Today’s Mortgage Rates for Tuesday, December 14, 2010

It’s Tuesday.  Before you settle into your morning routine, take some time to view the low mortgage rates Total Mortgage is offering today.  Market conditions have caused rates to increase steadily for the last month, and rates are now at their highest point since the summer.  Despite this, mortgage rates are still very low from a historical perspective.  If you haven’t yet refinanced your existing mortgage, Total Mortgage may be able to save you a lot of money today.  If you are considering buying a new home, we can offer you some of the lowest financing rates in the industry.

On this day in 1984, Howard Cosell retired from Monday Night Football.

News Roundup:

Yesterday CoreLogic came out with the news that 22.5 percent of homeowners with mortgages are underwater.  This is actually a slight decrease from the previous quarter.  Unfortunately, the decrease is mostly due to increased bank seizures of homes due to forclosure.

Later today the Federal Reserve is going to release its FOMC statement.  Most observers expect that interest rates will remain unchanged.

Today’s link of the day is something I forgot to share yesterday.  In case you missed it, FOX Sports got this incredible video of the Metrodome roof collapsing over the weekend.  I imagine this will now be bullet point number one in Zygi Wilf’s argument for a new stadium in Minnesota.

Our Rates:

Fixed rate mortgages remain one of the best ways to lock in today’s low mortgage rates for the long-term. Qualified borrowers can get 30 year fixed rate mortgages at a 4.375 percent mortgage rate with 4.581 percent APR. 15 year fixed rate mortgages are available at a 3.750 percent rate and 4.106 percent APR.

FHA mortgages have become increasingly popular over the past several years.  Some of the reasons for this popularity are the flexible underwriting standards and low downpayment requirements of FHA mortgages compared to more traditional mortgages.  Currently, a 30 year fixed FHA mortgage can be obtained at a 4.250 percent interest rate and 5.656 percent APR.

Adjustable rate mortgages (ARMs) have some of the lowest rates that we are able to offer.  ARMs are suitable for homebuyers who intend to own their homes for a short term, or for those who may feel they have a firm handle on where the markets are going. Currently, a 5/1 conforming ARM is available to qualified borrowers at a 2.500 percent mortgage rate and 3.038 percent APR.

For those borrowers who are in the market for luxury homes, Total Mortgage offers a variety of jumbo mortgages. When the loan amount is greater than the conforming loan limits set by Fannie Mae and Freddie Mac, borrowers are required to get jumbo mortgages. The conforming loan limits are $417,000 to $729,750 depending on the type of the property and the location of the property. We are able to offer 30 year fixed jumbo mortgages at 5.375 percent and 5.588 percent APR and 15 year fixed jumbo mortgages at a 4.000 percent rate and 4.349 percent APR.

Mortgage rates are always changing. All rates were quoted at 8:35 A.M., on December 14, 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.