Today’s Mortgage Rates for Wednesday, December 8, 2010

On this day in 1980, John Lennon was murdered outside his New York City apartment by a crazed man inspired by an overrated book.

Hey now, it’s Wednesday, the work week is nearly half over.  Instead of playing Angry Birds on your break, take a couple of minutes to check out the low mortgage rates we are offering at Total Mortgage today.  Rates have been volatile lately, but we consistently are among the industry leaders in mortgage rates.  Total Mortgage may be able to save you a lot of money on your mortgage refinancing or new home purchase today.

News Roundup:

The big news today is the fall out from President Obama’s tax deal with Republicans in Congress to extend the Bush tax cuts for all income levels for two years. Democrats, especially the more liberal ones in the House, are fuming. They’re angry about being left out of the talks and that the deal doesn’t increase estate taxes. Obama’s people argue that the deal prevents taxes for everyone from rising, but it looks like Obama was the first to blink in negotiations with Republicans.

In the Irish budget vote, European finance ministers officially approved bailout for Ireland yesterday. A European Union summit is supposed to come up with a long-term solution to the economic union’s overall debt crisis. The EU will lend Ireland 22.5 billion of eruos, but Ireland must reform it banking system and cut its government deficit. Many Irish are upset at the tough terms of the deal, saying they’re losing sovereignty.

Today’s link: The Treasury Department sold its remaining stake in Citigroup for $12 billion, but an article in The New York Times says the Fed is still owed by Wall Street as a result of the bailout.  It still has several emergency programs and credit lines and its road to profitability is unclear.

Our Rates:

Fixed rate mortgages are still the most popular type of mortgage in the United States.  They allow borrowers to lock in today’s low rates for years to come.  Qualified borrowers are able to get a 30 year fixed rate mortgages at 4.125 percent with a 4.328 percent APR. 15 year fixed rate mortgages start at 3.375 percent with an APR of 3.728 percent.

Adjustable rate mortgages (ARMs) usually have the lowest rates that we are able to offer.  ARMs can be a great deal for certain kinds of homebuyers, such as those who only intend to own their home in the short term, or those who feel they have a firm handle on where the markets are going.  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.

There is no question that qualifying for a mortgage is more difficult than it was in the past.  Due to this, FHA mortgages have become extremely popular.  FHA mortgages only require a downpayment of 3.5 percent, much lower than the 20 percent typically required by other lenders.  As a result, these mortgages are extremely popular amongst first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.250 percent with a 5.656 percent APR.

Undoubtedly, some of you are shopping for luxury homes.  Many of you in this market will need to get a jumbo mortgages.  Borrowers are required to get jumbo mortgages 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 5.000 percent with an APR of 5.208 percent, while a 15 year jumbo mortgage is available at 3.500 percent with an APR of 3.844 percent.

Mortgage rates change all the time. These rates were quoted at 10:00 am on December 8, 2010.

For a complete list of Total Mortgage’s 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.