For most of last week mortgage rates remained relatively stable, gaining a little, and then giving it back as the mortgage backed securities market fluctuated. This was a welcome pause from a pattern of volatility that has been in effect for most of the summer and fall. If you are trying to refinance your home, now is an excellent time to take advantage of low rates to cut your monthly payments. If you are looking to buy a new house, Total Mortgage can help you get pre-approved for a home loan with just a brief phone call. To speak with one of our licensed loan officers now, call us at 877-868-2503. Lower payments could await.
Some of Our Rates and Products*:
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 3.875% | 4.027% |
| 15 Year Fixed Conventional Mortgage | 3.250% | 3.517% |
| 30 Year Fixed FHA Mortgage | 3.750% | 5.092% |
| 30 Year Fixed Jumbo Mortgage | 4.875% | 4.992% |
| 5/1 Conforming ARM Mortgage | 2.500% | 2.951% |
| 5/1 Jumbo ARM Mortgage | 2.750% | 3.038% |
***Mortgage rates are always in flux. The below rates were quoted at 1:06 P.M., on October 24, 2011. Call 877-868-2503 for more details.***
Today’s Links:
LA Times: Obama administration ramps up mortgage refinancing effort.
Washington Post: Obama’s efforts to aid homeowners, boost housing market fall far short of goals.
WSJ: Twelve questions on Obama’s refi plan.
Reuters: Whither BofA MBS deal: can banks walk if case stays with Pauley?
Felix Salmon: The murky world of student-loan statistics.
NY Times: In a gloomy economy, TV sitcoms are making a comeback. This is unrelated to anything else, but Bill Carter’s articles are usually interesting.
Slate: You have to admit it’s getting better. I’m really far from convinced the economy is improving.
The Big Lead: It’s all connected: an overview of the Euro crisis. Links to a giant chart from the NY Times that explains what is going on in Europe pretty well.
Housing Wire: New MBS reports increase transparency for market participants.
Federal Reserve Bank of New York: The national and regional economic outlook. In which problems in the housing market are deemed “a serious impediment to a stronger economic recovery”.
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal 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, $400 appraisal 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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