It’s Monday, the holidays are officially over, welcome back to work. Mortgage rates have been very volatile over the last couple of months, but you still may be able to save a lot of money on your home purchase or mortgage refinancing with Total Mortgage. Take a couple of minutes to check out our rates today.
On this day in 1870, construction began on the Brooklyn Bridge. When it opened 13 years later, it was the longest suspension bridge in the world.
News Roundup:
On Friday, we learned that pending sales of existing homes rose 3.5 percent from October to November, following a 10 percent jump from September to October.
In another positive sign, unemployment claims fell to the lowest level since 2008. The four week moving average for jobless claims is trending down, and that is also a good thing. However, the economy still needs to create many more jobs in order to start bringing down the unemployment rate. Bear in mind that the United States needs to create about 125,000 jobs per month to keep up with population growth and birth-death models.
Last week’s Case-Shiller report found that home prices are still declining (or at least they were two months ago, as the Case-Shiller data is reported with a two month lag). This should come as no surprise, as basically everybody has predicted continued declines in home values into the new year.
Today’s Link of the Day:
This post at Nakedcapitalism.com attempts to figure out whether the current recession is actually worse than the Great Depression. The conclusions may surprise you. Kind of a lengthy read, but well worth it when you have the time.
Our Rates:
Fixed rate mortgages are a great way to lock in today’s low mortgage rates for many years to come. Whether you are looking for a short or long term fixed rate mortgage, we have a mortgage product that will suit your needs. Qualified borrowers can get 30 year fixed rate mortgages at a 4.625% mortgage rate with 4.834% APR. A 15 year fixed rate mortgage is available at a 4.000% interest rate and 4.359% APR.
FHA mortgages have greatly grown in popularity over the last several years. A lot of this popularity is due to the fact that FHA mortgages only require a down-payment of 3.5 percent, compared to 20 percent or more for other sources of funding. For this reason, FHA loans can be great for first time homebuyers. A 30 year fixed FHA mortgage can be obtained at a 4.375% interest rate and 5.775% APR.
Adjustable rate mortgages offer the lowest initial interest rates of any of the mortgages we have to offer. Homeowners who intend to stay in their home for only a few years may be able to save a bundle of money with an adjustable rate mortgage. 5/1 conforming ARMs are available to qualified borrowers at a rate of 2.500 percent and a 3.038 percent APR.
Jumbo mortgages are required when a mortgage loan amount exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. The conforming loan limits are $417,000 to $729,750 for single-family homes depending on the location of the property. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.375% and 5.588% APR and a 15 year fixed jumbo mortgage at a 4.125% rate and 4.475% APR.
Mortgage rates are always changing. All rates were quoted at 8:45 A.M., on January 3, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.625% | 4.834% |
| 15 Year Fixed Conventional | 4.000% | 4.359% |
| 30 Year Fixed FHA | 4.375% | 5.775% |
| 30 Year Fixed Jumbo | 5.375% | 5.588% |
| 5/1 Conforming ARM | 2.500% | 3.038% |
| 5/1 Jumbo ARM | 3.250% | 3.295% |
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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