Low Fixed Rate Mortgages at Total Mortgage Provide Opportunities for Refinancing

Bankrate published its weekly national survey today. According to the survey 30 year fixed rate mortgages and 15 year fixed rate mortgages saw an increase in rates.  The 30 year-fixed rate mortgage increased by 13 basis point to 4.71 percent and  the 15 year fixed rate mortgage also increased to 4.07 percent. With mortgage rates on the rise, borrowers are holding off on refinancing their mortgages. This was depicted in the weekly survey done by the Mortgage Bankers Association that reported that rates are rising while refinancing activities are on the decline. Because of the present economic conditions, borrowers now are more cautious about their options.

Mortgage rates offered at Total Mortgage are considerably low when compared to most lenders nationwide. Borrowers can still access low mortgage rates at Total Mortgage and find opportunities for refinancing their existing mortgage rates and lowering their monthly mortgage payments. Refinancing can help homeowners save in many ways. Refinancing makes it possible for borrowers to refinance from their existing higher rate to a current low mortgage rate. While refinancing can be beneficial in many instances, refinancing with a rate not lower than 2 points from your current mortgage rate is more often not worth it. Homeowners with adjustable rate mortgages can refinance to a fixed rate mortgage and enjoy a fixed rate throughout the life of the loan. They can also shorten the length of their mortgage term by refinancing to shorter term mortgages such as from a 30 year fixed rate mortgage to a 15 year fixed rate mortgages. This may increase the monthly mortgage payments; however 15 year fixed rate mortgages usually have lower interest rates and borrowers can build home equity faster and above all be debt free faster. If you have decided to refinance, it is always good to update yourself with the current mortgage rates and always shop around and speak with a mortgage expert to get the best advice regarding your situation.

Currently at Total Mortgage, a 30 year fixed rate mortgage is available at a 4.000 percent mortgage rate and 4.201 percent APR. The 15 year fixed rate mortgage is available at a 3.250 percent rate and 3.601 percent APR.

For more information on refinancing and our current mortgage rates, please call 877-868-2503 to speak with a licensed mortgage professional today.

Mortgage rates are always changing. All rates were quoted at 11:00 A.M., on December 2, 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.