Breaking News: Stocks finished sharply higher Friday, extending their gains for a second session, amid signs of stabilization in the euro zone and after a better-than-expected consumer report.

All three major averages are now in positive territory for 2011.

The Italian Senate passed a new budget that would allow for final approval of the package in the lower house over the weekend and the formation of an emergency government.

The move could pave the way for Prime Minister Silvio Berlusconi’s resignation and the appointment of Mario Monti as his replacement.

Meanwhile, Greece’s new Prime Minister Lucas Papademos will be naming a new crisis cabinet. However, Papdemos faces an uphill battle, with opposition growing to more belt-tightening in the debt-ridden nation.

On the economic front, consumer sentiment jumped in early November, its highest level in five months, according to the Thomson Reuters/University of Michigan’s preliminary reading.

Look for mortgage rates to increase slightly next week but keep an eye on Europe.

Mortgage Rates as of Friday November 4, 2011 ( purchase transactions )
30 day rate locks, subject to credit score and loan to value edits

FHA
30 year fixed 3.75%

Conventional
30 year fixed rate 3.875%

5/1 ARM 2.875%

7/1 ARM 3.125%

Rates change constantly, call or email me for an update anytime!
(This is not an offer to enter into any agreement between you & Bell Mortgage & is
made pursuant to Sub 3&4 of MN Statute Chapter 4,this info is intended for use
by real estate professionals only)

To see what you’d be approved for, check out Bob Strandell’s Website .