Mortgage Rates Still Down As Home Loan Demand Wanes

Current mortgage rates continue to hover at 2010 low points today and the National Mortgage Bankers Association reports mortgage purchase applications fell to their lowest level in 13 years last week.

The primary reason for the recent dearth of applications is the expiration of the first-time home buyer and repeat home buyer tax credit, which ended on April 30. Most people who have been in the market for a home purchase in recent months scrambled to beat the tax credit deadlines.

Nonetheless, the low rates still make this an opportune time for home buyers who are still in the market to purchase a new home, or are considering refinancing their existing mortgage.

Total Mortgage Services, LLC currently has the 30-year fixed conventional mortgage at 4.375 percent, the 20-year fixed at 4.250 and the 15-year fixed at 3.875 percent. The 30-year fixed FHA sits at 4.375 percent. These are the lowest rates of 2010.

The 30-year fixed jumbo is at a 5.125 percent rate and the 5/1 ARM conforming mortgage is currently sitting at 3.000 percent.

Total Mortgage is listing some of the lowest current rates on 30-year fixed-rate mortgages, FHA mortgages, jumbo mortgages and adjustable-rate mortgages in the industry and originates loans in over 20 states. Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

As of 9:30 a.m. on May 20, 2010, the following rates were listed at Total Mortgage:

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.