It’s Sunday, I hope you’ve been enjoying the exciting tournament games this weekend. Mortgage rates are up since they hit their all-time lows last fall, but are still significantly lower than the historical average. If you’re considering purchasing a home or refinancing your current mortgage, now may be the time to lock a low rate. To get pre-approved for a home loan, or to speak with one of our licensed mortgage professionals about our current rates or products, call us today at 877-868-2503.
On this day in 1794, The United States established a permanent navy.
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 8:38 A.M., on March 27, 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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