It’s finally Friday, and the weekend cannot come soon enough. If you live on the east coast, you’re probably contemplating building an ark, but take a few minutes away from your construction and look at the mortgage rates we’ve posted at Total Mortgage today. Rates are close to historical lows as we approach the spring home buying season, so now is a good time to look into getting pre-approved for a new mortgage if you’re going home shopping. To get pre-approved, or learn more about our rates and products, call one of our mortgage professionals today at 877-868-2503.
On this day in 1942, MacArthur was forced to abandon Corregidor. 90,000 American and Filipino troops were left behind, many of whom would later die in the Bataan Death March.
News Roundup:
The California Association of Realtors is trying to encourage short sales.
Mortgage Rates held steady last week.
Home prices in the Western United States are dragging down the national average.
The House Financial Services Committee voted to end HAMP yesterday.
Link of the Day:
“Arrests Made Over Icelandic-Bank Collapse“, from the Wall Street Journal
Our Rates:
Fixed rate mortgages enable borrowers to lock in today’s low mortgage rates for the life of their loan, with no pre-payment penalties and very little interest rate risk. These features have made fixed rate mortgages the most popular type of mortgage in the United States. Qualified borrowers can get a 30 year fixed rate mortgage at a 4.625% mortgage rate with 4.746% APR. A 15 year fixed rate mortgage is available at a 3.875% interest rate and 4.081% APR.
FHA mortgages have become very popular as credit and underwriting standards tighten. Due to their low downpayment requirements (3.5%), FHA loans are very popular with first time home buyers. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.500% interest rate and 5.799% APR.
Adjustable rate mortgages can offer considerable monthly savings compared to fixed rate mortgages. Many people who missed out on last fall’s all-time low mortgage rates are now refinancing into ARMs. Those who qualify can get a 5/1 conforming ARM at a rate of 3.125 percent and a 3.180 percent APR.
Jumbo mortgages are larger loan amounts that are generally associated with luxury homes or houses in high-priced areas. The threshold at which a mortgage is considered a jumbo loan varies by locality and is between $417,000 and $729,750. Presently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.250% and 5.369% APR and a 15 year fixed jumbo mortgage at a 4.125% rate and 4.197% APR.
Mortgage rates are always changing. All rates were quoted at 8:15 A.M., on March 11, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.625% | 4.746% |
| 15 Year Fixed Conventional | 3.875% | 4.081% |
| 30 Year Fixed FHA | 4.500% | 5.799% |
| 30 Year Fixed Jumbo | 5.250% | 5.369% |
| 5/1 Conforming ARM | 3.125% | 3.180% |
| 5/1 Jumbo ARM | 3.125% | 3.338% |
For more information on our current mortgage rates and mortgages products call 877-868-2503 today, to speak with a licensed mortgage professional.
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