Low FHA Mortgage Rates Available at Total Mortgage

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Survey this morning. According to the survey, mortgage loan application volume was down 5.3 percent from the previous week. The refinance index was down 6.4 percent compared to last week, whereas there was a slight increase in the purchase index. The purchase index was up by 1.4 percent from the earlier week. Also, the average interest rate for the 30 year fixed rate mortgage increased to 4.28 percent from the precious week’s 4.25 percent. Similarly, a decrease was depicted in the 15 year fixed rate mortgage at 3.64 percent from 3.67 percent from last week.

Mortgage rates are still considerably low, making it an attractive time for refinancing and purchasing activities. Many borrowers have taken advantage of the low rates to refinance their existing mortgage to reduce their monthly payments as well as buy houses to secure the low rates.

Total Mortgage offers a variety of mortgage products at some of the lowest mortgage rates in the industry. If you are a first time homebuyer or homeowner who may not be able to meet the criteria for conforming loans, FHA mortgage loans could be good option. FHA mortgages are loans backed by the Federal Housing Administration and designed for borrowers unable to meet the strict requirements for standard loans. In addition to this, FHA loans have more flexible loan requirements and lower down payments usually 3.5 percent of the loan amount.

Currently, Total Mortgage is offering a 30 fixed FHA mortgage at a 4.000 percent interest rate and 5.483 percent APR. Also, a 30 year fixed rate mortgage is available at a 3.750 percent rate and 3.941 percent APR, a 15 year fixed rate mortgage is available at 3.250 percent and 3.602 percent APR, and a 15 year fixed jumbo mortgage is available at a 3.625 percent rate and 3.971 percent APR.

For more information on our mortgage rates and products, please call us at 877-868-2503 to speak with a licensed mortgage professional immediately!

Mortgage rates are always changing. All rates were quoted at 11:00 A.M., on November 3, 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.