Rates May Stay Under 5 Percent

Frank Nothaft, chief economist for Freddie Mac, is forecasting that mortgage rates for the 30-year fixed will increase over 2011 but still remain below 5 percent. Initial rates on 5/1 adjustable-rate mortgages will probably stay below 4 percent in 2011. Continue Reading…

Category: Housing Market, Mortgage Rate Trends and Analysis, Mortgage Rates
Today’s Mortgage Rates For Wednesday, December 29, 2010
By Michael Kling on December 29, 2010

Just a few days before the year is over, but you still have time to check out mortgage rates. Mortgage rates have dropped slightly after increasing over recent months, but remain unpredictable as always and may be increasing again. Before you start planning for your New Year’s resolution, take a minute to check today’s mortgage rates posted at Total Mortgage.

News Roundup:

The Conference Board’s index of consumer confidence dropped to 52.5 in December from 54.3 last month. A good economy is supposed to have a consumer confidence level of 90 or better.

Analysts had predicted that the confidence mark would rise to 55.8, so the results were somewhat disappointing. But the Conference Board, which puts out the consumer confidence figures, said the report was no big deal.

“Despite this month’s modest decline, consumer confidence is no worse off today than it was a year ago,” said Lynn Franco, director of the Consumer Research Center at the Conference Board. “Consumers’ assessment of the current state of the economy and labor market remains tepid, and their outlook remains cautious. Thus, all signs continue to suggest that the economic expansion will continue well into 2011, but that the pace of growth will remain moderate.”

Plus, consumer spending jumped 5.5 percent to $584 billion from Nov. 5 through Dec. 24 on strong holiday sales, according to MasterCard Advisors’ SpendingPulse. It was the best improvement since 2005.

The S&P Case-Shiller Index reported yesterday that home prices dropped in 18 markets in its 20-city index since last year, leading some to speculate that a housing market double-dip is upon us. But the drop could be temporary, and an improving general economy might begin boosting home prices in more markets next year. Scott Grannis, a former chief economist at Western Asset Management Company, is one of the experts who believe housing prices have fallen far enough to clear the market. You can read about his reasoning on housing market trends in his article posted on Seeking Alpha today.

Today’s Link:

The New York Times says mortgage rates may have hit bottom in this article.

Our Rates:

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Category: Current Mortgage Rates, Mortgage Rates
Today’s Mortgage Rates For Tuesday, December 28, 2010
By Michael Kling on December 28, 2010

It’s Tuesday and hopefully everyone has recovered from the holiday weekend. And hopefully everyone on the East Coast has managed to shovel the snow off their driveways and off their cars and get to work.

On this day in 1856, Thomas Woodrow Wilson, the 28th President of United States was born. Happy Birthday Mr President!

After you get a chance to rest your back, take a look at the mortgage rates posted at Total Mortgage today. Then as soon as you’re done checking out the mortgage rates, you can shop for a snow blower.

If you live on the West Coast or in more southern climates, appreciate how lucky you are to be able to shop for mortgage rates without having to shovel snow first.

News Roundup:

A monster blizzard buried the East Coast under snow, stranding thousands of travelers at airports during one of the busiest traveling days of the year. Winds reached 65 miles an hour, knocking out power in parts of New England. The AP reported that a woman went into labor on a New Jersey highway, causing a traffic jam of 30 vehicles. Even New York subways, which almost always run, reported problems.

The S&P/Case-Shiller index of home values fell 0.8 percent from October 2009. Eighteen of the 20 housing markets in the index dropped, while Denver and Washington, DC, reported gains.

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Category: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rates
Today’s Mortgage Rates For Monday, December 27, 2010
By Michael Kling on December 27, 2010

Mortgage rates dropped slightly today after climbing in recent months. The perception of an improving economy helped boost mortgage rates as investors moved money from super-safe Treasury bonds and into the stock market. A bit of good news on unemployment, or at least news not as bad as expected, and a tax-rate compromise between President Obama and Congressional Republicans helped improve investor sentiment.

The Federal Reserve’s quantitative easing plan to push down mortgage rates and rates for other loans by purchasing $600 billion in Treasury bond might also helped improve the economic outlook.

HSH Associates, a financial publisher, seems to sum up the feeling of many mortgage rate pundits, in its market trends analysis. “Warmer economic growth has been largely to blame for the increase in rates during the fall,” it stated. “But this increase has been exacerbated to a degree by the Federal Reserve’s stimulus program, some post-election improvement in moods and a tax compromise which lends some certainty (and a little boost) to the outlook as we roll into 2011.”

But don’t celebrate the return of good times just yet. The latest burst of optimism may be overdone. “While the economy is moving forward at a measured clip,” said HSH Associates, “there are few signals that it is powering ahead so forcefully that interest rates should rise much further than they already have, and they may have even overshot the mark, which is typical.”

News Roundup:

For people on the East Coast the major news today, economic or otherwise, was winter blizzard that smothered the region and kept many people home. Stock traders also stayed home, keeping stock trading volume low.

The latest economic news is China’s effort to control inflation by increasing interest rates. The People’s Bank of China announced that it will raise its lending rate by a quarter of a percent to 5.81 percent and lift the benchmark deposit rate by a quarter of a percent to 2.75 percent. That prompted stock values to slide today. The concern is that the Chinese rate hike as well as possible future rate increases will depress global demand around the world and hurt stock values. But that could, in turn, keep mortgage rates down if investors wait to buy stocks and keep their money in safer Treasury or mortgage bonds.

Our Rates:

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Category: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates
5/1 ARM Conforming Mortgages at 2.500% at Total Mortgage
By Staff on December 20, 2010

Total Mortgage has some of the lowest adjustable rate mortgages (ARM) available throughout the country. Adjustable rate mortgages may be great home loan option for buying a home or refinancing. Total Mortgage has a wide variety of conforming and jumbo adjustable rate mortgages to fit your individual needs.

Adjustable rate mortgages are popular among borrowers because of their fixed low interest rates for an initial fixed time frame. After the time frame has elapsed, interest rate on ARMs adjust based on the market conditions, and the rate and monthly mortgage payments may increase. These type of mortgage loans are suitable for borrowers who plan to move out of their homes within in the first 10 years of purchasing it or those borrowers who believe that their income will increase significantly in the future.

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Category: Mortgage Rates
Top Five Reasons to Refinance Your Home Mortgage Loan
By Staff on December 10, 2010

The recent news on the increase in mortgage rates has made many homeowners reconsider their plans to refinance their existing mortgage loans. Mortgage rates have definitely crept up but they are still comparatively low. If you have been planning for refinancing now is the time to take the advantage of these low rates before they go even higher. Everyday, many people have saved money by refinancing their mortgages.

Because of the economic downturn and the current housing market conditions, mortgage lenders have tightened their requirements, but for those borrowers who qualify, there are plenty of reasons to refinance. Here are some of them.

1. Lowering monthly mortgage payments
This may probably be the most common reason homeowners refinance their existing mortgage loans. Refinancing your current mortgage with a higher interest rate to today’s low mortgage rates will help homeowners reduce their interest payments over the course of their mortgage and may help them save thousands on their monthly mortgage payments.

2. Shorten the length of your mortgage term
Homeowners may be able to shorten the length of their mortgage term while keeping the same monthly mortgage payments they may have now. They may refinance from a 30 year fixed rate mortgage to a 20 year or 15 year fixed rate mortgages. By doing so, homeowners may be able to save thousands of dollars in interest payments as well as payoff their home loans much more quickly. Also as rates are still near record lows, homeowners may have similar monthly payments as before refinancing based on their previous mortgage terms.

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Category: Mortgage Rates
Today’s Mortgage Rates in Stamford, CT
By Staff on December 9, 2010

As of December 9, Total Mortgage is offering some of the best mortgage rates in Stamford, CT, and across the nation. Whether you are looking for fixed rate mortgages, adjustable rate mortgages or jumbo mortgages, Total Mortgage has something to offer for everyone at some of the most competitive mortgage rates available in the market.

A 30 year fixed rate mortgage is available today at Total Mortgage to qualified borrowers in Stamford, CT with a 4.125% interest rate and 4.328% APR. Other 30 year mortgage loans available at Total Mortgage are the 30 year fixed FHA and the 30 year fixed jumbo mortgages.

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Category: Mortgage Rates
Today’s Mortgage Rates for Thursday, December 9, 2010
By Staff on December 9, 2010

On this day in 1854, Alfred Lord Tennyson's famous poem, "The Charge of the Light Brigade" was published in England.

It’s Thursday, one more day before the weekend starts and you have all weekend to do your Christmas shopping. Everybody is probably looking forward to their holiday parties and hitting the stores in attempt to do their part to boost the economy. Before you start planning on that holiday list, take a minute to check out some of the lowest mortgage rates Total Mortgage is offering today. Total Mortgage may be able to help you save money today whether you are looking for a new mortgage or looking to refinance your existing mortgage loan.

News Roundup:

Initial unemployment claims fell to 421,000 last week, 17,000 fewer than the previous week. The latest number was better than the expected 429,000 unemployment claims. The number of initial unemployment claims has been slowly decreasing over the past month, which is good but not truly fantastic news. Economist think unemployment claims will need to decrease more, probable to be fewer than 400,000 a week, for the jobs outlook to begin improving.

Oil prices rose as investors saw, at least think they saw, signs of economic improvement in the jobs report. Crude oil stockpiles were down more than expected and oil prices rose to $89.42 a barrel, an increase of a little over 1 percent. Watching for signs of an improving economy is a little like watching the grass grow.

Trading on U.S. Treasuries, used as a benchmark for mortgage rates, seem to calm down. Yields the 10-year Treasury, the most important for mortgage rates, jumped earlier this week over concerns that the tax-cut deal between the White House and Congressional Republicans would increase government debt. Some observes believed investors dumped government bonds to buy stocks, thinking the economy will improve.

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Category: Mortgage Rates
Today’s Mortgage Rates for Wednesday, December 8, 2010
By Staff on December 8, 2010

On this day in 1980, John Lennon was murdered outside his New York City apartment by a crazed man inspired by an overrated book.

Hey now, it’s Wednesday, the work week is nearly half over. Instead of playing Angry Birds on your break, take a couple of minutes to check out the low mortgage rates we are offering at Total Mortgage today. Rates have been volatile lately, but we consistently are among the industry leaders in mortgage rates. Total Mortgage may be able to save you a lot of money on your mortgage refinancing or new home purchase today.

News Roundup:

The big news today is the fall out from President Obama’s tax deal with Republicans in Congress to extend the Bush tax cuts for all income levels for two years. Democrats, especially the more liberal ones in the House, are fuming. They’re angry about being left out of the talks and that the deal doesn’t increase estate taxes. Obama’s people argue that the deal prevents taxes for everyone from rising, but it looks like Obama was the first to blink in negotiations with Republicans.

In the Irish budget vote, European finance ministers officially approved bailout for Ireland yesterday. A European Union summit is supposed to come up with a long-term solution to the economic union’s overall debt crisis. The EU will lend Ireland 22.5 billion of eruos, but Ireland must reform it banking system and cut its government deficit. Many Irish are upset at the tough terms of the deal, saying they’re losing sovereignty.

Today’s link: The Treasury Department sold its remaining stake in Citigroup for $12 billion, but an article in The New York Times says the Fed is still owed by Wall Street as a result of the bailout. It still has several emergency programs and credit lines and its road to profitability is unclear.

Our Rates:

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Category: Mortgage Rates
Mortgage Rates at Total Mortgage – Some of the Lowest in the Industry
By Staff on December 7, 2010

Mortgage rates currently offered at Total Mortgage are among some of the lowest in the mortgage industry. A variety of mortgage loans are available at Total Mortgage, including fixed rate mortgages, FHA mortgages, jumbo mortgages, adjustable rate mortgages and many more.

One of the most desired home loans are the fixed rate mortgages. People can enjoy the convenience of a fixed rate and a low monthly mortgage payment throughout the length of the loan with fixed rate mortgages. A 30 year fixed rate mortgage is available currently at a 4.000% interest rate and 4.201% APR, and a 20 year fixed rate mortgage is available at a 3.875% rate with 4.153% APR.

A 30 year fixed FHA mortgage is available at a 4.125% mortgage rate and 5.537% APR. FHA mortgages backed by the Federal Housing Administration have helped many people who were unable to get conventional mortgages get mortgage loans and have gained popularity among first time homebuyers.

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Category: Mortgage Rates