It’s Monday, welcome back to work, I hope you’ve fully recovered from yesterday’s festivities. If I ran this country, the day after the Super Bowl would be a holiday. Before you go grab that second cup of coffee, take some time to look at the low mortgage rates we posted at Total Mortgage this morning. The markets have been very volatile of late, and mortgage rates have risen for the past three weeks. Despite this, you still may be able to save significant amounts of money on your mortgage refinancing or home purchase. Call today at 877-868-2503 to speak to one of our licensed mortgage professionals. Start saving today.
On this day in 1935, the board game Monopoly was nvented.
Our Rates:
Fixed rate mortgages are the most common type of mortgage in the United States. Their popularity is because they enable borrowers to lock in today’s historically low rates for many years in the future. If you qualify, you can get a 30 year fixed rate mortgage at a 4.500% mortgage rate with 4.708% APR. A 15 year fixed rate mortgage is available at a 3.750% interest rate and 4.106% APR.
Adjustable rate mortgages can offer great savings to those who intend to stay in their home for the short term, or those who are going to pay off their mortgages quickly. Those who qualify can get a 5/1 conforming ARM at a rate of 2.625 percent and a 3.085 percent APR.
FHA mortgages have become an increasingly important source of financing over the past couple of years. A lot of the popularity is due to the low down payment requirement of 3.5 percent. This feature has made them very popular with first time home buyers in particular. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.375% interest rate and 5.775% APR.
Jumbo mortgages are larger loans that are not eligible for purchase by Fannie Mae or Freddie Mac. The jumbo mortgage threshold is between $417,000 and $729,750 depending upon your location. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.000% and 5.208% APR and a 15 year fixed jumbo mortgage at a 4.000% rate and 4.349% APR.
Mortgage rates are always changing. All rates were quoted at 8:45 A.M., on February 7, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.500% | 4.708% |
| 15 Year Fixed Conventional | 3.750% | 4.106% |
| 30 Year Fixed FHA | 4.375% | 5.775% |
| 30 Year Fixed Jumbo | 5.000% | 5.208% |
| 5/1 Conforming ARM | 2.625% | 3.085% |
| 5/1 Jumbo ARM | 3.250% | 3.114% |
For more information on our current mortgage rates and mortgages products call 877-868-2503 today, 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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