Refinance Mortgage Rates for January 26, 2011

Mortgage rates posted at Total Mortgage are some of the lowest in the industry. With mortgage rates still near historic lows, homeowners have continued to take advantage of the low rates to refinance their existing mortgage loans and lower their mortgage payments and save over the long run. If you are someone who is looking to refinance your home loan, grab the low rates before they are gone. Mortgage rates are very volatile, and rates may increase tomorrow.

Homeowners often choose to refinance for many reasons. The most common would be to lower their current mortgage rates and hence reduce their monthly mortgage payments. Homeowners can also transfer their mortgage from an adjustable rate mortgage to a fixed rate mortgage. This way they can avoid any increase in rates in adjustable rate mortgages and enjoy a fixed rate for the life of loan. Homeowners can also shorten the length of their mortgage loan by opting to refinance their current mortgage loan. For instance, if a homeowner currently has a 30 year fixed rate mortgage and wants to be debt free faster and has the ability to cover the higher mortgage payments, they can switch to a shorter mortgage term such as the 20 year fixed rate mortgages or the 15 year fixed rate mortgages.

Currently at Total Mortgage, a 30 year fixed rate mortgage is available to borrowers at a low rate of 4.375% and 4.581% APR. A 15 year fixed rate mortgage is available at a 3.750% interest rate and 4.106% APR.

A 30 year fixed FHA mortgage is available at a 4.375% rate and 5.775% APR. A 5/1 adjustable rate mortgage (ARM) conforming mortgage is available at a 2.750% rate and 3.122% APR.

If you would like to get more information on refinancing and want to explore your options, please call 877-868-2503 to speak with one of our mortgage experts today.

Mortgage rates are always changing. All rates were quoted at 11:00 A.M., on January 26, 2011.

*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.