It is Thursday, and after today our slow crawl toward the weekend will be 80 percent complete. Before you start making your weekend plans, take a couple of minutes to check out the low mortgage rates that are available today at Total Mortgage. We have some of the best rates in the industry and may be able to save you a lot of money today.
On this day in 1942, scientists at the University of Chicago started the world's first self-sustaining nuclear chain reaction.
News Roundup:
Yesterday ADP published their monthly employment report. The results were positive, as the economy added 93,000 private sector jobs in November. While it is nice to see job gains, we will need to see far greater job creation in order to even begin putting a dent in unemployment. At least it is a step in the right direction though.
Yesterday morning, the Senate Banking Committee held another hearing on foreclosure. I didn’t get a chance to watch this one yesterday, but here is an interesting write-up of some of the testimony from Yves Smith at Nakedcapitalism.com.
The Federal Reserve was forced to reveal the recipients of $3.3 trillion worth of emergency loans made during the height of the financial crisis. The full results are published on their website. You’re probably not going to believe this, but large banks and hedge funds were among the largest recipients of emergency funds. Shocking, I know.
Today’s link of the day is a Forbes article by Mike Ozanian about the effect that salary caps have had on pro sports. Every mouth-breather who ever called a sports talk radio show should be required to read it.
Our Rates:
Fixed rate mortgages remain the easiest way for a borrower to lock in low mortgage rates far into the future. Qualified borrowers can currently get a 30 year fixed rate mortgages at 4.000 percent with a 4.201 percent APR. 15 year fixed rate mortgages start at 3.250 percent with an APR of 3.601 percent.
It can be very difficult to qualify for a loan these days. For this reason, FHA mortgages have become extremely popular. FHA mortgages only require a downpayment of 3.5 percent, much lower than the 20 percent typically required by other lenders. As a result, these mortgages are extremely popular amongst first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.125 percent with a 5.537 percent APR.
Adjustable rate mortgages (ARMs) typically have the lowest rates we have to offer. ARMs are a great deal for certain kinds of homebuyers, such as those who only intend to own their home in the short term, or those who feel they have a firm handle on where the markets are going. As of today, a 5/1 conforming ARM is available with a 2.500 percent mortgage rate and a 3.022 percent APR. A 5/1 jumbo ARM is available at a rate of 3.000 percent and a 3.013 percent APR.
For those of you who are in the market for a luxury home, we offer a variety of jumbo mortgages. Borrowers are required to get jumbo mortgages when the loan amount is greater than the Fannie Mae/Freddie Mac conforming limit (which is $417,000 to $729,750 depending upon your market). We are able to offer 30 year fixed jumbo mortgages at 4.875 percent with an APR of 5.081 percent, while a 15 year jumbo mortgage is available at 3.500 percent with an APR of 3.844 percent.
Mortgage rates change all the time. These rates were quoted at 8:51 am on December 2, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.000% | 4.201% |
| 30 Year Fixed FHA | 4.125% | 5.537% |
| 30 Year Fixed Jumbo | 4.875% | 5.081% |
| 5/1 Conforming ARM | 2.500% | 3.022% |
| 5/1 Jumbo ARM | 3.000% | 3.013% |
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.
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