It is Friday, which is awesome. Before you check the weather for the weekend, take a couple of minutes to check out the low mortgage rates that are available at Total Mortgage today. We are amongst the industry leaders in mortgage rates, and whether you are looking for a new mortgage or trying to refinance your existing mortgage, we may be able to save you a lot of money today.
On this day in 1989, the Malta Summit concluded. This is considered by many to be the end of the Cold War.
News Roundup:
The big news this morning is the employment report. The result was that the economy only added 39,000 jobs in November, far less than the expectation of about 150,000 or so. Unemployment ticked up to 9.8 percent. This is a really disappointing number.
Yesterday Freddie Mac announced that mortgage rates increased on nearly all types of mortgages last week. It is difficult to say whether this is the beginning of a trend or just a blip on the radar, but it certainly worth being aware of if you’re considering refinancing or buying a home.
Today’s link of the day is an article about the absurdity of the Irish bailout. It was written by Barry Eichengreen, and it is well worth reading. Ireland still has the chance to reject this bailout when they hold a budget vote on December 7. What happens could be very important, both for the Irish and for the future of the Euro and the EU. Don’t underestimate Gerry Adams.
Our Rates:
Fixed rate mortgages are still the most popular type of mortgage in the United States. They allow borrowers to lock in today’s low rates for years to come. Qualified borrowers are able to get a 30 year fixed rate mortgages at 4.000 percent with a 4.201 percent APR. 15 year fixed rate mortgages start at 3.250 percent with an APR of 3.601 percent.
Adjustable rate mortgages (ARMs) usually have the lowest rates that we are able to offer. ARMs can be a great deal for certain kinds of homebuyers, such as those who only intend to own their home in the short term, or those who feel they have a firm handle on where the markets are going. As of today, a 5/1 conforming ARM is available with a 2.500 percent mortgage rate and a 3.022 percent APR. A 5/1 jumbo ARM is available at a rate of 3.000 percent and a 3.013 percent APR.
There is no question that qualifying for a mortgage is more difficult than it was in the past. Due to this, FHA mortgages have become extremely popular. FHA mortgages only require a downpayment of 3.5 percent, much lower than the 20 percent typically required by other lenders. As a result, these mortgages are extremely popular amongst first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.125 percent with a 5.537 percent APR.
Undoubtedly, some of you are shopping for luxury homes. Many of you in this market will need to get a jumbo mortgages. Borrowers are required to get jumbo mortgages when the loan amount is greater than the Fannie Mae/Freddie Mac conforming limit (which is $417,000 to $729,750 depending upon your market). We are able to offer 30 year fixed jumbo mortgages at 4.875 percent with an APR of 5.081 percent, while a 15 year jumbo mortgage is available at 3.500 percent with an APR of 3.844 percent.
Mortgage rates change all the time. These rates were quoted at 8:51 am on December 3, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.000% | 4.201% |
| 30 Year Fixed FHA | 4.125% | 5.537% |
| 30 Year Fixed Jumbo | 4.875% | 5.081% |
| 5/1 Conforming ARM | 2.500% | 3.022% |
| 5/1 Jumbo ARM | 3.000% | 3.013% |
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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