Today’s Mortgage Rates at Total Mortgage for Tuesday, August 31, 2010

It’s Tuesday, and you are one day closer to a glorious three day weekend.  While you are gearing up for vacation, take a look at the low current mortgage rates at Total Mortgage.  Yield spreads on bonds have been forced to near record lows by market conditions, and mortgage rates have followed.  While the Federal Reserve has pledged to keep rates low for an extended period, market volatility might cause a spike in rates at any time.  Don’t miss out on this unique opportunity to lock in the lowest mortgage rate in generations.  Years down the road when rates have risen, you will thank yourself.

At Total Mortgage, our most popular product, the 30 year fixed rate mortgage, is currently available with a 4.125 percent mortgage rate and a 4.323 percent APR for qualified buyers. For borrowers with a little more income or those who are looking to save money by retiring their loan more quickly, 20 year fixed conventional mortgages have mortgage rates of 4.000 percent and has a 4.273 percent APR. A borrower may be able to save thousands of dollars in interest payments over the life of their loan by taking out a 20 year mortgage as compared to a 30 year mortgage.

If you are purchasing a home that doesn’t conform to Fannie Mae lending limits ($417,000 to $729,750 depending upon where you live) 30 year fixed jumbo mortgages have a 4.875 percent mortgage rate and an APR of 5.098. 15 year fixed jumbo mortgages are currently available with a mortgage rate of 4.000 percent and a 4.349 percent APR.

If you don’t have a lot of money to make a down payment on a home, an FHA mortgage may be for you.  Total Mortgage offers FHA mortgages which are insured against default by the federal government.  These mortgages only require 3.5 percent down payment, which makes them ideal for first time homebuyers. A 30 year fixed FHA mortgage has a 4.000 percent mortgage rate and a 5.178 percent APR.

Adjustable rate mortgages can be great deals for those with market saavy or those who only intend to be in their house for a short period of time. A 5/1 conforming ARM is offered with a 2.875 percent mortgage rate and a 2.638 percent APR. For those with larger houses that don’t conform to conventional limits, 5/1 jumbo ARMs have a 3.625 percent mortgage rate and a 3.657 percent APR.

Are you a current homeowner?  You may be able to benefit greatly by refinancing your current mortgage.  If you are paying more than 1 point over the current offered rate, you should absolutely consider refinancing your existing mortgages. Through refinancing, many borrowers are able to save thousands of dollars in interest payments over the total life of the mortgage, and many can save hundreds of dollars in monthly mortgage payments.

Mortgage rates are always on the move, and these rates were quoted at 9:01 am on Tuesday, August 31th, 2010.

For more information on current mortgage rates and all of the mortgage products available at Total Mortgage call 877-868-2503 to speak with licensed mortgage professional today.

*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.