Mortgage rates fell significantly yesterday as treasury bonds rallied on continuing fears of a European debt crisis. Stocks took a beating yesterday, a trend which could continue today. Although this is bad news for many investors, it is good news if you are looking for a new mortgage. Whether you are looking to refinance your mortgage or to purchase a new home, Total Mortgage may be able to help you save significant amounts of money on your monthly payments. For up to the minute rate quotes, product information, or to begin the mortgage pre-approval process, speak to one of our licensed loan officers today at 877-868-2503.
On this day in 1960, the first Etch-a-Sketch went on sale.
Today’s Links:
Shahien Nasiripour on the foreclosure fraud “investigation“. If true, this is really weak. Felix Salmon’s take on the same issue.
Yves Smith on the European debt crisis.
Adam Levitin: The Nevada Supreme Court affirms that you must prove the chain of title when foreclosing.
Partisan politics are holding up a possible deal on the debt ceiling. Shocking.
Unrelated to mortgages, but interesting nevertheless: Carl Bernstein on the continuing phone hacking scandal that threatens Rupert Murdoch’s media empire.
Our Rates and Products:
Fixed rate mortgages are extraordinarily popular because they provide a great deal of cost certainty over the life of the loan. 30 year fixed rate mortgages are available today for qualified borrowers starting at the rate of 4.375% with an APR of 4.491%. 15 year fixed rate mortgages are going at a rate of 3.625% with an APR of 3.825%.
Adjustable rate mortgages can provide huge monthly savings compared to fixed rate mortgages. For some borrowers, they can be a fantastic deal. 5/1 ARMs are available at a rate of 3.000% and an APR of 3.125%.
The rates on jumbo mortgages are lower than they have been in quite some time. 30 year fixed rate jumbo mortgages start at 5.125% with an APR of 5.228%. A 5/1 Jumbo ARM starts at 3.000% with and APR of 2.959%.
FHA mortgages are very popular among first time home buyers because of their 3.5% minimum down payment. 30 year fixed FHA mortgages are available at a rate of 4.250% with a 5.563% APR.
***Mortgage rates are always changing. All rates were quoted at 1:05 P.M., on July 12, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.375% | 4.491% |
| 15 Year Fixed Conventional Mortgage | 3.625% | 3.825% |
| 30 Year Fixed FHA Mortgage | 4.250% | 5.563% |
| 30 Year Fixed Jumbo Mortgage | 5.125% | 5.228% |
| 5/1 Conforming ARM Mortgage | 3.000% | 3.125% |
| 5/1 Jumbo ARM Mortgage | 3.000% | 2.959% |
* 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.
Loading ...
RSS feed for comments on this post.
Leave a comment