30-Year Fixed-Rate Mortgages Still at 3.875%

Mortgage rates trended upward for much of the past two weeks on stronger than expected economic reports and hopes that the Europeans would find a solution for their debt problems (generally speaking, mortgage rates fall on bad news and rise on good news).  Although I expect rates to fluctuate for the near future, there is a distinct possibility that rates have bottomed out and are on the rise.

The good news is that there is still time to lock in a historically low mortgage rate.  The 30-year fixed-rate mortgage is the most popular type of mortgage in the United States.  It combines the stability of consistent principal and interest payments with the ability to refinance at any time without penalty.  The ability to refinance effectively shifts the interest rate risk from the borrower to the lender (there is an argument that rates are higher than they would be if the ability to refinance were removed, that banks have already priced this risk into the cost of the loan, but that is a discussion for a different day).  If rates rise, the borrower is locked in at a low rate.  If rates fall, the borrower can refinance.

Today Total Mortgage is able to offer 30-year fixed-rate mortgages at the rate of 3.875% with an APR of 4.027%*.  There is no telling how long this rate will be available as markets have demonstrated extreme volatility over the past couple of months.

In order to take advantage of this low rate, call us today at 877-868-2503.  Our licensed mortgage professionals can help you get pre-approved for a home loan, and can advise you about our various rates and products.  Don’t hesitate, start saving money on your home payments today.

Mortgage rates are always changing. All rates were quoted at 2:10 A.M., on October 18, 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.