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.***
Today’s News and Links:
Bloomberg: U.S. economy grows 2.8%, less than forecast. Expectations were for 3.0%. Nominal GDP was 3.2%, while expectations were for 4.9%. This is a mixed report at best.
Matt Stoller via Naked Capitalism: “Mortgage fraud is a top priority for this administration”. Such a top priority, that is has been effectively ignored for three years. They keep spouting the line though.
NYT: For Greece, outlook is still grim. You know whose outlook is really grim? Greece’s creditors.
Reuters: Old mortgages rise from the dead, haunt homeowners. This is absolutely ridiculous.
Felix Salmon: Summers: “Inside Job had essentially all its facts wrong”. Denial ain’t just a river in Egypt.
NYT: In China, human costs are built into an iPad. In fairness, it’s not just Apple, but a lot of tech companies that manufacture stuff at Foxconn.
Boston Globe: Candidates unloved in FL town hit by foreclosures. “They destroyed Florida”.
NYT/Dealbook: Activists call for breakup of Bank of America.
Housing Wire: Sharp divide exists between Dems, Repubs on government help in foreclosures. 58% of Americans want the government to intervene to stop foreclosures, 34% don’t. Additionally, 18% of Americans believe that the sun revolves around the earth.
ProPublica: Drive-by scanning: officials expand use and dose of radiation for security screening. Hey, fantastic!
Reuters: Special report: in Mekong, Chinese murders and bloody diplomacy.
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal fee, $799 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, $400 appraisal fee, $799 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.