Current mortgage rates remain at near-historic low levels this morning, including ARM mortgage rates which fell one-eighth of a point at Total Mortgage yesterday.
The 5/1 ARM conforming mortgage dropped from a 3.000 percent rate and 3.367 percent APR, to 2.875 percent and 3.323 percent, respectively. This is the lowest five-year ARM mortgage rate at Total Mortgage of 2010.
Other current mortgage rates at Total Mortgage see the 30-year fixed FHA at a 4.250 percent rate and 5.178 percent APR, and the 30-year fixed jumbo mortgage at a 5.125 percent rate and 5.336 percent APR.
With wild swings now commonplace in trading markets, along with increased borrowing costs at European banks, home buyers would be well advised to lock in these exceptionally low mortgage rates before they potentially go up.
Yesterday, the Dow hovered down more than 200 points, before a late-day surge allowed it to recoup almost all of its losses. Also Tuesday, consumer confidence rose for the third-straight month, and S&P/Case Shiller Home Price Index reported somewhat sobering homes sales data amidst what Robert Shiller calls “extraordinary uncertainty” in housing prices.
Additionally, three of the Fed’s 12 districts requested an increase in the Discount Rate from .75 percent to 1 percent, a move that would have further normalized the spread between the Discount Rate and Fed Funds. Also, the two-year Treasury note auction had strong demand yesterday despite registering about a basis point higher than the pre-auction market levels. Today, the five-year Treasury note auction will take place, followed by the seven-year note auction tomorrow.
Total Mortgage Services, LLC offers many of the lowest mortgage rates on 30, 20 and 15-year fixed-rate mortgages, and 5/1 and 1/1 ARM conforming mortgages. Current mortgage rates are regularly updated on Total Mortgage’s website, while daily insight and perspective is available at the Total Mortgage blog.
As of 9:45 am on May 26, 2010, the following rates were listed at Total Mortgage:
| Loan Type | Rate | APR |
|---|---|---|
| 30-Year Fixed Conventional | 4.375% | 4.583% |
| 20-Year Fixed Conventional | 4.250% | 4.535% |
| 15-Year Fixed Conventional | 3.875% | 4.236% |
| 30-Year Fixed FHA | 4.250% | 5.178% |
| 30-Year Fixed Jumbo Mortgage | 5.125% | 5.336% |
| 15-Year Fixed Jumbo Mortgage | 4.000% | 4.352% |
| 5/1 ARM Conforming Mortgage | 2.875% | 3.323% |
| 5/1 ARM Jumbo Mortgage | 3.500% | 3.265% |
| 1/1 ARM Conforming Mortgage (0 Points) | 3.150% | 3.922% |
| 1/1 ARM Jumbo Mortgage (0 Points) | 3.150% | 3.794% |
For a full list of mortgage rates and mortgage products visit TotalMortgage.com for additional information.
* 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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