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  1. 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.***

    Continue Reading…

    Category: Mortgage Rates

  2. FHA Mortgage Rates Approaching All-Time Lows

    By on February 6, 2012

    Last week Freddie Mac saw mortgage rates hit record lows, according to their Primary Mortgage Market Survey.  Although rates bounced up a little toward the end of the week on positive employment data, rates are still near historic levels.

    If you have been renting for a long time, now may be a great time to make the move to homeownership, locking in these historically low rates for years to come. If you would like to buy a house but lack a lot of money for a downpayment, you may want to think about getting an FHA loan.

    Many people feel that homeownership is out of reach because they lack the 20% down payment that is often required by traditional lenders.  The good news is that FHA-insured mortgages are available with down payments starting at 3.5% of the purchase price of the home.  If you have a good credit history and a solid job, you might qualify for an FHA mortgage.

    Right now we are offering qualified borrowers 30-year fixed rate FHA mortgages at a rate of 3.625% with an APR of 4.975%*.  If you are interested in speaking with one of our fully licensed mortgage professionals, call us today at 877-868-2503.  

    If you have an FHA mortgage with an above market rate, we may be able to help you refinance.  The FHA’s streamline refinancing program enables FHA borrowers to refinance quickly and easily, frequently without a new appraisal.  Don’t pay too much for you FHA loan, we may be able to help you save hundreds of dollars per month on your home payments.

    Don’t let the lack of a down payment stop you from becoming a homeowner.  Call us now and see if we can help.

    *All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 points, a $495 application fee, $500 loan processing 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, one points, a $495 application fee, $500 loan processing 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, $500 loan processing 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 and are subject to mortgage approval. All rates are subject to change without notice.

    Category: Mortgage Rates

  3. 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.***

    Continue Reading…

    Category: Mortgage Rates

  4. 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

  5. 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.***

    Continue Reading…

    Category: Mortgage Rates

  6. 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

  7. 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

  8. Low FHA Rates an Excellent Opportunity for First Time Homebuyers

    By on January 27, 2012

    Last week mortgage rates increased marginally, per Freddie Mac’s Primary Mortgage Market Survey.  There was no particularly significant positive news last week that would cause rates to increase, so the rise can likely be attributed to normal market fluctuations.

    Despite the increase, rates are still very close to record lows.  If you’ve been considering purchasing a home, now is an excellent time to lock in some of the lowest rates we’ve ever seen. Are you a long-time renter considering purchasing a home?  Is the need for a sizable down payment the only thing that is keeping you from buying a home?  You may want to consider an FHA loan.

    While many traditional sources of financing require large down payments, the FHA only requires a minimum down payment of 3.5% of the purchase price of the home.  This low down payment requirement opens up the world of homeownership to many people that otherwise would be unable to purchase a house.

    If you have a good credit history and a desire to own a home, Total Mortgage may be able to help you with an FHA mortgage.  Today we are able to offer a 30-year fixed rate FHA mortgage at a rate of 3.625% with an APR of 4.975% to qualified borrowers*.

    Do you already have an FHA loan, but have an above-market interest rate?  The FHA has a streamline refinancing program that might allow you to refinance without a new appraisal, making the process quick and simple.

    Call us today at 877-868-2503 to speak with one of our licensed mortgage professionals about the benefits of an FHA mortgage.  

    *All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 points, a $495 application fee, $500 loan processing 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, one points, a $495 application fee, $500 loan processing 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, $500 loan processing 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 and are subject to mortgage approval. All rates are subject to change without notice.

    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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