As of July 28th, 2010 Total Mortgage is offering some of the lowest mortgage rates in the mortgage industry. Total Mortgage offers an array of mortgage products, but one of the most popular products is the 30 year fixed conventional mortgage. 30 year mortgages are so popular because they offer significantly lower monthly payments than home loans with longer terms, like 15 and 20 year loans.
The current mortgage rate for a 30 year fixed conventional mortgage is 4.125 percent and has a 4.323 percent APR. A 15 year fixed conventional has a 3.625 percent mortgage rate (3.972 percent APR) and a 20 year has a 4.000 percent rate (4.273 percent APR).
Adjustable rate mortgages (ARM) are becoming increasingly popular because they offer very low interest rates in the beginning, but it should be known that the rates will become variable after the initial fixed period. Some of the most popular ARM’s are 5/1 jumbo and conforming. A 5/1 conforming ARM currently has a 3.000 percent rate and a 3.481 percent APR. A 5/1 jumbo ARM has an adjustable mortgage rate of 3.625 percent and a 3.657 percent APR.
Mortgage rates fluctuate constantly; all rates were quoted on July 28th at 10:25 a.m.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.125% | 4.323% |
| 20 Year Fixed Conventional | 4.000% | 4.273% |
| 15 Year Fixed Conventional | 3.625% | 3.972 |
| 5/1 Conforming ARM | 3.000% | 3.481% |
| 5/1 Jumbo ARM | 3.625% | 3.657% |
For more information on our current mortgage rates call 877-868-2503 to speak with a licensed mortgage professional today!
*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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