Today’s Mortgage Rates for Tuesday, January 4, 2011

It’s Tuesday, and hopefully you’ve settled into your work routine.  Before you go grab a cup of coffee, take a couple of minutes to look at the low mortgage rates being offered at Total Mortgage today.  Although rates have risen significantly over the past two months, you still may be able to save a lot of money on your home purchase or mortgage refinancing with Total Mortgage.  Contact us today to find out.

On this day in 1643, Isaac Newton was born. He probably would've had more street cred if he opted to go by "Ike Newton".

News Roundup:

Kind of a slow day, not a lot of news as everyone was probably busy recovering from the holidays…

Bank of America settled claims that it sold mortgages based on bad information to Fannie Mae and Freddie Mac.  B of A settled with the GSEs for $2.6 billion.  They got off cheap.

Today’s Link of the Day:

Today’s link is “Sandwich Monday in Las Vegas: The $777 Burger”.  A couple of people from NPR were invited to try the Paris Casino’s ridiculously expensive hamburger.  It’s an amusing read.

Our Rates:

Fixed rate mortgages are still the most popular mortgage product in the United States.  They allow borrowers to lock in today’s low mortgage rates for years into the future.  Total Mortgage offers both short and long term fixed rate mortgages depending upon your needs.  Qualified borrowers can get 30 year fixed rate mortgages at a 4.375% mortgage rate with 4.581% APR. A 15 year fixed rate mortgage is available at a 3.625% interest rate and 3.980% APR.

FHA mortgages have become extremely popular as mortgage lending standards have become more and more conservative.  One of the big reasons for this popularity is the relatively low down-payment requirement (3.5%) for FHA mortgages.  For this reason, FHA loans can be great for first time homebuyers.  A 30 year fixed FHA mortgage can be obtained at a 4.375% interest rate and 5.775% APR.

Adjustable rate mortgages have the lowest initial interest rates that we are able of offer.  ARMs can be a great deal for homeowners that only plan on staying in their homes for the short term.  5/1 conforming ARMs are available to qualified borrowers at a rate of 2.500 percent and a 3.038 percent APR.

Jumbo mortgages are frequently required for larger, more expensive homes.  Jumbo mortgages are required when a mortgage loan amount exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. The conforming loan limits are $417,000 to $729,750 for single-family homes depending on the location of the property. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.375% and 5.588% APR and a 15 year fixed jumbo mortgage at a 4.000% rate and 4.475% APR.

Mortgage rates are always changing. All rates were quoted at 8:45 A.M., on January 4, 2011.

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.