Today’s Mortgage Rates at Total Mortgage for Monday, September 13, 2010

Two-dimensional houses do not typically qualify for financing.

If you’ve been following mortgage rates, you’ll know that Freddie Mac and Zillow reported that rates have started to increase slightly. The average rate on a 30 year fixed mortgage increased from 4.32 percent to 4.35 percent last week. While it is nearly impossible to predict where rates will go in the short term, it is important to realize that market volatility could cause them to spike at any time.  If you are a homeowner with a mortgage paying more than one point above posted mortgage rates, you may want to consider refinancing while rates are still low. Refinancing could save you thousands of dollars in interest payments over the course of your mortgage.

Are you presently renting your house?  Are you considering becoming a homeowner?  Do you want to take advantage of record low rates but don’t have enough money for a down payment? An FHA mortgage could be perfect for you.  One of the best features of an FHA mortgage is that it only requires a down payment of 3.5 percent.  It is important to note that with an FHA mortgage you do have to pay mortgage insurance premiums, which can increase your costs in the long run.  For qualified borrowers we are offering 30 year fixed FHA mortgages at 4.000 percent with a 4.349 percent APR.

One of the most popular mortgage types at Total Mortgage and across the country is a fixed rate mortgage.  If you are looking to lock in a consistently low monthly mortgage payment, a fixed rate mortgage is likely the way to go. Total Mortgage has some of the best fixed rates in the nation. A 30 year fixed rate mortgage is available to a qualified buyer at 4.125 percent with a 4.323 percent APR. For those who would like to retire their mortgage debt more quickly, 15 year fixed rate mortgages are available at 3.625 percent with an APR of 3.972 percent.

If you are purchasing a house that costs more than the Fannie Mae conforming limit ($417,000 to $729,750 depending upon your locality), you will need to get a jumbo mortgage. A 30 year fixed jumbo mortgage is available at Total Mortgage with a mortgage rate of 4.875 percent and an APR of 5.098 percent.

If you are someone who intends to be in their home for a short period of time before moving, or if you are a market-watcher who has a handle on market trends, you probably want to look into an adjustable rate mortgages (ARM). ARMs offers some big advantages over fixed rate mortgages for the right kind of borrower. They feature low initial mortgage rates that are unmatched by any other type of mortgage.  It is important to note that there is some inherent risk with an ARM, so they are not appropriate for all buyers. It is important to be counseled by an experienced mortgage professional before making any decisions about what kind of mortgage loan is appropriate for you.

Some of our most popular ARM’s are 5/1 conforming and 5/1 jumbo ARMs. A 5/1 conforming ARM is available with a 2.875 percent mortgage rate and a 2.638 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.625 percent and a 3.657 percent APR.

Mortgage rates change all the time.  These mortgage rates were quoted at 9:10 a.m. on September 13, 2010.

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.