Extreme volatility in the financial markets over the past two weeks or so has prompted a cascading effect that caused mortgage rates to fall below last fall’s all-time lows.
The 30-year fixed rate mortgage is the most popular type of mortgage in the United States. There are many reasons for this, but one of the primary reasons is that these mortgages generally do not have prepayment penalties, so if mortgage rates drop you can refinance at any time (assuming that you qualify for a new mortgage). Due to this feature, the bulk of the interest rate risk inherent to any loan is transferred to the lender.
Another nice feature to 30-year fixed mortgages is that they have relatively affordable monthly payments. While the borrower pays far more interest on the principal over the life of the loan than with a shorter term fixed rate mortgage (such as a 10- or 20-year loan), affordable monthly payments make these loans attractive.
Today we are offering 30-year fixed-rate mortgages at a rate of 4.125% with an APR of 4.279%*. Click here to apply for this low rate.
Since 1997 Total Mortgage has been helping responsible people make their homeownership dreams come true. We want to be your mortgage partner. For a free consultation with one of our licensed mortgage professionals, call us today at 877-868-2503. Start your future today!
Mortgage rates are always changing. All rates were quoted at 10:15 A.M., on August 19, 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.
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