Today’s Mortgage Rates at Total Mortgage for Wednesday, September 1, 2010

It’s hard to believe it is already September.  Soon the weather will turn cold and the days will become short.  At least we have football to look forward to….

So while you are pondering who to take in your upcoming fantasy football draft, take a moment to look at the incredibly low mortgage rates we are offering at Total Mortgage today.  Risk averse investors have been fleeing the stock market in droves, and are seeking the relative safety of the bond market, driving down bond yields, and taking mortgage rates with them.  According to Freddie Mac’s most recent survey of rates, the average mortgage rate on a 30 year fixed rate mortgage is now at 4.36 percent.  Not since the 1950s has it been this inexpensive to finance a mortgage.

We use in house underwriting, processing, and the latest mortgage technology to reduce our costs and pass the savings along to you.  Total Mortgage has some of the lowest mortgage rates in the industry, consistently beating the national average. 30 year fixed rate mortgages are available to qualified buyers at 4.125 percent and a 4.323 percent APR. For borrowers who would like to retire their mortgage more quickly, 15 year fixed rate mortgages are available at 3.625 percent with an APR of 3.972 percent.

If you are a first time homebuyer or do not have a lot of money for a down payment, an FHA mortgage could be great for you.  The current mortgage rate on a 30 year fixed FHA mortgage is 4.000 percent with a 4.349 percent APR.  FHA mortgages have become more and more popular in the last couple years, and we are experts at doing them.

As well as fixed rate mortgages, Total Mortgage has some of the best deals going on adjustable rate mortgages (ARM).  It is important to realize that adjustable rate mortgages are not for everybody.  There is some interest rate risk with an ARM, so they work best for those who follow the markets closely and have some idea where mortgage rates may go.  They are also good choices for those who do not intend to spend a long period of time in their homes.

Some of the 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.

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. For the last couple of years, jumbo mortgages have been difficult to get and came with high rates. Now that rates have come down, 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.

Mortgage rates change daily and often multiple times throughout the day. All mortgage rates were quoted at 8:48 a.m. on September 1, 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.