Today’s Mortgage Rates for Wednesday, February 16, 2011

It is Wednesday, and the week is basically half over, and it looks like it will warm up across the country as we head into the weekend.  Before you check to see if any golf courses near you will be open, take a couple of minutes to check out the mortgage rates we made available at Total Mortgage this morning.  Rates are up nearly a full point from their all-time low last fall, but are still pretty low on a historical basis.  If you missed out on refinancing your mortgage, there still may be time to save money with one of our low rates.  Call us now at 877-868-2503 to consult one of our licensed mortgage professionals.

On this day in 1959, Fidel Castro took over as leader of Cuba after ousting Fulgencio Batista. Michael and Fredo were forced to flee the island.

News Roundup:

Transfers of mortgages through MERS were deemed illegal in an extensive piece of dicta by a federal bankruptcy judge.  Should be interesting to see how this plays out.

The FHA is going to raise annual mortgage insurance premiums on 15 and 30 year loans in April.

A study warns that the FHA loan limit should be reduced to better manage risk.

Link of the Day:

A guide to Jeopardy trivia from Slate’s Jeremy Singer-Vine.

Our Rates:

Fixed rate mortgages are the most popular type of mortgage in the United States (although this could change with the proposed changes to housing finance).  They enable borrowers to lock in today’s mortgage rates for years into the future with very little risk and the ability to prepay with no penalty. Qualified borrowers can get a 30 year fixed rate mortgage at a 4.625% mortgage rate with 4.834% APR. A 15 year fixed rate mortgage is available at a 4.000% interest rate and 4.359% APR.

FHA mortgages have become more and more popular as credit has become tighter.  FHA mortgages only require a 3.5 percent down payment compared to 20 percent or more from other financing sources, which makes them especially popular among first time home buyers. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.500% interest rate and 5.894% APR.

Adjustable rate mortgages have the lowest initial rates that we are able to offer.  After a set period of time, the rate on an ARM adjusts according to market conditions.  Buyers who are going to stay in their house for the short term or who are going to quickly pay off their mortgage can can offer significant monthly savings to the right type of borrower.  Those who qualify can get a 5/1 conforming ARM at a rate of 2.875 percent and a 3.166 percent APR.

Jumbo mortgages are larger loans that are often associated with luxury homes or houses in very expensive markets. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.250% and 5.461% APR and a 15 year fixed jumbo mortgage at a 4.125% rate and 4.475% APR.

Mortgage rates are always changing. All rates were quoted at 8:15A.M., on February 16, 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.