Today’s Mortgage Rates for Monday, December 20, 2010

It’s Monday, back to the grind.  Before you check your email and grab that second cup of coffee, take a couple minutes to look at the mortgage rates posted at Total Mortgage today.  While rates have increased steadily over the past month and a half, we still have some of the very best rates in the industry.  Total Mortgage may be able to save you significant amounts of money on your home purchase or mortgage refinancing.

On this day in 1986, "Walk Like an Egyptian" by the Bangles hit #1 on the pop charts. At the time I was too young to appreciate the utter ridiculousness of this.

News Roundup:

There are actually a pretty fair number of economic reports coming out this week, despite it being shortened by the Christmas Holiday on Friday.  The GDP Report and Existing Homes Sales Report come out on Wednesday, as well as the FHFA House Price Index.  On Friday the New Home Sales report is published.

Last week was kind of a rough one for mortgage rates.  Significant volatility in the bond market caused rates to rise fairly significantly.  According to Freddie Mac, the average rate on a 30-year fixed rate mortgage is now 4.83 percent, much higher than its historical low of 4.17 percent just five weeks prior.

Also of note last week, we found out that foreclosures decreased significantly in November, mostly as a result of temporary foreclosure moratoriums resulting from the robo-signing disaster.  These moratoriums have since been lifted.

Today’s link of the day is from Slate’s Bethany McLean.  It details the farce that the Financial Crisis Inquiry Commission has become.  The Pecora Commission this is not.

Our Rates:

Among the many kinds of mortgages in the United States, the most popular is the fixed rate mortgage. The best thing about fixed rates mortgages is that they allow homeowners to lock in a consistent monthly payment for the life of their mortgage.  Qualified borrowers can get 30 year fixed rate mortgages at a 4.625 percent mortgage rate with 4.834 percent APR. 15 year fixed rate mortgages are available at a 4.000 percent rate and 4.359 percent APR.

Adjustable rate mortgages (ARMs) offer extremely low initial mortgage rates compared to other types of mortgages.  ARMs can be an excellent choice for homebuyers who only plan to stay in their home for a short period of time, or those rate watchers who feel they have a firm handle on where the markets are going. Currently, a 5/1 conforming ARM is available to qualified borrowers at a 2.500 percent mortgage rate and 3.038 percent APR.

In today’s conservative lending environment, FHA mortgages have become very popular.  Some of this popularity is due to the lower down payment requirements and more flexible underwriting standards associated with FHA mortgages compared to traditional mortgages. Currently, a 30 year fixed FHA mortgage can be obtained at a 4.375 percent interest rate and 5.775 percent APR.

If you are inof you are undoubtedly in the market for a luxury home.  If you are, you may need to look into getting a jumbo mortgage. When the loan amount for a home is greater than the conforming loan limits set by Fannie Mae and Freddie Mac, borrowers are required to get jumbo mortgages. The conforming loan limits are $417,000 to $729,750 depending on the type and the location of the property. We are able to offer 30 year fixed jumbo mortgages at 5.375 percent and 5.588 percent APR and 15 year fixed jumbo mortgages at a 4.000 percent rate and 4.349 percent APR.

Mortgage rates are always changing. All rates were quoted at 8:35 A.M., on December 20, 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.