January 17, 2012 by Leave a comment

It looks as though mortgage rates will likely rise somewhat today as stocks are up sharply this morning.  There are a couple of pieces of at least nominally positive news causing these moves:  1.) Spain and Greece had a successful debt auctions yesterday, 2.) It appears increasingly likely that China’s monetary officials will engage in some sort of stimulus action to give a jolt to their slowing economy.  The rally is occurring despite the fact that talks over Greek debt appear to be stalling (Greece needs to reach a debt agreement by Mid-March to avoid a disorderly default).  Additionally a slew of European countries were downgraded by S&P over the weekend.  I’m guessing that what we are seeing here amounts to not much more than recency bias.  The situation in Europe is still critical, and has the potential to plunge the global economy back into recession in 2012.

Although I think rates will trend somewhat higher today, I do not expect that they will move substantially, making this a good time to lock in some of the lowest rates that we’ve seen in our lifetimes.  If you are looking to buy a new home or refinance your current one, Total Mortgage may be able to help you out.  We have some of the lowest rates in the mortgage industry and are frequently able to close loans in 21 days or less.

Call us today at 877-868-2503 to speak to one of our licensed mortgage professionals.  Lower home payments 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 17, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

Housing Wire: More failed HAMP trials end in foreclosure.  As of the beginning of November, 10.6% of 615,000 cancelled HAMP trials were seized by banks.  The rate as of November 1, 2010: 4.4%.

Felix Salmon: For-profits vs not for profits.  Felix takes a look at different types of colleges.  I don’t have a strong opinion here, but it seems to me that for-profit colleges have a strong incentive to cut costs at the expense of the people they are supposed to be educating.  However, I’m not sure the non-profit model is that great, either.

Lambert Strether via Naked Capitalism: MERS, the law, and the state.

Bloomberg: Greece short on time as debt talks stumble. It’s either going to be an orderly default, or a disorderly default.  This deal needs to be completed by mid-March.  I’m not optimistic.

Reuters: Greeks strike against austerity as EU, IMF visit.  This is part of the reason that I am not optimistic.  I thought it was going to be the Irish who told the EU/ECB/IMF to pound sand last year.  I think the Greek people are going to reject austerity measures tied to more bailouts.

Tim Duy’s Fed Watch: How’s that austerity working? Short story: it’s not working well.

LA Times: Wikipedia to go offline to protest anti-piracy legislation. I hope this will open some eyes.

NY Times: Euro woes could revive bout of market volatility. Most likely.

Ritholtz: 2011: Disastrous year for mutual, hedge fund managers.

Slate: An invisible woman taught me German.  Free online language courses.

Joe Posnanski: Offense first. Joe Pos takes a look at offensive football teams.

* 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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