Quicken Loans, the Michigan based mortgage company, is currently offering a mortgage rate of 4.750% (with APR 4.842%) on a 30-Year Fixed Mortgage, with borrowers paying no points. Total Mortgage has unveiled their mortgage rates this morning; their mortgage rate for a 30-Year Fixed Mortgage is 4.625% (with APR 4.656%), with borrowers paying no points.
When comparing the two products, Total Mortgage is offering the same product with a lower mortgage rate by .125%. On a loan amount of $300,000, with a 20 percent down payment, over the life of the loan, that equals a saving of $6,487.20.
| Loan Type | Quicken Loans | Total Mortgage |
|---|---|---|
| 30-Year Fixed | 4.75% | 4.625% |
| 15-Year Fixed | 4.125% | 4.0% |
| 5/1 ARM | 3.875% | 3.5% |
| 30-Year Fixed FHA (1 Point) |
4.375% | 4.625% |
Note: Current mortgage rates change each business day and often multiple times throughout the course of a day. All rates were quoted from www.moneycentral.msn.com at 9:30 a.m. (EST) on Thursday, June 24, 2010.
*All rates are calculated with zero point fees unless otherwise noted
*All rates are calculated for the state of Connecticut
Similarly, for a 15-Year Fixed Mortgage, Total Mortgage is offering a current mortgage rate of 4.000 percent with no points, and the 5/1 ARM is 3.500 percent with no points. The current mortgage rate for a 30-Year Fixed FHA at Total Mortgage is 4.625, with borrowers paying a 1-point fee.
According to HSH Associates Financial Publishers the national average for current mortgage rates on 30-Year Fixed Mortgages is 5.11%, one 15-Year Fixed Mortgage the national average is 4.46%.
To take advantage to these low rates being offered at Total Mortgage call, 877-868-2503 and speak to a licensed mortgage professional right now!
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