It is Thursday, and the weekend is now in sight! Before you think about your weekend plans, take a couple of minutes to check out the mortgage rates that we posted at Total Mortgage this morning. Rates are up almost a point since they hit their all time lows last October. If you are seriously considering refinancing your current mortgage or purchasing a new home, you may want to lock before rates go too much higher. Call us today at 877-868-2503 to speak with one of our licensed mortgage professionals.
On this day in 1969, Bob Dylan and Johnny Cash recorded an album in Nashville. It was never officially released.
News Roundup:
Link of the Day:
If you think our banking system is screwed up, you must read “When Irish Eyes are Crying” in this month’s Vanity Fair by Michael Lewis, author of Moneyball, The Big Short, and Liar’s Poker.
Our Rates:
Fixed rate mortgages remain the most common type of mortgage in the United States, largely because they shift most of the interest rate risk inherent in a long term loan to the lender, and there is generally no prepayment penalty on these types of loans. Qualified borrowers can get a 30 year fixed rate mortgage 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 are an important avenue to homeownership for first time homebuyers and those who lack cash for a downpayment. FHA mortgages only require a 3.5 percent down payment compared to 20 percent or more from other financing sources. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.500% interest rate and 5.894% APR.
Adjustable rate mortgages can be an excellent way to save money if you only intend to live in your home for a short period of time, or if you anticipate paying off your mortgage loan quickly. Those who qualify can get a 5/1 conforming ARM at a rate of 2.875 percent and a 3.166 percent APR.
Jumbo mortgages are larger loans that are often associated with luxury homes or houses in very expensive markets. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.250% and 5.461% 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 8:15A.M., on February 17, 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 | 4.500% | 5.894% |
| 30 Year Fixed Jumbo | 5.250% | 5.461% |
| 5/1 Conforming ARM | 2.875% | 3.166% |
| 5/1 Jumbo ARM | 3.375% | 3.172% |
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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