According to reports from Freddie Mac and Zillow, rates have started to move upwards. The average rate on a 30 year fixed mortgage increased from 4.32 percent to 4.35 percent last week. It is nearly impossible to accurately predict where rates will go in the near term, it is crucial to realize that market forces could cause rates to spike at any time due to volatility in the stock and bond markets. If you are a homeowner with a mortgage and are paying more than 3/4 to 1 point over posted mortgage rates, you may want to consider refinancing now while you can get the maximum benefit from low mortgage rates. Refinancing could save you thousands of dollars in interest over the life of a mortgage.
Fixed rate mortgages are extremely popular at Total Mortgage and across the country. Most borrowers like to have the assurance of a consistent payment over the life of a loan. If you want to lock in a consistently low monthly mortgage payment, a fixed rate mortgage could be the best mortgage for you. Total Mortgage offers some of the best fixed rates in the country. 30 year fixed rate mortgages are available to qualified buyers at 4.125 percent with a 4.323 percent APR. For those borrowers with a little extra income or who would like to retire their mortgage debt more quickly, 15 year fixed rate mortgage is available at 3.625 percent with an APR of 3.972 percent.
If you are purchasing a house that is priced above the Fannie Mae conforming limit ($417,000 to $729,750 depending upon where you live), you will have 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.
Do you want to take advantage of low mortgage rates but are lacking money for a 20 percent down payment? An FHA mortgage could be a great way to become a homeowner. One of the great things about an FHA mortgage is that it only requires a down payment of 3.5 percent, far less than most conventional mortgages. It is important to realize that with an FHA mortgage you 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 5.178 percent APR.
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 8:45 a.m. on September 15, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.125% | 4.323% |
| 30 Year Fixed FHA | 4.000% | 5.178% |
| 30 Year Fixed Jumbo | 4.875% | 5.098% |
| 5/1 Conforming ARM | 2.875% | 2.638% |
| 5/1 Jumbo ARM | 3.625% | 3.657% |
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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