Well it is Wednesday already. Time flies when you are having fun writing about mortgage rates! I’m sure you have a busy day lined up, but take a couple minutes away from your work to take a look at the low mortgage rates that we are able to post today. Although rates are up slightly, we are still posting some of the best rates in the industry, frequently beating the national average. Total Mortgage might be able to save you money on your home purchase or mortgage refinancing today.
On this day in 2004, the Boston Red Sox won their first world series title in 86 years.
News Roundup:
Three home price indices have come out over the last week or so, and all have shown some degree of decline in housing prices. Clear Capital‘s report showed prices declining 6 percent over the last two months. S&P Case Shiller showed signs of price deterioration in 17 of 20 markets surveyed in August, July, and June, and CoreLogic showed a 1.5 percent decline from August 2009 to August 2010. Although the reports differ in methodoloy (and thus have different results), all are showing downward pressure on home prices for the foreseeable future.
Yesterday the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) issued a quarterly report on TARP for Congress. They blasted TARP and the Home Affordable Modification Program (HAMP), saying in essence that the programs are opaque, lacking clearly defined goals and metrics, and often times not working. It is quite blunt in its assessment.
Now that I’ve hit you with a bunch of bad news, here’s a funny link for today: The Hawaii Chair. Bear in mind this is a real product.
Our Rates:
Our fixed rate mortgages are the most popular mortgage product we sell. Many people are taking advantage of all-time low rates by locking them in for the long term. Depending upon your budget, a 30, 20, or 15 year fixed mortgage may be an ideal way for you to save money. 30 year fixed rate mortgages are available to qualified buyers at 3.75 percent with a 3.941 percent APR. A 15 year fixed rate mortgage is available at 3.25 percent with an APR of 3.602 percent.
For the past couple of years, the jumbo mortgage market has been on life support. Lack of private investment capital and extremely stringent underwriting requirements made it nearly impossible for most people to get a jumbo mortgage. Now that conditions have eased a little, jumbo mortgages are more readily available. A 30 year fixed jumbo mortgage can be had at a rate of 4.875 percent with an APR of 5.082 percent, while a 15 year jumbo mortgage is available at 3.625 percent with an APR of 3.971 percent.
Another product that is favored by many lenders, particularly first time home owners, is the FHA mortgage. FHA mortgages comprised nearly 40 percent of all mortgages originated in the United States in 2009. The increase popularity of FHA mortgages is largely due to the fact that they only require a 3.5 percent down payment, compared to 20 percent or more with a traditional mortgage. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.000 percent with a 5.483 percent APR.
Still another product that is good for some people is the adjustable rate mortgage (ARM). Although adjustable rate mortgages have been maligned in the media, they can provide huge savings for borrowers who are going to be in their house for the short term or those who watch the markets and understand interest rate risks. ARMs offer some of the lowest starting interest rates of any kind of mortgage. A 5/1 conforming ARM is available with a 2.375 percent mortgage rate and a 2.991 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.250 percent and a 3.291 percent APR. There is some inherent risk in an ARM, so they are not appropriate for all borrowers. You should always consult a mortgage expert before entering into any sort of mortgage agreement, ARM or otherwise.
Mortgage rates change all the time. These rates were quoted as of 8:40 am on October 27, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 3.750% | 3.941% |
| 30 Year Fixed FHA | 4.000% | 5.483% |
| 30 Year Fixed Jumbo | 4.875% | 5.082% |
| 5/1 Conforming ARM | 2.375% | 2.991% |
| 5/1 Jumbo ARM | 3.250% | 3.291% |
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.
Loading ...
RSS feed for comments on this post.
Leave a comment