Today’s Mortgage Rates for Wednesday, January 26, 2011

It’s Wednesday, and it is going to snow again in the Northeast, but only after it rains ice.  Before you start looking around for homes in a warmer climate, take a couple minutes to check out the low mortgage rates we’re offering at Total Mortgage this morning.  Mortgage rates have been quite volatile lately, increasing last week after declining for the two weeks prior.  Despite this, rates are still close to historical lows, and you may be able to save thousands of dollars on a home purchase or mortgage refinancing with Total Mortgage.  Call us today at 877-868-2503 for up to the minute rate quotes.

On this day in 1951, the criminally underrated Jimmie Foxx was elected to the baseball Hall of Fame. Lifetime slash line of .325/.428/.609!

News Roundup:

An investor lawsuit against Bank of America and Countrywide Financial alleges “massive fraud“.

November’s S&P/Case-Shiller Home Price Index showed further home value deterioration and warned of a possible double dip.

In some cities, owning a home may be more affordable than renting one.

Link of the Day:

Must read: the FCIC finds that the financial crisis was avoidable and spreads blame.  Registration is necessary for the link from the Times, unfortunately.

Our Rates:

Fixed rate mortgages are the most common mortgage product in the country because because they allow savvy borrowers to lock in near-historically low rates for many years into the future.  Rates will almost certainly rise, and those who locked in now will be the beneficiaries.  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 offer the lowest rates of any mortgage we offer.  The initial rate adjusts to market conditions after a set period of time.  For homeowners who are only going to be in their short for the short term, ARMs can offer significant savings for borrowers who are going to stay in their home for the short term.  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 only require a 3.5 percent down payment, and have somewhat less stringent underwriting requirements than other kinds of mortgages.  For this reason, they have become more and more popular as financing from traditional sources has become tighter. 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 do not qualify for purchase by Fannie Mae or Freddie Mac.  The threshold for jumbo mortgages is between $417,000 to $729,750 for single-family homes depending upon the location of the property.  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 8:35 A.M., on January 25, 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.