Today’s Current Mortgage Rates at Total Mortgage for Friday, September 24, 2010

On this day in 1896 F. Scott Fitzgerald was born. Total Mortgage can help you finance a home in East Egg or West Egg.

It’s Friday at at last!  The work week is just about over and the weekend is within your grasp.  Take a few minutes out of your busy morning to see how Total Mortgage can save you money today.  We use state of the art in house processing and underwriting to bring our customers some of the lowest mortgage rates in the industry.

This week the Federal Reserve Open Market Committee stated that it is going to maintain its zero interest rate policy for the coming future. The zero interest rate policy, in conjunction with market forces and Fed asset purchases, has served to keep mortgage rates close to historic lows for more than a year.

The reaction to the continuation of zero interest rate policy and the possibility of further quantitative easing was that mortgages and bonds rallied and mortgage rates fell. A Zillow survey determined that the average rate on a 30 year fixed mortgage hit a new all-time low of 4.25 percent last week.  Mortgage rates will remain volatile for the foreseeable future, but now is an excellent time to lock in a historically low rate.

One way to take advantage of these low rates is with an adjustable rate mortgage (ARM).  ARMs offer some of the lowest initial interest rates of any kind of mortgage.  Among our most popular ARM’s are 5/1 conforming and 5/1 jumbo ARMs. A 5/1 conforming ARM is available with a 2.75 percent mortgage rate and a 2.637 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.625 percent and a 3.657 percent APR.  Borrowers should be aware that there is an inherent interest rate risk with ARMs, and they are not suitable for all borrowers.  The mortgage rate on an ARM resets after a fixed period of time (usually five years).  You should always consult a mortgage expert before entering into any sort of mortgage agreement.

Another mortgage that has become extremely popular is an FHA mortgage.  FHA mortgages accounted for nearly 37 percent of all mortgages originated in the United States in 2009. One of the chief reasons for this is somewhat looser underwriting standards and lower down payment requirements than offered by traditional lenders. FHA mortgages only require a 3.5 percent down payment, far less than the 20 percent that is generally required by other banks. Qualified borrowers can get 30 year fixed FHA mortgages at 4.125 percent with a 5.293 percent APR.

Our other most popular mortgage is the Fixed rate mortgage. This is due to the stability it provides with consistent monthly payments and because of the ability to lock in a low mortgage rate for the long term. Current mortgage rates are at historic lows, and will rise in the long term. Many borrowers are taking the opportunity to shift the risk of rising interest rates to lenders and locking in a low payment in the meantime. 30 year fixed rate mortgages are available to qualified buyers at 4.0 percent with a 4.201 percent APR. We also make available 15 year fixed rate mortgage, which requires higher monthly payments but will save a borrower thousands of dollars in interest payments over the course of the mortgage. A 15 year fixed rate mortgage is available at 3.5 percent with an APR of 3.854 percent.

Mortgage rates change all the time. These rates were quoted as of 8:25 am on September 24, 2010.

For a complete list of Total Mortgage’s current mortgage rates and mortgages products call 877-868-2503 immediately, to speak with a licensed mortgage professional.

*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.