Total Mortgage is known across the industry for having some of the lowest mortgage rates available anywhere. We consistently have rates that are far better than the national average. If you’re interested in refinancing your house, or if you intend to purchase a new home this spring, take a couple of minutes to check out our rates – you may be able to save thousands of dollars. For more information on our rates, products, or our free home loan pre-approval process, call one of our mortgage professionals today at 877-868-2503.
Today’s News:
The big news today is that the new rules governing loan officer compensation take effect this morning. The rules were implemented after the U.S. Court of Appeals for the District of Columbia lifted an emergency stay that resulted from a lawsuit against the Federal Reserve. The courts said that the appellants (in this case the National Association of Mortgage Brokers and the National Association of Independent Housing Professionals) did “not satisf[y] the stringent standards required for a stay pending appeal”. Many in the industry are critical of the new rules, saying that they could raise borrowing costs for many consumers.
Our rates after the jump:
Our Products:
Fixed rate mortgages allow borrowers to lock today’s low rates for many years into the future, when rates are likely to be much higher. For qualified borrowers, 30-year fixed rate mortgages have a interest rate of 4.625% with an APR of 4.746%. 15-year fixed rate mortgages have a rate of 3.875% and an APR of 4.081%.
Adjustable rate mortgages can potentially provide large savings in monthly payments versus fixed rate mortgages. However, ARMs adjust according to market conditions after a set period of time, so there is some inherent interest rate risk with an ARM. 5/1 ARMs are available at a rate of 3.375% and an APR of 4.875%.
FHA mortgages are popular amongst many first time home buyers due to their low (3.5%) minimum down payment requirement. 30 year fixed FHA mortgages are available at a rate of 4.375% with a 5.681% APR.
***Mortgage rates are always changing. All rates were quoted at 9:10 A.M., on April 6, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.625% | 4.746% |
| 15 Year Fixed Conventional Mortgage | 3.875% | 4.081% |
| 30 Year Fixed FHA Mortgage | 4.375% | 5.681% |
| 30 Year Fixed Jumbo Mortgage | 5.375% | 5.495% |
| 5/1 Conforming ARM Mortgage | 3.375% | 4.875% |
| 5/1 Jumbo ARM Mortgage | 3.500% | 4.914% |
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal 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, $400 appraisal 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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