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  1. 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

  2. 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.***

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    Category: Mortgage Rates

  3. 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

  4. 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.***

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    Category: Mortgage Rates

  5. 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.***

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    Category: Mortgage Rates

  6. 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.***

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    Category: Mortgage Rates

  7. 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.***

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    Category: Mortgage Rates

  8. Current Mortgage Rates for Friday, January 20, 2012

    By on January 20, 2012

    Mortgage rates increased yesterday, rising off their all-time lows, and I expect that rates will either stay the same or rise slightly today.  Stocks rallied yesterday on decent earnings reports and somewhat firm economic data (although housing starts declined somewhat, initial jobless claims improved significantly).  Stocks are rising while mortgage backed securities and treasury bonds are selling off again today.  There are rumors that Greece is close to a deal with its creditors (although it seems as though that deal will include a significant haircut for investors in Greek debt), which could be buoying stocks today.  There was also an article in the Wall Street Journal by Jon Hilsenrath that suggests that the Fed will hold off on a third round of quantitative easing, at least for the near future.

    The next FOMC meeting occurs on January 24-25, and the Fed is expected to more clearly communicate its objectives as part of a new policy of transparency.  It is most likely that the Fed will engage in QE3 if the economy falters, and recent economic reports seem to indicate that the economy is slowly improving.  Many Fed officials have indicated over the past few months that QE3 would come in the form of MBS purchases, which would drive rates lower, and the market knows this.  Almost certainly the expectation of QE3 is already baked into the price of MBS and treasury bonds.  If the situation in Europe improves, and if inflation stays around 2%, the Fed could back off another round of MBS purchases.  I suspect that the seemingly decreased probability of QE3 is part of the reason for the recent sell-offs.

    In any case, now is a great time to lock in a rate that is still near record lows.  Call us today at 877-868-2503 to speak with a fully licensed mortgage professional.  Lower home payments could be as simple as a phone call.  

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.741%
    15 Year Fixed Conventional Mortgage 3.000% 3.205%
    30 Year Fixed FHA Mortgage 3.625% 4.976%
    30 Year Fixed Jumbo Mortgage 4.625% 4.742%
    5/1 Conforming ARM Mortgage 2.375% 2.916%
    5/1 Jumbo ARM Mortgage 2.625% 2.996%

    ***Mortgage rates change often. The above rates were quoted at 1:00 P.M., on January 20, 2012. Call 877-868-2503 for more details.***

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    Category: Mortgage Rates

  9. Current Mortgage Rates for Thursday, January 19, 2012

    By on January 19, 2012

    This morning’s U.S. economic data was mixed.  While initial unemployment claims improved significantly (dropping 50,000 to a pace of 352,000 claims), housing starts were down 4.1 percent from November to December (single family home starts actually increased by 4.4% in December).  Stocks are up slightly, Treasury bonds are selling off, and mortgage backed securities are selling off as well.  As always, the specter of a Greek sovereign default looms over the global economy.  Greece is having difficulty reaching an agreement with its creditors, and yesterday the Greek Prime Minister said that Greece will consider passing a law forcing its creditors to take losses.  For months now it has been apparent that Greece would default on its debt in some way.  It may be an orderly default, and it may be called a restructuring, but make no mistakes, it will be a default.  The only question is if other debt-strapped Eurozone countries will follow suit.

    It looks as though mortgage rates will end the day somewhat worse if the current market doesn’t improve.  With borrowing costs near record lows, now is an excellent time to refinance your mortgage or purchase the home you’ve been considering.  Total Mortgage has some of the lowest rates that you will find anywhere, and our in-house processing and underwriting allows us to frequently close loans in 21 days or less.

    Call us today at 877-868-2503 to speak with one of our licensed loan officers.  We can help you decide which mortgage product will best help you secure your financial future.  Don’t hesitate, you could start saving money on your home right now.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.741%
    15 Year Fixed Conventional Mortgage 3.000% 3.205%
    30 Year Fixed FHA Mortgage 3.625% 4.976%
    30 Year Fixed Jumbo Mortgage 4.625% 4.742%
    5/1 Conforming ARM Mortgage 2.375% 2.916%
    5/1 Jumbo ARM Mortgage 2.625% 2.996%

    ***Mortgage rates change often. The above rates were quoted at 1:00 P.M., on January 19, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

  10. Current Mortgage Rates for Wednesday, January 18, 2012

    By on January 18, 2012

    Stocks are bouncing around early on some weak earnings reports as well as news that wholesale prices fell unexpectedly.  The news out of Europe this morning is also not particularly positive, where it seems apparent that Greece is going to default, albeit in an orderly manner.  Yesterday Edward Parker, managing director for Fitch’s sovereign and supranational group in Europe remarked of Greece: “It is going to happen.  Greece is insolvent so it will default.  So in that sense it shouldn’t be a surprise to anyone”.  In light of all this, I do not anticipate that mortgage rates will rise today, and there is the possibility that they fall slightly, although I think it is most likely they will simply jump around in their present range.

    If you want to refinance your current mortgage or purchase a new home, Total Mortgage can help you make the best decision for your financial future.  We are experts at fixed, adjustable, FHA, and jumbo loans, and are known for having some of the lowest rates in the industry.  Call us now at 877-868-2503 to talk with one of our licensed loan officers.  Savings could be just a phone call away.

    Some of Our Most Popular Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.625% 3.657%
    15 Year Fixed Conventional Mortgage 3.000% 3.056%
    30 Year Fixed FHA Mortgage 3.625% 4.975%
    30 Year Fixed Jumbo Mortgage 4.625% 4.740%
    5/1 Conforming ARM Mortgage 2.375% 2.384%
    5/1 Jumbo ARM Mortgage 2.625% 2.830%

    ***Mortgage rates change often. The above rates were quoted at 1:20 P.M., on January 18, 2012. Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

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