Current Mortgage Rates for Wednesday, February 8, 2012
February 9, 2012 
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I think we are all tired of talking about Greece, and hearing about Greece, but the news is that some sort of Greek debt deal is impending. Or maybe it’s not, nobody really seems to have a good handle on what is going on. The ECB now seems willing to work with Greece, but there are a lot of details yet to work out, and the Greeks need to do some serious budget cutting and probably adopt some particularly onerous austerity measures to come to a final agreement in order to secure more bailout money to avoid a disorderly default. Meanwhile, Greece is more or less in the midst of a depression, and youth unemployment is running close to 50%. I can’t imagine a lot of Greek politicians want to make this situation worse by imposing even more austerity measures.
In any case, the situation in Greece is very much in flux, and depending upon how this plays out, we may see similar issues crop up in Ireland, Portugal, Italy, and perhaps Spain, and if the contagion spreads to Spain, Greece will look minuscule in comparison.
There is a dearth of other news today, so I suspect that if the markets move at all, it will be because of the situation in Europe. I don’t expect that much will happen today, and my gut tells me that Greece is not close to any sort of significant deal. Even if a deal is reached, it will be a stopgap measure, which will limit how much mortgage rates could potentially rise. I think mortgage rates will continue to linger close to all time lows.
Some of Our Most Popular Rates and Products*:
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 3.625% | 3.702% |
| 20 Year Fixed Conventional Mortgage | 3.625% | 3.780% |
| 15 Year Fixed Conventional Mortgage | 3.125% | 3.322% |
| 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 February 8, 2012. Call 877-868-2503 for more details.***
Today’s News and Links:
Felix Salmon: The ECB starts getting helpful with Greece. I suspect this is too little, too late.
CNBC: Greeks burn German flags: do they have a point? Yeah, this is going swimmingly.
Bloomberg: Germany considers vote on Greek aid next week. And I’m sure they’ll be in a real giving mood, what with the whole flag burning thing.
Naked Capitalism: Mortgage settlement wrangling continues, banks balking at Schneiderman MERS suit. I hold out hope that this deal gets the kibosh.
Washington Post: Proposed settlement with banks over foreclosure practices dealt a setback. This is a family blog, so I can’t really use the language that would appropriately describe this deal. It is a BAD DEAL.
Credit Writedowns: The elephant in the room is Spain, not Italy. “Turning states like Spain into sundrenched economic wastelands within the Eurozone, and forcing the rest of the currency area into a debt-deflationary spiral, is a most efficient way of blowing up the whole system and possibly threatening the very existence of Spanish liberal democracy itself”.
Bloomberg: Bernanke says 8.3% unemployment understates weakness in the U.S. labor market. Long-term unemployment is still high, U-6 is still high, labor force participation rate is still low. Yes, there were 243k jobs created last month, but that glosses over some of the bad stuff.
Housing Wire: Refinancing activity surges 7.5% on low interest rates. I don’t know that the week-to-week fluctuations are that significant compared to the overall trend. Refinancing should spike soon given the impending HARP 2.0.
BBC: Syria: Homs under “heaviest” shelling yet. This is despicable.
ProPublica: Meet the obscure federal regulator who’s not helping homeowners. ProPublica had a gigantic swing and a miss on the story about Freddie’s inverse floaters last week, but generally speaking they do excellent work.
FT: Short sellers target social network stocks. Interesting. I’m not exactly sure if this is tech bubble 2.0, but it sure seems like some of these tech stocks are overvalued.
* 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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