January 16, 2012 by Leave a comment

U.S. financial markets are closed today as a result of the Martin Luther King, Jr. holiday, so I expect that it will be a relatively quiet day with regard to mortgage rates.  There are a couple of influential economic reports out later in the week, but overall it is kind of a light week.  I anticipate that events in Europe will once again dominate the news this week.  On Friday S&P downgraded nine European countries, a move which could lead to (or may just be a recognition of) increased borrowing costs.  It appears increasingly likely that some form of default is going to be necessary in Greece, and current talks are centered on making sure the default is voluntary and controlled.

At least for today, rates are going to continue to sit around record lows, making this a good time to lock in a low mortgage rate for years to come.  Whether you are refinancing your home or buying a new one, Total Mortgage may be able to help you secure the lowest rate of your lifetime.  Give us a call today at 877-868-2503 to speak with one of our fully-licensed loan officers. Don’t pay too much for your home.  We may be able to help you secure a loan at a much lower rate than you have right now.

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 1:15 P.M., on January 16, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

NYT: On the trail of mortgage fraud.

Barry Ritholtz: The future of the Euro. A graphic depiction of possible end results of the Euro-crisis.

Washington Post: In D.C. loan program, mortgage defaults abound.

Reuters: France rating could go lower, but no euro zone break up: S&P.  Sentiment on Intrade that a country will leave the euro zone prior to the end of the year is rising.

Felix Salmon: S&P downgrades Europe. Nine Eurozone countries were downgraded on Friday. I suppose it has been a long time coming.

ABC News: 2 Bodies rise death toll to 5 in sinking of cruise ship, Costa Concordia.  I’m interested to know how the ship got so far off course when it ran aground.

Reuters: Complete civil war submarine unveiled for the first time.

BostonRealEstateNow: Homeowner diaries: cellulose insulation of exterior walls.

NYT: As reforms flag in Greece, Europe aims to limit damage. I still believe that this default is inevitable.  Intrade odds of a Greek, Portugese, Irish, or Italian default prior to the end of the year?  85%.

Credit Slips: Twinkies at Risk. Hostess declared chapter 11 last week.

Housing Wire: NY AG funds $1 million to borrowers contesting foreclosures. I can’t imagine that $1 million goes very far.

The Atlantic Wire: Stephen Colbert’s PAC calls Romney a “serial killer”. Illustrating the ridiculousness of both Super PACs and Citizens United in one fell swoop.

* 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, $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, $400 appraisal 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, $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.

Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.


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