30 Year Fixed FHA Mortgage at 4.250% – Refinance Now and Save

The Mortgage Bankers Association (MBA) reported in its weekly Mortgage Survey this morning that mortgage applications were on the decline with rates climbing up. According to the survey, the average interest rate for 30 year fixed rate mortgages went up to 4.84 percent from its last week’s 4.66 percent. Also the 15 year fixed rate mortgage went up to 4.21 percent from 3.98 percent the previous week.

Mortgage rates are definitely climbing up, but Total Mortgage has continuously posted some of the best mortgage rates in the industry. Currently at Total Mortgage 30 year fixed conventional mortgages are available at a 4.375% rate with 4.581% APR and 15 year fixed rate mortgages are available at a 3.875% interest rate and 4.233% APR.

Along with fixed rate mortgages Total Mortgage also offers some of the finest rates for FHA mortgages. FHA fixed rate mortgages are similar to conventional fixed rate mortgages. Both mortgage loans have rates which are fixed throughout the life of the loans. However, FHA mortgages are insured by the Federal Housing Administration, have more lenient mortgage requirements and lower down payments when compared to other fixed rate mortgages.

FHA mortgages have a variety of refinancing options available. Borrowers can refinance from one FHA mortgage to another and lower their mortgage rates. They can also refinance with FHA Streamline refinance mortgages. FHA Streamline refinance programs require very less paperwork than other refinance programs and are available with low, competitive mortgage rates. Mortgage rates are still low, which make it a great time to consider refinancing to save money on the way with one of the FHA’s great refinancing options.

Currently, a 30 year fixed FHA mortgage is available to borrowers across the nation at a low 4.250% interest rate and 5.656% APR.

For more information on FHA mortgage loans or to get a custom rate quote, please call 877-868-2503 to speak with one of our mortgage experts today.

Mortgage rates are always changing. All rates were quoted at 1:30 P.M., on December 15, 2010.

*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.