Mortgage Interest Rate update 5.8.12

Terms are generally a bit better today however the improvement is small and not as large as one might think considering the NFP report from Friday and the political turmoil in Europe.  Mortgage rates could benefit more if the turmoil in Europe continues to get worse over the coming weeks.  Harp 2.0 continues to be a popular program and lenders are offering both fixed rate mortgages and adjustable rate mortgages under the program.  With the 10 year well below 2.00 MBS are performing well.  Some of the most aggressive interest rates are in the 7/1 ARM program.