Coming into August, Total Mortgage has some of the most affordable fixed rate mortgages in the country. Total Mortgage has a wide variety of fixed rate mortgages currently available. One of the most popular fixed rate mortgages being offered is a 30 year fixed conventional mortgage. Part of the appeal of fixed rate mortgages is that a borrower knows precisely how much he/she will pay each month, because the mortgage rate remains constant throughout the life of the loan.
Currently, a 30 year fixed conventional mortgage is being offered with a 4.125 percent mortgage rate and a 4.323 percent APR. Other fixed rate mortgages include 15 and 20 year loans. A 20 year fixed conventional mortgage has a 4.000 percent mortgage rate and a 4.273 percent APR. A 15 year fixed conventional mortgage has the lowest mortgage rate of the three mortgage products mentioned but will most likely have the highest monthly payments because of the shorted life of the loan. A 15 year fixed conventional mortgage currently has a 3.625 percent mortgage rate and an APR of 3.972 percent.
Other popular fixed rate mortgages include jumbo and FHA home loans. A 30 year fixed FHA mortgage has a 4.000 percent mortgage rate and a 5.178 percent APR. A 30 year fixed jumbo mortgage has a 5.000 percent mortgage rate and a 5.203 percent APR. A 15 year fixed jumbo mortgage has a considerably lower mortgage rate of 4.000 percent and a 4.349 percent APR.
Current mortgage rates are changing constantly; all rates were quoted on August 2, 2010 at 9:35 a.m.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.125% | 4.323% |
| 20 Year Fixed Conventional | 4.000% | 4.273% |
| 15 Year Fixed Conventional | 3.625% | 3.972% |
| 30 Year Fixed FHA | 4.000% | 5.178% |
| 30 Year Fixed Jumbo | 5.000% | 5.203% |
| 15 Year Fixed Jumbo | 4.000% | 4.349% |
For more information on all of the mortgage products available at Total Mortgage call 877-868-2503 to speak with a licensed mortgage expert immediatly!
*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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