It’s Thursday, happy St. Patrick’s Day! Before you go grab a green bagel, check out the low mortgage rates that we have posted at Total Mortgage this morning. The events in Japan and the Middle East have caused a flight to the safety of the bond market, driving down yields and taking mortgage rates with them. If you missed out on refinancing last fall, now might be your opportunity. If you are considering purchasing a home this Spring or Summer, you might want to consider getting pre-approved for a home loan. To begin the pre-approval process, or to learn more about our rates or products, call one of our licensed loan professionals today at 877-868-2503.
On this day in 1762 the first NYC St. Patrick's Day parade occurred. Boston actually held the first St. Patrick's Day parade in the world in 1737, but it was on March 18th.
News Roundup:
Home builders are cautiously optimistic about the spring home buying season.
The FTC is cracking down on foreclosure fraud.
Link of the Day:
If you have 15 minutes, read this article by the excellent Yves Smith on proposed mortgage modification programs.
Our Rates:
Fixed rate mortgages are the favored type of mortgage in the United States because they allow borrowers to lock in a low rate with no prepayment penalty, which means there is very little interest rate risk with a fixed mortgage. Qualified borrowers can get a 30 year fixed rate mortgage at a 4.625% mortgage rate with 4.746% APR. A 15 year fixed rate mortgage is available at a 3.875% interest rate and 4.081% APR.
FHA mortgages are an increasingly important source of financing as credit and underwriting standards become tighter. FHA mortgages also feature a low (3.5%) downpayment requirement that makes them attractive to first tuime home buyers. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.500% interest rate and 5.799% APR.
Adjustable rate mortgages can offer potentially huge monthly savings compared to traditional fixed mortgages. Many who missed out on refinancing at last fall’s historically low rates are opting to refinance with ARMS. Those who qualify can get a 5/1 conforming ARM at a rate of 3.125 percent and a 3.180 percent APR.
Jumbo mortgages are larger loan amounts that are generally associated with luxury homes or houses in high-priced areas. The threshold at which a mortgage is considered a jumbo loan varies by locality and is between $417,000 and $729,750. Presently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.250% and 5.369% APR and a 15 year fixed jumbo mortgage at a 4.125% rate and 4.197% APR.
Mortgage rates are always changing. All rates were quoted at 8:30 A.M., on March 17, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.625% | 4.746% |
| 15 Year Fixed Conventional | 3.875% | 4.081% |
| 30 Year Fixed FHA | 4.500% | 5.799% |
| 30 Year Fixed Jumbo | 5.250% | 5.369% |
| 5/1 Conforming ARM | 3.125% | 3.180% |
| 5/1 Jumbo ARM | 3.125% | 3.338% |
For more information on our current mortgage rates and mortgages products call 877-868-2503 today, to speak with a licensed mortgage professional.
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