It’s Tuesday and hopefully everyone has recovered from the holiday weekend. And hopefully everyone on the East Coast has managed to shovel the snow off their driveways and off their cars and get to work.
On this day in 1856, Thomas Woodrow Wilson, the 28th President of United States was born. Happy Birthday Mr President!
After you get a chance to rest your back, take a look at the mortgage rates posted at Total Mortgage today. Then as soon as you’re done checking out the mortgage rates, you can shop for a snow blower.
If you live on the West Coast or in more southern climates, appreciate how lucky you are to be able to shop for mortgage rates without having to shovel snow first.
News Roundup:
A monster blizzard buried the East Coast under snow, stranding thousands of travelers at airports during one of the busiest traveling days of the year. Winds reached 65 miles an hour, knocking out power in parts of New England. The AP reported that a woman went into labor on a New Jersey highway, causing a traffic jam of 30 vehicles. Even New York subways, which almost always run, reported problems.
The S&P/Case-Shiller index of home values fell 0.8 percent from October 2009. Eighteen of the 20 housing markets in the index dropped, while Denver and Washington, DC, reported gains.
Our Rates:
Fixed rate mortgages are one of the most common mortgages among borrowers. Most people like fixed rate mortgages because they allow homeowners to lock in today’s low rates throughout the life of the mortgage and enjoy consistent monthly mortgage payments. At Total Mortgage, qualified borrowers can get 30 year fixed rate mortgages at a 4.625% mortgage rate with 4.834% APR. A 15 year fixed rate mortgage is available at a 4.000% interest rate and 4.359% APR.
FHA mortgages are mortgages backed by the Federal Housing Administration. FHA mortgages have gained popularity, especially among first time home buyers, in recent years. FHA mortgages are popular because of their low down payment of usually 3.5% and flexible mortgage requirements. A 30 year fixed FHA mortgage can be obtained at a 4.375% interest rate and 5.775% APR.
Adjustable rate mortgages (ARMs) offer very low starting mortgage rates compared to other types of mortgages. ARMs can be an excellent choice for home buyers who only plan to stay in their home for a short period of time or those rate watchers who feel they have a firm handle on where the markets are going. Currently at Total Mortgage, a 5/1 conforming ARM is available to qualified borrowers at a 2.500% mortgage rate and 3.038% APR.
Depending upon the price of the homes and the location, some borrowers may be require to get jumbo mortgages. Borrowers are required to get jumbo mortgages when the loan amount for a home is greater than the conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limits are $417,000 to $729,750 depending on the location of the property. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.375% and 5.588% APR and a 15 year fixed jumbo mortgage at a 4.125% rate and 4.475% APR.
Mortgage rates are always changing. All rates were quoted at 10:00 A.M., on December 28, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.625% | 4.834% |
| 15 Year Fixed Conventional | 4.000% | 4.359% |
| 30 Year Fixed FHA | 4.375% | 5.775% |
| 30 Year Fixed Jumbo | 5.375% | 5.588% |
| 5/1 Conforming ARM | 2.500% | 3.038% |
| 5/1 Jumbo ARM | 3.250% | 3.295% |
For more information on our current mortgage rates and mortgages products call 877-868-2503 today, to speak with a licensed mortgage professional.
*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.
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