15 Year Fixed Rate Mortgages at 3.750% Interest Rate

Fixed rate mortgages have always been one of the most favorite home loans of borrowers in the U.S. Fixed rate mortgages give borrowers the comfort of a low rate which is stable for the life of the loan. They are often considered worry free mortgage loans, as borrowers do not have to worry about their rates fluctuating like adjustable rate mortgages or their mortgage rates rising when rates increase. However if mortgage rates decline significantly borrowers can refinance their existing home loan and lock in the low rates.

There are different kinds of fixed rate mortgages depending on the length of the mortgage term such as 30 year fixed rate mortgages, 20 year fixed rate mortgage and 15 year fixed rate mortgages.

15 year fixed rate mortgages are available to qualified borrowers at Total Mortgage at a 3.750% interest rate with 4.106% APR. Rates for 15 year fixed rate mortgages are often lower than 30 year or 20 year fixed rate mortgages. Because of the shorter length of the mortgage loan, often mortgage payments are higher with 15 year fixed rate mortgages. These types of mortgages are usually suitable for borrowers who want to be debt free faster and can bear higher payments.

Often many borrowers favor 30 year fixed rate mortgage to 15 year fixed rate mortgages. Rates for 30 year fixed rate mortgage are often higher compared to 15 year fixed rate mortgages. However because of the longer loan term mortgage payments are lower and more affordable. Currently, at Total Mortgage 30 year fixed rate mortgages area available at a 4.375% rate and 4.581% APR. A 20 year fixed rate mortgage is available at a 4.250% mortgage rate and 4.532% APR.

For more information on fixed rate mortgage and our current mortgage rates, please call 877-868-2503 to speak with a licensed mortgage professional.

Mortgage rates are always changing. All rates were quoted at 12:15 P.M., on February 4, 2011.

*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.