Mortgage Rates & Trends: Mortgage Blog

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  1. Current Mortgage Rates from Wells Fargo vs. Current Mortgage Rates from Total Mortgage

    By Robert Hyder on March 8, 2010

    San Francisco-based Wells Fargo Home Mortgage is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, their current mortgage rate on the same 30-year fixed was 4.875%, paying no points, while 4.750% was the matching rate with a 1-point Origination Fee.

    In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by .125%. On a loan size of $300,000, that’s a monthly savings of $23 or $276 per year. Over the life of the loan, that’s a savings of $8,280.

    Product * Wells Fargo

    Mortgage Rates

    		 Total Mortgage

    Mortgage Rates
    30-Year Fixed 4.875% 4.750%
    15-Year Fixed 4.250% 4.125%
    5-Year ARM 3.750% 3.375%
    30-Year Fixed Jumbo 5.500% 5.500%

    Note: Current mortgage rates change each business day, often several times throughout the day. Wells Fargo rates quoted from mortgage rates page of www.wellsfargo.com from 1:00 p.m. (EST) on Monday, March 8, 2010.
    *All rates are calculated with a 1-point fee.
    *All rates shown are based on a 60-day lock for a purchase or rate/term refinance.

    Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.250% paying no points, and the 5-year ARM is 3.750% paying no points. The current mortgage rate for the 30-year fixed jumbo at Total Mortgage Services is 5.625%, paying no points.

    Based on HSH Associates Financial Publishers, the national average for current mortgage rates is 5.310% on a 30-year fixed-rate mortgage, 4.680% on a 15-year fixed-rate mortgage and 4.000% on a 1-year ARM.

    To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!

    Category: Compare Mortgage Rates

  2. Connecticut Mortgage Rates at Total Mortgage

    1 By Michael Kraus on February 16, 2010

    connecticut-mortgage-rates

    While the bursting real estate bubble hit Nutmeg State residents hard, recent trends suggest that the housing market may be turning around.

    According to recent articles in the Hartford Courant and New Haven Register, the number of single family homes sold in November 2009 was up 75% over the previous November. In December 2009 home sales improved 35% over the previous December. While median home prices fell 10% in 2009, the median sale price of a single-family home in December increased 3.6% over the previous December. This is the first year to year increase since November 2007 and is a promising sign for the housing market in Connecticut. Some credit the turnaround to historically low current mortgage rates in Connecticut, the first-time home buyer tax credit, and the slowly recovering economy.

    There are indications that the Federal Reserve intends to increase interest rates in the coming year, and mortgage rates in CT are sure to follow. For those who have been pondering purchasing a new home or refinancing their current mortgage, there is no time like the present.

    Total Mortgage Services offers some of the best mortgage rates in Connecticut. Compare our Connecticut rates to those of Bank of America. All figures are for a owner-occupied, single-family home:

    30 Year Fixed Conventional Loan of $300,000 (80% LTV):

    Lender Rate APR Points Monthly Payment Savings Over 30 Years
    Bank of America 4.875% 5.024% 1.125 $1587.62
    Total Mortgage 4.625% 4.773% 1.125 $1542.42 $16,272

    5/1 Conforming ARM of $300,000 (80% LTV):

    Lender Rate APR Points Monthly Payment Savings Over 30 Years
    Bank of America 3.75% 3.475% 1 $1389.35
    Total Mortgage 3.25% 3.275% 1 $1305.62 $15,023

    Jumbo 30 Year Mortgage of $800,000 (80% LTV):

    Lender Rate APR Points Monthly Payment Savings Over 30 Years
    Bank of America 5.625% 5.716% .875 $4605.25
    Total Mortgage 5.5% 5.6% .875 $4542.31 $22,658.40

    Note: Current mortgage rates change each business day, often several times throughout the day. Bank of America rates quoted from mortgage rates page of www.bankofamerica.com at 4:00 p.m. (EST) on Tuesday, February 16, 2010.
    *All rates are calculated for borrowers with a credit score of 740+.
    *All rates shown are based on a 30-day lock for a purchase or rate/term refinance.


    Since its inception in 1997, Total Mortgage Services dedicated itself to offering the best service and competitive mortgage rates in Connecticut. Due to our in-house underwriting, our advanced processing technology, and the sheer volume of the business we do, we have access to the widest array of programs and the best possible rates. In Connecticut, we’re a broker and a lender, which means we have great flexibility in crafting a mortgage solution that’s right for you. Call us today at 877-868-2503.

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    Category: Compare Mortgage Rates, Current Mortgage Rates

  3. Current Mortgage Rates from Wells Fargo vs. Current Mortgage Rates from Total Mortgage

    1 By Robert Hyder on February 4, 2010

    San Francisco-based Wells Fargo Home Mortgage is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, their current mortgage rate on the same 30-year fixed was 4.875%, paying no points, while 4.750% was the matching rate with a 1-point Origination Fee.

    In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by .125%. On a loan size of $300,000, that’s a monthly savings of $23 or $276 per year. Over the life of the loan, that’s a savings of $8,280.

    Product * Wells Fargo

    Mortgage Rates

    		 Total Mortgage

    Mortgage Rates
    30-Year Fixed 4.875% 4.750%
    15-Year Fixed 4.250% 4.125%
    5-Year ARM 3.875% 3.375%
    30-Year Fixed Jumbo 5.750% 5.750%

    Note: Current mortgage rates change each business day, often several times throughout the day. Wells Fargo rates quoted from mortgage rates page of www.wellsfargo.com from 12:00 p.m. (EST) on Thursday, February 4, 2010.
    *All rates are calculated with a 1-point fee.
    *All rates shown are based on a 60-day lock for a purchase or rate/term refinance.

    Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.250% paying no points, and the 5-year ARM is 3.750% paying no points. The current mortgage rate for the 30-year fixed jumbo at Total Mortgage Services is 6.250%, paying no points.

    Based on HSH Associates Financial Publishers, the national average for current mortgage rates is 5.500% on a 30-year fixed-rate mortgage, 4.930% on a 15-year fixed-rate mortgage and 4.820% on a 1-year ARM.

    To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!

    Category: Compare Mortgage Rates, Current Mortgage Rates, Mortgage Rate Trends and Analysis

  4. Current Mortgage Rates from Wells Fargo vs. Current Mortgage Rates from Total Mortgage

    By Robert Hyder on November 24, 2009

    San Francisco-based Wells Fargo Home Mortgage is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, their current mortgage rate on the same 30-year fixed was 4.750%, paying no points, while 4.625% was the matching rate with a 1-point Origination Fee.
    In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by an amazing .250%. On a loan size of $200,000, that’s a monthly savings of $30 or $360 per year. Over the life of the loan, that’s a savings of $10,800.

    Product * Wells Fargo

    Mortgage Rates

    		 Total Mortgage

    Mortgage Rates
    30-Year Fixed 4.875% 4.625%
    15-Year Fixed 4.250% 4.250%
    5-Year ARM 3.875% 3.375%
    30-Year Fixed Jumbo 5.750% 5.625%

    Note: Current mortgage rates change each business day, often several times throughout the day. Wells Fargo rates quoted from mortgage rates page of www.wellsfargo.com from 11:00 a.m. on Tuesday, November 24, 2009.

    *All rates are calculated with a 1-point fee.

    *All rates shown are based on a 60-day lock for a purchase or rate/term refinance.

    Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.375% paying no points, and the 5-year ARM is 3.750% paying no points. The current mortgage rate for the 30-year fixed jumbo at Total Mortgage Services is 6.000%, paying no points.

    Based on HSH Associates Financial Publishers, the national average for current mortgage rates is 5.270% on a 30-year fixed-rate mortgage, 4.760% on a 15-year fixed-rate mortgage and 4.610% on a 1-year ARM.

    To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!

    Follow Total Mortgage on Twitter

    Category: Compare Mortgage Rates, General

  5. Current Bank of America Mortgage Rates vs. Current Mortgage Rates from Total Mortgage

    By Robert Hyder on September 11, 2009

    Charlotte, NC-based Bank of America is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1.125-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, the current mortgage rates on the same 30-year fixed was also 4.875%, but paying no points, while 4.625% was the matching rate with a 1-point Origination Fee.

    In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by an amazing .250%. On a loan size of $300,000, that’s a monthly savings of $46 or $552 per year. Over the life of the loan, that’s a savings of $16,560.

    Product Bank of America Mortgage Rates Total Mortgage Mortgage Rates
    30-Year Fixed 4.875% 4.625%
    15-Year Fixed 4.375% 4.125%
    5-Year ARM 3.875% 3.500%
    30-Year Fixed Jumbo 5.750% 5.625%

    Note: Current mortgage rates change each business day, often several times throughout the day. Bank of America mortgage rates quoted from mortgage rates page of www.bankofamerica.com from 11:30 a.m. on Friday, September 11, 2009.

    Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.375% paying no points, and the 5-year ARM is 3.875% paying no points. The current mortgage rate for the 30-year fixed jumbo is 5.625%, paying 1.125 points, while Bank of America is charging 1.125 points for the same product at 5.750%.
    Based on HSH Associates Financial Publishers (HSH), the national average for current mortgage rates is 5.500% on a 30-year fixed-rate mortgage, 4.910% on a 15-year fixed-rate mortgage and 4.640% on a 1-year ARM.

    To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!
    Follow Total Mortgage on Twitter

    Category: Compare Mortgage Rates, Current Mortgage Rates

  6. Current Mortgage Rates Dropping Again

    By Robert Hyder on September 4, 2009

    rate-drop

    With the decrease in the current mortgage rates this week came an increase in home sales, as well. In addition, July marked the sixth consecutive month in which the pending sales of existing homes increased, and July was also the strongest month for homes sales as a whole since June 2007.

    As current mortgage rates dropped this week to an average of 5.08% on a 30-year fixed-rate mortgage, home sales continue to climb. Last week, the rate on a 30-year fixed-rate mortgage was 5.14%, while it was 6.35% just one year ago. Additionally, the average rate on a 15-year fixed-rate mortgage dropped this week to 4.54%, down .13% from last week’s average of 4.58%. The rate for a 15-year fixed-rate mortgage one year ago was 5.9%.

    The 5-Year Treasury-indexed ARMs were down to 4.59% this week compared to 4.67% last week and 5.97% from last year. The 1-Year Treasury-indexed ARMs were reduced to 4.62% this week, compared to 4.69% last week and 5.15% this time last year.

    All indications are pointing to the housing crisis nearing an end. Frank Nothaft, Chief Economist for Freddie Mac, said, “Low mortgage rates are helping to keep housing very affordable.” Homeowners hoping to refinance earlier in the year but did not can still take advantage now of the incredibly low mortgage rates. Also, those looking to purchase their first home still have time to take advantage of the $8,000 tax credit for first-time homebuyers, albeit very little time as the expiration of the tax credit is rapidly approaching on November 30, 2009.

    –Robert Hyder

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    Category: Compare Mortgage Rates, Current Mortgage Rates, First Time Home Buyer, Fixed Rate Mortgages, General, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Purchase, Refinance, Stimulus

  7. Current Wells Fargo Mortgage Rates vs. Current Mortgage Rates from Total Mortgage

    By Robert Hyder on September 2, 2009

    San Francisco-based Wells Fargo Mortgage Loans is offering a current mortgage rate of 5.125% on a 30-year fixed, with borrowers paying a 1-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, their current mortgage rate on the same 30-year fixed was 5.000%, paying no points, while 4.750% was the matching rate with a 1-point Origination Fee.

    In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by an amazing .375%. On a loan size of $200,000, that’s a monthly savings of $46 or $552 per year. Over the life of the loan, that’s a savings of $16,560.

    Product * Wells Fargo
    Mortgage Rates    		 Total Mortgage
    Mortgage Rates
    30-Year Fixed 5.125% 4.750%
    15-Year Fixed 4.625% 4.250%
    5-Year ARM 4.000% 3.625%
    30-Year Fixed Jumbo ** 6.250% 5.875%

    Note: Current mortgage rates change each business day, often several times throughout the day. Wells Fargo rates quoted from mortgage rates page of www.wellsfargo.com from 11:30 a.m. on Wednesday, September 2, 2009.

    *All rates are calculated with a 1-point fee.
    **Wells Fargo’s current mortgage rate for a 30-year fixed jumbo mortgage is contingent upon the borrower having a Wells Fargo or Wachovia checking (personal or small business) or savings account, and agreeing to the requirement of monthly mortgage payments being electronically transferred. For borrowers who do not meet this criteria, jumbo rates are higher at Wells Fargo.

    Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.500% paying no points, and the 5-year ARM is 4.000% paying no points. The current mortgage rate for the 30-year fixed jumbo is 6.250%, paying no points, while Wells Fargo is charging 1 point for the same product.

    Based on HSH Associates Financial Publishers (HSH), the national average for current mortgage rates is 5.560% on a 30-year fixed-rate mortgage, 4.900% on a 15-year fixed-rate mortgage and 5.040% on a 1-year ARM.

    To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!

    Follow Total Mortgage on Twitter

    Category: Compare Mortgage Rates
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