You can relax, because its Friday and the weekend is almost here. Take a break from your planning your weekend to look at the mortgage rates that are available at Total Mortgage today. The weather is getting warmer (well, in some places anyway), and the spring home buying season is almost here. If you’re considering buying a home this spring, now would be a great time to start the free pre-approval process for a home loan at Total Mortgage. Getting pre-approved shows buyers that you are both credit-worthy and serious about buying a home. Give us a call today at 877-868-2503 to speak with one of our licensed loan officers about pre-approval, or our rates and products.
On this day in 1634, the first European settlers landed in Maryland.
News Roundup:
Fewer FHA loans are going bad.
Retiring baby boomers could cause a spike in home renovations.
According to Freddie Mac, mortgage rates were up slightly last week.
Our Rates:
FHA mortgages have become exceedingly popular as tighter credit and underwriting guidelines have made it tough to qualify for a traditional mortgage. FHA mortgages are offered to qualified borrowers at a 4.500% interest rate and 5.799% APR.
Adjustable rate mortgages are making a comeback after falling to just 3% of new mortgage originations just a few years ago. ARMs are available to qualified borrowers at a rate of 3.125 percent and a 3.180 percent APR.
Jumbo mortgages are those larger mortgages that do not qualify for purchase by Freddie Mac or Fannie Mae. They are loans in excess of $417,000 to $729,750 depending upon location. Qualified borrowers can get jumbo mortgages starting at 5.250% and 5.369% APR for a 30 year fixed jumbo, and a 15 year fixed jumbo mortgage is at a rate of 4.125% with a 4.197% APR.
Fixed rate mortgages are the most common type of mortgage in the United States because they combine relatively low monthly payments with minimal interest rate risk from the buyer. FRMs are available to qualified borrowers 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.
Mortgage rates are always changing. All rates were quoted at 8:31 A.M., on March 25, 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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