It’s Thursday, and the weekend is just about here. As the weather heats up, so will home sales. Check out the low mortgage rates that that are available as the spring buying season approaches. To learn more about our rates or products, or to get pre-approved or pre-qualified for a mortgage loan, call one of our mortgage professionals at 877-868-2503. Lock in a low rate today.
On this day in 1855, Congress approved $30,000 to see if camels were appropriate for military usage. Seriously.
News Roundup:
Changes to mortgage lending could result in increased rates and a longer recovery in some housing markets.
Rising Oil Prices and Turmoil in the Middle East may impact mortgage rates.
Mortgage applications fell last week despite falling rates.
Mortgage pre-approval can be a valuable tool for prospective homebuyers.
Link of the Day:
“An Unsung Hero of the Nuclear Age” by Slate’s Ron Rosenbaum.
Our Rates:
Fixed rate mortgages provide borrowers with the opportunity to lock in today’s low rate at relatively little risk because most fixed rate mortgages allow for prepayment without penalty. Qualified borrowers can get a 30 year fixed rate mortgage at a 4.625% mortgage rate with 4.746% APR. A 15 year fixed rate mortgage is available at a 4.125% interest rate and 4.333% APR.
FHA mortgages are very popular with first time homebuyers and those without a lot of cash for a downpayment because they only require 3.5% down. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.625% interest rate and 5.918% APR.
Adjustable rate mortgages are enjoying a resurgence in popularity as the rates on fixed mortgages rise. Many borrowers that missed out on this fall’s all-time low rates are exploring 5/1, 7/1, and even 10/1 mortgages. Those who qualify can get a 5/1 conforming ARM at a rate of 3.375 percent and a 3.261 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 5.375% and 5.495% APR and a 15 year fixed jumbo mortgage at a 4.375% rate and 4.575% APR.
Mortgage rates are always changing. All rates were quoted at 8:20 A.M., on March 3, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.625% | 4.746% |
| 15 Year Fixed Conventional | 4.125% | 4.333% |
| 30 Year Fixed FHA | 4.625% | 5.918% |
| 30 Year Fixed Jumbo | 5.375% | 5.495% |
| 5/1 Conforming ARM | 3.375% | 3.261% |
| 5/1 Jumbo ARM | 3.500% | 3.315% |
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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