It’s Sunday, hopefully you’ve been enjoying the games this weekend. Mortgage rates have dropped considerably over the past couple of weeks due to instability in the Middle East as well as the disaster in Japan. If you have yet to refinance your current mortgage, or you are purchasing a new home, now may be the time to lock in a low rate. To talk to one of our licensed loan officers about our rates and products, or to get pre-approved for a home loan, call us today at 877-868-2503.
Our Rates:
Fixed rate mortgages can be a great bargain when interest rates are low. Those who lock in at today’s historically aberrant rates will be the beneficiaries of low payments for years to come. Qualified borrowers can get a 30 year fixed rate mortgage at a 4.500% mortgage rate with 4.620% APR. A 15 year fixed rate mortgage is available at a 3.875% interest rate and 4.081% APR.
FHA mortgages have become increasingly popular as credit and underwriting standards tighten. The low (3.5%) down payment requirement and looser credit guidelines have caused FHA mortgages to count for a large percentage of loans originated in the past few years. 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 large monthly savings compared to fixed rate mortgages. Many people who intend to move from their house in the near future, or those who plan to pay off their mortgage quickly are saving money with 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 8:30 A.M., on March 20, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.500% | 4.620% |
| 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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