Today’s Mortgage Rates for Wednesday, January 2, 2011

Happy Groundhog Day everybody.  Its snowing again, and those cheap distressed properties in Florida and Arizona are looking more and more attractive… Before you endeavor to clear your driveway or chip the ice from your car, take a couple of minutes to look at the  mortgage rates we’ve made available at Total Mortgage today.  Although rates are up significantly from their all-time low of 4.19 percent, they are still lower than they were one year ago today, and are still low from a historical perspective.  If you want to refinance your current mortgage or are looking to buy a new home, give us a call today at 877-868-2503 for up to date rate quotes on all our mortgage products.

These incessant snowstorms are turning into my own real life version of Ned Ryerson.

News Roundup:

Cash-in refinancing increased in the fourth quarter of 2010.

Evidence shows that home price declines are accelerating.

Protesters stormed an MBA conference yesterday.

Strategic defaults appear to be on the rise in some areas.

Bank of America succeeded in dissolving a restraining order in Nevada that prohibited the foreclosure of 8,900 homes.

Link of the Day:

Roger Ebert’s review of Groundhog Day, one of my favorite movies, and one which Ebert has deemed a “great movie”.

Our Rates:

Fixed rate mortgages enable borrowers to lock in today’s historically low rates for many years in the future.  They also enable borrowers to transfer much of the interest rate risk inherent to a long-term loan to the lender.  Rates will undoubtedly rise in the future, and those who locked in now will benefit. If you qualify, you can get a 30 year fixed rate mortgage at a 4.375% mortgage rate with 4.581% APR. A 15 year fixed rate mortgage is available at a 3.750% interest rate and 4.106% APR.

Adjustable rate mortgages can offer great savings to those who intend to stay in their home for the short term, or those who are going to pay off their mortgages quickly.  Those who qualify can get a 5/1 conforming ARM at a rate of 2.750 percent and a 3.122 percent APR.

FHA mortgages have become an increasingly important source of financing over the past couple of years.  A lot of the popularity is due to the low down payment requirement of 3.5 percent.  This feature has made them very popular with first time home buyers in particular. Qualified borrowers can get a 30 year fixed FHA mortgage at a 4.375% interest rate and 5.775% APR.

Jumbo mortgages are larger loans that are not eligible for purchase by Fannie Mae or Freddie Mac.  The jumbo mortgage threshold is between $417,000 and $729,750 depending upon your location.  Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.125% and 5.334% APR and a 15 year fixed jumbo mortgage at a 3.750% rate and 4.097% APR.

Mortgage rates are always changing. All rates were quoted at 8:30 A.M., on February 2, 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.