It’s Tuesday, and we can officially close the books on February. Hopefully we will soon be able to put what has been a relatively miserable winter behind us. While you ponder shorts, t-shirts, and warmer weather, take a couple minutes to check out the mortgage rates that are available as we enter the spring buying season. Rates have been volatile of late, rising significantly since October and easing slightly over the past two weeks. Many predict that rates will hit 5.5% or higher before the end of the year, so this may be a great time to lock in a low rate. Call one of our mortgage professionals at 877-868-2503 to prequalify for a mortgage and get up-to-the-minute rate quotes.
On this day in 1896, radioactivity is discovered by Henri Becquerel.
News Roundup:
Big banks could face big penalties for foreclosure issues.
Existing home sales were down 2.8% in January.
New Hampshire and California upheld MERS property transfers.
Attitudes toward homeownership are more upbeat.
Proposed legislation would defund several foreclosure prevention programs.
Private investors may be returning to the jumbo mortgage market.
Link of the Day:
Some interesting Oscar statistics from Barry Ritholtz at the Big Lead.
Our Rates:
Fixed rate mortgages allow borrowers to lock in today’s low mortgage rates with relatively little risk. This is what makes them 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 only require a 3.5% down payment, which makes them particularly popular among first time homeowners and those who don’t have a lot of money for a down payment. 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 8:15 A.M., on March 1, 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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