Current Mortgage Rates at Total Mortgage for Tuesday October 12, 2010

I hope a lot of you enjoyed a long Columbus Day weekend.  Before you catch up on all your unread emails, take some time to check out the low mortgage rates we have made available at Total Mortgage today. Rates dropped over the weekend and are some of the lowest we have ever offered.

News Roundup:

The economic calendar is fairly light today.  There are several bond auctions and a speech by everyone’s favorite Fed dissenter, Thomas Hoenig.  We will get to see the minutes from the last FOMC meeting, and they may shed a little light onto the mindset of our central bankers.

Mortgage rates hit all time lows again last week, according to surveys from both Freddie Mac and Zillow.  Freddie Mac found the average rate on a 30 year fixed rate mortgage to be 4.27 percent, while Zillow had the rate at 4.16 percent.  Differences in survey methodology account for the slightly different figures.

Today’s required reading is a blog post by Barry Ritholtz about foreclosure fraud and property rights.  It gives you a pretty good overview of why so many people are up in arms about the foreclosure mess, and why it is such a big deal.

Our Rates:

One great way to take advantage of record low rates is to lock in a fixed rate mortgage.  15 and 30 year fixed rate mortgages offer consistent interest and principal payments over the life of the loan.  This makes them good for those on a fixed budget or income who want to be able to plan out all expenditures in advance.  30 year fixed rate mortgages are available to qualified buyers at 3.750 percent with a 3.941 percent APR. A 15 year fixed rate mortgage is available at 3.25 percent with an APR of 3.602 percent.

For some borrowers, an adjustable rate mortgage (ARM) is an even better way to save money on monthly payments. ARMs offer incredibly low initial rates compared to fixed rate mortgages, although it is important to be aware these rates can increase after a set period of time.  A 5/1 conforming ARM is available with a 2.375 percent mortgage rate and a 2.991 percent APR. A 5/1 jumbo ARM has a rate of 3.250 percent and a 3.291 percent APR.

Among our most popular mortgages at Total Mortgage are FHA mortgages. FHA insured mortgages comprised nearly 40 percent of all mortgages originated in the United States in 2009.  This increased popularity is due to somewhat looser underwriting qualifications for FHA mortgages than other mortgages and lower down payment requirements than other sources of financing.  FHA mortgages only require a 3.5 percent down payment, far less than the 20 percent that is generally required by other banks. Qualified borrowers can get 30 year fixed FHA mortgages at 4.000 percent with a 5.483 percent APR.

Mortgage rates change all the time. These rates were quoted as of 8:48 am on October 12, 2010.

For a complete list of Total Mortgage’s current mortgage rates and mortgages products call 877-868-2503 immediately, to speak with a licensed mortgage professional.

*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.