Mortgage rates at Total Mortgage are currently amongst the lowest rates in the United States. These low mortgage rates have created great opportunities for borrowers to consider either buying a new home or refinancing an existing mortgage. Both of these can be done with one of Total Mortgage’s excellent mortgage products.
Amongst some of the most popular mortgages at Total Mortgage are fixed rate mortgages. A 30 year fixed conventional mortgage has a 4.125 percent mortgage rate and a 4.323 percent APR. A 15 year fixed conventional mortgage has a considerably lower mortgage rate of 3.625 percent and a 3.972 percent APR. While a 15 year offers low mortgage rates it also will have slightly higher monthly payments.
A 30 year fixed FHA mortgage, which is insured by the Federal Housing Administration, has a 4.000 percent mortgage rate and a 5.178 percent APR. A 30 year fixed jumbo mortgage has a 4.875 mortgage rate and a 5.098 percent APR.
Adjustable rate mortgages have very low initial mortgage rates but it is important to realize that those rates will eventually begin to fluctuate based upon certain market conditions and indexes. A 5/1 conforming ARM currently has a 2.875 percent mortgage rate and a 2.638 percent APR. A 5/1 jumbo ARM has a mortgage rate of 3.625 percent mortgage rate and a 3.657 percent APR.
Current mortgage rates are constantly changing. All mortgage rates were quoted at 9:35 a.m. on August 12, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.125% | 4.323% |
| 20 Year Fixed Conventional | 4.000% | 4.273% |
| 30 Year Fixed FHA | 4.000% | 5.178% |
| 30 Year Fixed Jumbo | 4.875% | 5.098% |
| 15 Year Fixed Jumbo | 4.000% | 4.349% |
| 5/1 Conforming ARM | 2.875% | 2.638% |
| 5/1 Jumbo ARM | 3.625% | 3.657% |
For more information on all of the mortgage products available at Total Mortgage call 877-868-2503 to speak with licensed mortgage expert immediately!
*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.
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