It’s Tuesday, so the most difficult day of the week is over. Take a break this morning (or afternoon) to take a look at the low mortgage rates we posted at Total Mortgage today. Market forces and global unpredictability have caused rates to bounce back and forth lately, but the long-term trend points to higher rates by the end of the year (Freddie Mac predicts rates will hit 5.5% in the fourth quarter). If you have yet to refinance your mortgage, or if you are looking to purchase a home this spring, now could be the time to lock a low rate. Call us today at 877-868-2503 to talk to one of our licensed mortgage professionals about pre-approval, rates, products and more.
Today’s News:
Pending home sales jumped unexpectedly.
Banks are warned against trading foreclosed properties.
Some states are pondering legislation that would eliminate the use of distressed properties as comparables for home appraisals.
Our Rates:
Adjustable rate mortgages are making a comeback as fixed mortgage rates increase. ARMs can potentially offer large monthly savings compared to fixed rate mortgages. There is some interest rate risk with an ARM, so they are generally good for those who only plan on staying in their house for the short term or those who can quickly pay off their mortgage. ARMs are available to qualified borrowers at a rate of 3.125 percent and a 3.180 percent APR.
Jumbo mortgages are larger loans (those over $417,000 to $729,750 depending upon locality) that are not eligible for purchase by Fannie or Freddie. As a result, they often come with higher interest rates than conforming loans. 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. 5/1 Jumbo ARMs are available at 3.125% and 3.180% APR.
FHA mortgages are very popular because they allow many credit-worthy borrowers who wouldn’t otherwise be able to afford a home to secure financing because of the low (3.5%) down payment requirement. FHA mortgages are available to qualified borrowers at a 4.500% interest rate and 5.799% APR.
Fixed rate mortgages are the most popular kind of mortgage in the United States because they allow borrowers to shift most of the interest rate risk that is inherent to a loan to the lender. Fixed rate mortgages 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 8:48 A.M., on March 29, 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% |
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal 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, $400 appraisal 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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