Today’s Mortgage Rates for Monday, November 1, 2010

Another weekend has passed.  Before you figure out how you are going to work off the extra calories from all the candy you ate this weekend, take a few moments to check out the low mortgage rates we have at Total Mortgage today.  Total Mortgage consistently has some of the lowest rates in the industry, and we may be able to save you money on your mortgage refinancing or home purchase today.

On this day in 1800, John Adams became the first U.S. President to move into the White House.

News Roundup:

There is quite a bit of economic news on the calendar this week.  The Federal Reserve Open Market Committee meets on Tuesday and Wednesday, and the markets will be paying close attention to see if a second round of quantitative easing is announced, and what the parameters of that stimulus may be.

At the end of the week, the non-farm payroll report comes out.  According to Bloomberg, the consensus expectation is that approximately 60,000 jobs will be added.

Today’s link of the day is a Washington Post article by Neil Irwin about is about the Federal Reserve and the the quantitative easing they may undertake at this week’s meeting.

Our Rates:

Our fixed rate mortgages are by far our most popular product.  Many borrowers are locking in record-low rates for the long term with fixed rate mortgages.  Depending upon your situation, a 30, 20, or 15 year fixed mortgage could be a great way for you to lock in low payments for years to come.  We made 30 year fixed rate mortgages available to qualified buyers at 3.75 percent with a 3.941 percent APR. A 15 year fixed rate mortgage is available at 3.25 percent with an APR of 3.602 percent.

Another product that is popular amongst borrowers, especially first time home buyers, is the FHA mortgage.  FHA mortgages made up almost 40 percent of all mortgages originated in the United States in 2009.  FHA mortgages only require a 3.5 percent down payment, compared to 20 percent or more with a traditional mortgage, which helps account for their popularity.  Qualified borrowers can get a 30 year fixed FHA mortgage at 4.000 percent with a 5.483 percent APR.

For the last few years it has been very difficult to get a jumbo mortgage.  After the real estate bubble burst, private investors stayed away from the jumbo markets, and interest rates increased and underwriting standards became much tighter.  Now conditions have eased a little bit, and jumbo mortgages are making a comeback.  A 30 year fixed jumbo mortgage can be had at a rate of 4.875 percent with an APR of 5.082 percent, while a 15 year jumbo mortgage is available at 3.625 percent with an APR of 3.971 percent.

We also offer a variety of adjustable rate mortgages (ARMs).  Many people like ARMs because they offer some of the lowest starting mortgage rates of any type of mortgage.  Although adjustable rate mortgages have been maligned in the media, they can provide huge savings for borrowers who are going to be in their house for the short term or those who watch the markets and understand interest rate risks.  A 5/1 conforming ARM is available with a 2.375 percent mortgage rate and a 2.991 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.250 percent and a 3.291 percent APR.  There is some inherent risk in an ARM, so they are not appropriate for all borrowers.  You should always consult a mortgage expert before entering into any sort of mortgage agreement, ARM or otherwise.

Mortgage rates change all the time. These rates were quoted as of 9:10 am on November 1, 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.