Total Mortgage may be able to save you a lot of money on your monthly home payments. Mortgage rates have been on the decline for two months, driven by the uncertain economic future, debt troubles in Europe and a potential slowdown in China. If you currently own a home, you may be able to save by refinancing. If you are thinking about purchasing a home, now may be the time to take the plunge and lock a low rate. To begin our free mortgage pre-approval process, or to find out more about our rates and products, call one of our licensed mortgage officers today at 877-868-2503. Lower payments may only be a phone call away.
On this day in 1938, Joe Louis beat Max Schmeling for the second time. He won by TKO in the first round.
Today’s Links:
Mortgage applications were down again according to the MBA.
A graphical depiction of the decline of home prices since 2006.
Lobbyists and politicians are still claiming 30 year mortgages will disappear without a government guarantee. This is likely a scare tactic.
Boston homeowners are preparing for more price declines.
Will the Fed change policy today?
Our Rates and Products:
Fixed rate mortgages are approaching the all-time lows that were established last Fall. 30 year fixed rate mortgages are available today for qualified borrowers starting at the rate of 4.250% with an APR of 4.365%. 15 year fixed rate mortgages are going at a rate of 3.500% with an APR of 3.700%.
Adjustable rate mortgages offer large monthly savings compared to fixed rate mortgages. If you are only going to be in your home for a short amount of time, a ARM may be for you. 5/1 ARMs are available at a rate of 2.750% and an APR of 2.595%.
The rates on jumbo mortgages are lower now than they have been for quite some time. 30 year fixed rate jumbo mortgages start at 5.125% with an APR of 5.228%. A 5/1 Jumbo ARM starts at 2.750% with and APR of 2.595%.
FHA mortgages are often utilized by first time home buyers who have good credit but not a lot for a down payment. 30 year fixed FHA mortgages are available at a rate of 4.250% with a 5.563% APR. Minimum down payments start at just 3.5%.
***Mortgage rates are always changing. All rates were quoted at 1:07 P.M., on June 22, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.250% | 4.365% |
| 15 Year Fixed Conventional Mortgage | 3.500% | 3.700% |
| 30 Year Fixed FHA Mortgage | 4.250% | 5.563% |
| 30 Year Fixed Jumbo Mortgage | 5.125% | 5.228% |
| 5/1 Conforming ARM Mortgage | 2.750% | 2.595% |
| 5/1 Jumbo ARM Mortgage | 2.875% | 2.797% |
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal 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, $400 appraisal 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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