Current Mortgage Rates Higher Today

It is no secret that mortgage rates have been at historic lows. But rates can go up and no one can predict when. Current mortgage rates at Total Mortgage have slightly climbed up but are still considerably low. If you are a home buyer considering  purchasing a house or a homeowner considering refinancing your current mortgage rate to a lower mortgage rate to reduce your monthly mortgage payments, now is the right time to do so before rates go even higher.

There are various kinds of mortgage products available at Total Mortgage to meet every borrower’s needs. One of the most common mortgage products are the fixed rate mortgages. In a recent news release, Freddie Mac announced that fixed rate mortgages were the leading choice of refinancing borrowers. Fixed rate mortgages have been popular because of their consistent rates throughout the life of the loan. Fixed rate mortgages have predictable monthly mortgage payments making it easy for borrowers to plan their finances. Also monthly mortgage payments are considerably lower compared to most mortgage loans. Currently, at Total Mortgage a 30 year fixed conventional mortgage is available at a 4.125 percent interest rate and 4.328 percent APR. A 15 year fixed rate mortgage is available at a 3.500 percent rate and 3.854 percent APR.

Another popular mortgage loan is the FHA mortgage which is insured by the Federal Housing Administration. FHA mortgages are popular among first time homebuyers for their fixed rate for the life of the loan, a low down payment of 3.5 percent of the total purchase price of the property and also more flexible mortgage requirements. A 30 year fixed FHA mortgage is currently offered at a 4.000 percent interest rate and 5.419 percent APR. Many borrowers opt for adjustable rate mortgages (ARM) for purchasing or refinancing activities. Adjustable rate mortgages, unlike fixed rate mortgages, have variable rates after a certain predefined period. In the initial period mortgage rates are considerably lower and after that period has elapsed rates will adjust depending on the market conditions. A 5/1 ARM conforming mortgage is available at a 2.625 percent interest rate with a 3.069 percent APR. With the 5/1 ARM conforming mortgage loan, qualified borrowers can enjoy a low fixed rate of 2.625 percent for the first 5 years of their loan and then the rates adjust annually unless the homeowner decides to refinance.

Borrowers may require jumbo mortgage loans if their mortgage loan exceeds the conforming loan limits set by Freddie Mac and Fannie Mae. The conforming loan limit for most locations of the country is $417,000 while for some high cost areas the limit is $729.750. Any loans above these conforming loan limits are considered jumbo mortgage loans. A 30 year fixed jumbo mortgage loan is available at a 4.750 percent rate and a 4.995 percent APR and a 15 year fixed jumbo mortgage is available at a 3.625 percent interest rate and a 3.970 percent APR.

If you have been considering purchasing a property or refinancing your existing mortgage and would like to get more information on mortgage rates or mortgage products, please call 877-868-2503 to speak with one of our mortgage experts.

Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on November 16, 2010.

*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.