It’s Tuesday, I hope you enjoyed the long weekend if you had Monday off. Before you clear out your inbox, take a look at the low mortgage rates that we were able to make available this morning. Although rates are up pretty significantly since they hit their all time low in October, they are still very low on a historical perspective. You still might be able to save a significant amount of money on your home purchase or mortgage refinancing with Total Mortgage. Call us today at 877-868-2503 to talk to one of our licensed mortgage professionals. Don’t delay.
On this day in 1980: United States 4, CCCP 3.
News Roundup:
Reminder: those of you that claimed the 2008 first-time homebuyer tax credit need to being repaying it in this year’s taxes.
Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program, and vocal critic of HAMP, is stepping down in March.
More than 40% of South Florida homeowners with mortgages owe more money on their home than it is worth.
Link of the day:
This Florida mom is taking a unique approach to trying get her son to improve his grades.
Our Rates:
Fixed rate mortgages are an excellent way for home buyers to take advantage of rates that are still very close to historical low points. The ability to lock in a low rate for the entire life of a loan makes fixed rate mortgages the most popular type of mortgage in the United States. 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 have become one of the biggest sources of financing for first time home buyers and those who lack a lot of money for a down-payment. A large part of the appeal of FHA mortgages is that they only require a 3.5% down payment, compared to 20% or more from other sources of funding. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.625% interest rate and 5.918% APR.
Adjustable rate mortgages have become more attractive as mortgage rates on fixed rate mortgages increase. 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 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 5.375% 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 8:13 A.M., on February 22, 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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