Today’s 15 Year Fixed Rate Mortgage at Total Mortgage

Currently Total Mortgage is offering some of the lowest mortgage rates to borrowers across the country. At Total Mortgage a 15 year fixed rate mortgage is available at a 3.250 percent interest rate with a 4.028 percent APR. These rates are among some of the lowest fixed rate mortgages in the mortgage industry.

Fixed rate mortgages have always been popular mortgage loans among borrowers. Among many advantages of fixed rate mortgages, the most appealing is its consistent rate throughout the life of the loan. Unlike borrowers with adjustable rate mortgage that adjusts after a certain time, borrowers opting for fixed rate mortgage do not have to worry about their rate increasing if mortgage rates rise. Also, monthly mortgage payments are considerably lower compared to other mortgage loans.

There are a number of fixed rate mortgages depending on the length of the mortgage terms, such as the 30 year, 20 year and 15 year fixed rate mortgages. Many borrowers opt for 30 year fixed rate mortgage for its low monthly payment even though it may have a slight higher rate when compared to the 20 year and 15 year fixed rate mortgages.  This is because the loan payment is spread over the 30 years making the payments more affordable. Many borrowers also decide on a 15 year fixed rate mortgage because of its lower interest rate compared to a 30 year fixed rate mortgage. However with a 15 year fixed mortgage, the monthly payments could be quite higher than with a 30 year mortgage. Because of the shorter mortgage term, with a 15 year fixed rate mortgage, borrowers can be debt free faster as well as earn home equity quicker.

At Total Mortgage, a 30 year fixed rate mortgage is available at a 3.750 percent mortgage rate and a 3.941 percent APR. Along with fixed rate mortgages, many borrowers choose other various mortgage loans such as adjustable rate mortgages (ARM), jumbo mortgages and the FHA mortgages. A 5/1 ARM conforming mortgage is available at 2.375 percent and 2.991 percent APR, a 15 year fixed jumbo mortgage is available at a 3.625 percent interest rate and a 3.971 percent APR, and a 30 year fixed FHA mortgage is available at a 4.000 percent rate with a 5.483 percent APR.

For more information on our mortgage products and mortgage rates please call 877-868-2503 to speak with a mortgage expert today.

Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on November 10, 2010.

*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.