It’s Tuesday, football is over, and there is a ton of snow on the ground. On the plus side, pitchers and catchers report to spring training in just a couple of days! While you’re daydreaming about warmer weather, check out the low mortgage rates that area available at Total Mortgage today. Rates are up over the past three weeks, but we still have some of the best rates in the industry. Call us now at 877-868-2503 and find out how we can save you money on your home purchase or mortgage refinance today.
On this day in 1986, 5'7" Spud Webb won the NBA's slam dunk contest.
News Roundup:
Regulatory changes in lending could cause widespread increases in mortgage rates.
Help is available for military families with VA home loans that are at risk of foreclosure.
Jumbo mortgage rates could rise as a result of changes to the high balance conforming loan limit.
Mortgage delinquency is still a problem in Massachusetts.
Link of the Day:
Today’s link of the day from Slate’s Explainer: “Can Your Toothbrush Make You Sick?”
Our Rates:
Fixed rate mortgages can be a great way to hedge against future increases in interest rates because they allow borrowers to lock today’s low rates for many years into the future. This has made them the most prevalent kind of mortgage in the United States. If you qualify, you can get a 30 year fixed rate mortgage at a 4.500% mortgage rate with 4.708% APR. A 15 year fixed rate mortgage is available at a 3.750% interest rate and 4.106% APR.
Adjustable rate mortgages offer the lowest initial mortgage rates we advertise. ARMs can save the right kind of borrower lots of money compared to fixed mortgages. Those who qualify can get a 5/1 conforming ARM at a rate of 2.625 percent and a 3.085 percent APR.
FHA mortgages are a great mortgage product for first time home buyers who may lack the down payment for a home because they only require a 3.5 percent down payment, compared to 20 percent or more are an excellent way for first time home buyers to break into the housing market because they only require a down payment of 3.5 percent. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.375% interest rate and 5.775% 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 5.000% and 5.208% APR and a 15 year fixed jumbo mortgage at a 4.000% rate and 4.349% APR.
Mortgage rates are always changing. All rates were quoted at 8:15 A.M., on February 8, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.500% | 4.708% |
| 15 Year Fixed Conventional | 3.750% | 4.106% |
| 30 Year Fixed FHA | 4.375% | 5.775% |
| 30 Year Fixed Jumbo | 5.000% | 5.208% |
| 5/1 Conforming ARM | 2.625% | 3.085% |
| 5/1 Jumbo ARM | 3.250% | 3.114% |
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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