Well we made it to Friday. In only a few short hours the weekend begins. While you’re daydreaming about your weekend plans, check out the mortgage rates Total Mortgage has available today. Although mortgage rates are up, we still have some of the best rates in the industry. We may be able to save you significant amounts of money on your home purchase or mortgage refinancing.
On this day in 1863, Lincoln delivered his Gettysburg Address. It is altogether fitting and proper that we should remember this.
News Roundup:
Freddie Mac’s weekly mortgage rate survey came out yesterday. Freddie found that mortgage rates increased to a three month high, with the average 30 year fixed rate mortgage jumping from 4.17 percent to 4.39 percent last week. Despite this, rates are still significantly lower than they were one year ago, when the average rate was at 4.83 percent.
Additionally, there were further Congressional hearings into foreclosure yesterday, this time in front of the House. Unlike the Senate hearings on Tuesday, I just couldn’t listen to a whole lot of this one. I tuned out of these ones after listening to Maxine Waters ask the same frivolous question about five times in a row. It was brutal. So you’ll have to read someone else’s writeup of this one.
Today’s link of the day is from the always awesome site Mental Floss. It is “The Not-So-Ancient History of 10 Thanksgiving Dishes” by Miss Cellania. I hope everyone has a great weekend.
Our Rates:
One way to take advantage of our low rates is with a fixed rate mortgages. If you are looking for a short or long-term loan, Total Mortgage has a product that fits your situation. 30 year fixed rate mortgages are available for qualified buyers at 4.250 percent with a 4.454 percent APR. 15 year fixed rate mortgages start at 3.500 percent with an APR of 3.854 percent.
Increasing numbers of people are looking for FHA mortgages. Due to the low downpayment requirement (3.5 percent), these mortgages are very popular with first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.250 percent with a 5.656 percent APR.
If you are pondering buying a luxury home, there is a chance that you might need to get a jumbo mortgage. Jumbo mortgages are required when the loan amount is greater than the Fannie Mae/Freddie Mac conforming limit (which is $417,000 to $729,750 depending upon your market). We are able to offer 30 year fixed jumbo mortgages at 4.875 percent with an APR of 5.081 percent, while a 15 year jumbo mortgage is available at 3.500 percent with an APR of 3.844 percent.
The lowest rates we offer are on adjustable rate mortgage (ARM). ARMs are a great deal for many types of homebuyers. If you are only looking to stay in your house for the short term, you may want to seriously consider an ARM, just be aware that the mortgage rates on an ARM resets after a certain period of time to a current market rate. As of today, a 5/1 conforming ARM is available with a 2.875 percent mortgage rate and a 2.795 percent APR. A 5/1 jumbo ARM is available at a rate of 3.000 percent and a 3.013 percent APR.
Mortgage rates change all the time. These rates were quoted at 8:45 am on November 19, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.250% | 4.454% |
| 30 Year Fixed FHA | 4.250% | 5.656% |
| 30 Year Fixed Jumbo | 4.875% | 5.081% |
| 5/1 Conforming ARM | 2.875% | 2.795% |
| 5/1 Jumbo ARM | 3.000% | 3.013% |
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.
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