Today’s Mortgage Rates for Friday, February 11, 2011

It is Friday, and the week is done!  Before you firm up your weekend plans, check out the extremely competitive mortgage rates that area available at Total Mortgage this morning.  Rates have been up for the last three months, but they are still very low on a historical basis.  You still may be able to save a lot of money on your home purchase or mortgage refinance with us.  Call us now at 877-868-2503 to speak with one of our certified, licensed mortgage professionals.

On this day in 1943, Dwight Eisenhower was made supreme allied commander in Europe.

News Roundup:

Mortgage rates hit 10 month highs last week.

Changes in regulations regarding mortgage broker and loan officer compensation are going to be reviewed by Congress.

HAMP and the FHA Short Refi Program could be among 12 government housing programs to get the axe under a new proposed budget.

Link of the Day:

Today’s link is an article about why backing into a parking spot is almost always better than pulling in head first.

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 4.625 percent with a 4.834 percent APR. 15 year fixed rate mortgages start at 4.000 percent with an APR of 4.359 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 2.875 percent mortgage rate and a 3.166 percent APR. A 5/1 jumbo ARM is available at a rate of 3.375 percent and a 3.172 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 4.500 percent with a 5.894 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 5.250 percent with an APR of 5.461 percent, while a 15 year jumbo mortgage is available at 4.000 percent with an APR of 4.349 percent.

Mortgage rates change all the time. These rates were quoted at 8:15 am on February 11, 2011.

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.