Mortgage Rates & Trends: Mortgage Blog

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  1. Mortgage Rates Update For Wednesday, May 12 From Total Mortgage

    By on May 12, 2010

    Yesterday’s economic calendar was light, and it looks to be more of the same today, although there is a 10-year Treasury bond auction this afternoon worth keeping an eye on. Bond prices were mixed yesterday, but in general, stocks fell slightly.

    Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    As of 10:15 a.m. on May 10, 2010, the following mortgage rates are listed at Total Mortgage:

    30-Year Fixed Conventional 4.500% Rate, 4.710% APR

    30-Year FHA 4.375% Rate, 5.300% APR

    30-Year Fixed Jumbo 5.125% Rate, 5.336% APR

    5/1 ARM Conforming Mortgage 3.000% Rate, 3.367% APR

    For a complete listing of rates and mortgage products visit TotalMortgage.com.

    * 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, 2 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, two 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

  2. Mortgage Rates: What Happened Yesterday?

    By on March 25, 2010

    Mortgage Rates: What Happened Yesterday?
    The mortgage industry witnessed to sharp rises in bond yields yesterday, forcing mortgage lenders to alter pricing on at least two occasions mid-day.     As the bonds rose, Treasury yields reached their highest point since the beginning of the year. Additionally, the 10-year Treasury yield reached its highest level since June 2009. Yesterday’s abrupt rise in bonds could affect mortgage rates for some time.

    So what exactly caused the bond to rise so sharply? Surprisingly, some mortgage analysts believe there was a significant connection between the bond increase and the tension between Google and China. Once Google officially pulled out of China earlier this week, Congressional leaders applauded the company’s decision while criticizing the Chinese government for its history on human rights relating to Internet censorship.

    Meanwhile, China appears poised to increase its control in a dispute with the United States over its command of Western business. Last year, China surpassed the United States in renewable energy investments. Still, what does that have to do with mortgage rates? Well, since China has nearly doubled its revenue over the United States and has become the world’s largest clean-energy product manufacturer, the market may have feared any expanded tension between the two countries could result in a restriction in U.S. investments.

    After yesterday’s dreadful 5-year Treasury auction, bond prices remain up slightly today.     With unemployment figures showing continued improvement this morning, there is hope the bond will once again fall back to earth. Then again, results from the 7-year Treasury auction are expected shortly.

    Robert Hyder

    Follow Total Mortgage on Twitter

    Category: Mortgage Rate Trends and Analysis

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