Today’s Mortgage Rates for Tuesday, November 23, 2010

It is Tuesday.  Thanks to the beauty of the three day work week, today is pretty much Thursday, which is awesome.  Before you check the box score for the monday night game, take a look at the mortgage rates that are available today.  Total Mortgage has some of the best rates in the industry and we may be able to save you a lot of money on your home purchase or mortgage refinancing.

On this day in 1984, Doug Flutie found Gerard Phelan in the end zone as time expired to lead Boston College over Miami in the Orange Bowl, 47-45. Flutie Magic!

News Roundup:

The GDP report was released this morning at 8:30.  The result was that the GDP grew at a rate of 2.5 percent in the third quarter, up from 1.7 percent in the first quarter.

Existing Home sales are reported at 10:30 this morning.  The expectation is that home sales will increase slightly, to a seasonally adjusted average rate of 4.5 million homes sold.

Yesterday CoreLogic published a report detailing the amount of shadow inventory that exists in the United States.  The results were not pretty.  There are 6.3 million unsold homes in the country, virtually ensuring continued declines in home values.

Today’s link of the day is “Failure to Transfer Notes a Serious Issue for Countrywide and Its Trustee” by Tom Adams for nakedcapitalism.com.  It is a lengthy read, but like everything over at nakedcapitalism it is very well done, I recommend reading it when you have a few minutes to spare.

Our Rates:

Many of our customers are locking in low mortgage rates with one of our fixed rate mortgages.  30 year fixed rate mortgages are available to qualified buyers at 4.000 percent with a 4.201 percent APR. 15 year fixed rate mortgages start at 3.250 percent with an APR of 3.601 percent.

Some of the best rates we offer are on adjustable rate mortgage (ARM).  ARMs are a great deal for certain kinds of homebuyers.  If you are only looking to stay in your house for the short term, you may want to seriously consider an ARM, just be aware that the mortgage rates on an ARM resets after a certain period of time to a current market rate.  As of today, a 5/1 conforming ARM is available with a 2.500 percent mortgage rate and a 3.022 percent APR. A 5/1 jumbo ARM is available at a rate of 3.000 percent and a 3.013 percent APR.

If you are in the luxury home market, you may need to get a jumbo mortgage.  Jumbo mortgages are required when the loan amount is greater than the Fannie Mae/Freddie Mac conforming limit (which is $417,000 to $729,750 depending upon your market).  We are able to offer 30 year fixed jumbo mortgages at 4.875 percent with an APR of 5.081 percent, while a 15 year jumbo mortgage is available at 3.500 percent with an APR of 3.844 percent.

More and more people are looking for FHA mortgages these days.  Due to the low downpayment requirement (3.5 percent), these mortgages are very popular with first time homebuyers.  Qualified borrowers can get a 30 year fixed FHA mortgage at 4.125 percent with a 5.537 percent APR.

Mortgage rates change all the time. These rates were quoted at 8:45 am on November 23, 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.