Today’s Mortgage Rates at Total Mortgage for Monday, January 10, 2011

It’s Monday.  Hopefully you enjoyed the games this weekend.  Before you check your email this morning, take a couple of minutes to check out the low mortgage rates we are offering at Total Mortgage today.  After spiking recently, mortgage rates have declined somewhat over the past two weeks.  Rates have been fairly volatile of late, but you still may be able to save a lot of money on your home purchase or mortgage refinancing with Total Mortgage.  Call us today.

On this day in 1982, the Bengals defeated the Chargers in the 1981 AFC Championship game 27-7. The game was played in temperatures as cold as -59 degrees with the wind chill. It was later dubbed the "Freezer Bowl" and was the coldest NFL game of all time.

News Roundup:

Last week’s December employment report was somewhat disappointing.  The economy added 103,000 jobs in December.  The unemployment rate dropped to 9.4 percent, but this is mostly due to a decline in the Labor Force Participation rate, which fell to the lowest level since 1984.

There was a very interesting story on Bloomberg by Thom Weidlich that discusses a Massachusetts Supreme Court case that could have widespread ramifications on foreclosures and mortgage securitization processes across the country.

Today’s Link of the Day:

Today’s link is “5 Things You Didn’t Know About Winston Churchill” by Ethan Trex on Mentalfloss.com.

Our Rates:

Fixed rate mortgages are the most popular mortgage product in the United States.  Their popularity stems from the fact that they enable borrowers to lock in today’s low rates far into the future.  If you qualify, you can get a 30 year fixed rate mortgage at a 4.375% mortgage rate with 4.581% APR. A 15 year fixed rate mortgage is available at a 4.000% interest rate and 4.359% APR.

Adjustable rate mortgages offer the lowest initial interest rates that Total Mortgage can provide.  Although the mortgage rates on ARMs can increase after a certain period of time, they can provide substantial savings for borrowers who only plan on being in their home for the short-term, or those who plan to quickly pay off their mortgage.  For qualified borrowers, 5/1 conforming ARMs are available at a rate of 2.500 percent and a 3.038 percent APR.

FHA mortgages have quickly become one of the more popular types on mortgage in the United States.  Much of the popularity is due to the FHA’s somewhat looser underwriting standards as well as the low (3.5%) downpayment requirement.  For these reasons, FHA mortgages have become especially popular amongst first time home buyers.  A 30 year fixed FHA mortgage can be obtained at a 4.375% interest rate and 5.775% APR.

It is likely that some of you will be required to get a jumbo mortgage to purchase your dream home. A jumbo mortgage is required when the loan amount exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. The conforming loan limit is $417,000 to $729,750 for single-family homes depending on the location of the property. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.375% and 5.588% APR and a 15 year fixed jumbo mortgage at a 4.125% rate and 4.475% APR.

Mortgage rates are always changing. All rates were quoted at 8:40 A.M., on January 10, 2010.

For more information on our current mortgage rates and mortgages products call 877-868-2503 today, 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.