It is Thursday, and it is Veteran’s Day. Thanks to all the Veterans out there. Take a few minutes this morning to check on the low mortgage rates that are available at Total Mortgage today. We might be able to save you a lot of money on your home purchase or mortgage refinancing today.
On this day in 1918, an armistice between the Allied Forces and the Germans marked the end of World War I.
News Roundup:
According to Zillow, mortgage rates hit new all-time lows last week. They found the national average rate on a 30-year fixed rate mortgage to be 4.07 percent, and the average rate on a 15 year fixed rate mortgage fell to 3.51 percent. Total Mortgage offers some of the best rates in the industry and consistently beats the national average.
Additionally, the Mortgage Bankers’ Association released their weekly mortgage applications survey yesterday. They found that applications for both purchases and refinances increased last week, but this mostly reflects short-term volatility, as both indices have been more or less unchanged over the past month.
The markets are closed today due to Veteran’s Day, so there are no scheduled economic reports of note.
Our Rates:
A lot of our customers have been taking advantages of historically low mortgage rates by taking out a fixed rate mortgage. With fixed mortgages ranging from 15 to 30 years, Total Mortgage can find a product that will suit your needs. 30 year fixed rate mortgages are available for qualified buyers at 3.75 percent with a 3.941 percent APR. 15 year fixed rate mortgages start at 3.25 percent with an APR of 3.602 percent.
One of our other most popular mortgages is the FHA mortgage. FHA mortgages only require a 3.5 percent down payment, making them especially popular with first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.000 percent with a 5.483 percent APR.
Total Mortgage offers a variety of adjustable rate mortgages (ARMs). ARMs have the lowest initial mortgage rate of any mortgage we offer. A 5/1 conforming ARM is available with a 2.375 percent mortgage rate and a 2.991 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.250 percent and a 3.291 percent APR.
A lot of you who are in the market for luxury homes may need to take out a jumbo mortgage. 30 year fixed jumbo mortgage are currently at 4.875 percent with an APR of 5.082 percent, while a 15 year jumbo mortgage is available at 3.625 percent with an APR of 3.971 percent. Jumbos this low haven’t been seen for some time.
Mortgage rates change all the time. These rates were quoted at 8:40 am on November 11, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 3.750% | 3.941% |
| 30 Year Fixed FHA | 4.000% | 5.483% |
| 30 Year Fixed Jumbo | 4.875% | 5.082% |
| 5/1 Conforming ARM | 2.375% | 2.991% |
| 5/1 Jumbo ARM | 3.250% | 3.291% |
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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