Current Mortgage Rates for Friday, February 10, 2012
February 11, 2012 
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Yesterday it looked like the ECB/EU/IMF and Greece had come to an agreement over austerity cuts necessary for Greece to receive a bailout. Sometime last night, the situation blew up, with the Troika deciding that more cuts and austerity measures are needed. The Greek people, already suffering through massive unemployment and what is basically a depression, partially induced by austerity, responded to proposed cuts with a 48-hour general strike. Some violence was also seen in demonstrations. This situation was totally foreseeable. More austerity is going to make an already bad situation in Greece worse, and the people are responding accordingly.
So what does this mean for mortgage rates? In the very short term, unless a Greek settlement is reached, we will likely see some improvement. Stocks are already down massively this morning, while treasuries and mortgage-backed securities are rallying. There is very little other economic news today, so Greece will dominate the markets today (I am very tired of typing that). If a deal is reached over the weekend, we could see a rise in rates early next week. Next week is also packed with economic data, and if the reports show the U.S. economy continuing to improve, the only thing that will keep rates from rising is the Greek situation.
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 | 3.500% | 3.661% |
| 15 Year Fixed Conventional Mortgage | 3.125% | 3.331% |
| 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% | 2.752% |
| 5/1 Adjustable Rate Conforming Jumbo Mortgage | 2.750% | 2.711% |
***Mortgage rates change often. The above rates were quoted at 1:00 P.M., on February 10, 2012. Call 877-868-2503 for more details.***
Today’s News and Links:
Prof. Adam Levitin via Creditslips: The servicing settlement: banks 1, public 0. As always, the Professor is on point.
Housing Wire: Mortgage industry eagerly ends robo-signing saga. I’m sure they are, seeing as how it was settled for pennies on the dollar.
ProPublica: Our guide to Obama’s floundering foreclosure programs. This is the result of a “throw-it-at-the-wall-and-see-what-sticks” housing policy.
ProPublica: Why millions won’t get help from big mortgage settlement. It’s a raw deal, that’s why.
Naked Capitalism: Will government bank mortgage deal help or hinder prosecutions?
Housing Wire: Ohio AG to use $ 75 million of foreclosure settlement for demolitions. You know what would’ve been nice? If we had found a way to keep these homes occupied instead of having to knock them down.
Dave Dayen: MA AG Coakley lawsuit against banks ripped to shreds in settlement. The worst thing about this settlement is that it is being touted as good for homeowners. It is not. It is a sham and a whitewashing and just plain appalling.
CNN: Greece: one step forward, two steps back. Even more austerity measures and cuts will be required for a bailout.
BBC: Violence flares amid Greece austerity strikes. “Petrol bombs were thrown at security forces, as workers took to the streets at the start of a 48-hour strike.” This situation is going to get even uglier.
NYT: In Europe, stagnation as a way of life. This is the result of austerity in the face of recession. A lesson that should’ve been learned in 1937. History doesn’t repeat itself, but it does rhyme.
NYT: Blasts rock Aleppo as dozens more are reported killed in Syria.
* 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.
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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Related Reading:
Housing finance: FHA's risk-sharing programs offer alternatives for financing affordable multifamily housing: report to Congressional committeesOriginal publisher: Washington, D.C. (P.O. Box 37050, Washington, D.C. 20013) : The Office, [1998]. OCLC Number: (OCoLC)39027011 Subject: Housing poli... Read More >
Homeownership: potential effects of reducing FHA's insurance coverage for home mortgages: report to the ChairmanOriginal publisher: Washington, D.C. : The Office ; Gaithersburg, MD (P.O. Box 6015, Gaithersburg 20884-6015) : The Office [distributor, 1997]. LC Num... Read More >
Ernst Kantorowicz (Frankfurter Historische Abhandlungen (FHA)) (German Edition)aVorliegender Sammelband spiegelt die internationale Diskussion, die derzeit uber Kantorowicz gefuhrt wird; er liefert uber E. Grunewalds Studie (Erns... Read More >
2012 Edition -- The Quick & Dirty Guide To FHA Mortgages (Quick and Dirty Books CollectionTM)With more than 250,000 books in print, syndicated real estate columnist Peter G. Miller really knows the FHA program. This handy guide looks at the FH... Read More >
