Total Mortgage currently has some of the most affordable adjustable rate mortgages (ARM) in the mortgage business. With a variety of conforming and jumbo ARM’s Total Mortgage will tailor a mortgage product that fits you individual needs.
Amongst Total Mortgage’s conforming adjustable rate mortgages (ARM) are both a 5/1 and 1/1 mortgages, both of which are available with some of the lowest ARM mortgage rates. A 5/1 conforming ARM is currently available with a 3.000 percent mortgage rate and a 3.481 percent APR. A 1/1 conforming ARM, with borrowers paying no points, is being offered with a mortgage rate of 3.350 percent and a 4.078 percent APR.
Total Mortgage also has great jumbo adjustable rate mortgages (ARM) available for mortgages that do not conform to guidelines set by Fannie Mae and Freddie Mac. A 5/1 jumbo ARM currently has a 3.625 percent rate and a 3.957 percent APR. A 1/1 jumbo ARM, with borrowers paying no points, is available with a 3.350 percent rate and a 3.957 percent APR.
In other news, Ben Bernanke, the Chairman of the Federal Reserve, is set to deliver his semiannual monetary policy report to Congress. This comes just hours after President Obama signed the financial overhaul bill into law earlier today.
Current mortgage rates are constantly fluctuating; all rates were quoted at 2:00 p.m. on July 21, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 5/1 ARM Conforming Mortgage | 3.000% | 3.481% |
| 5/1 ARM Jumbo Mortgage | 3.625% | 3.657% |
| 1/1 ARM Conforming Mortgage (0 points) | 3.350% | 4.078% |
| 1/1 ARM Jumbo Mortgage (0 points) | 3.350% | 3.957% |
For more information on adjustable rate mortgages and other mortgage products available at Total Mortgage call 877-868-2503 to speak with a licensed mortgage expert.
* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing 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, $500 loan processing 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, $500 loan processing 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 and are subject to mortgage approval. All rates are subject to change without notice.
*All rates are posted with borrowers paying 2 points unless otherwise noted.
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