It is Wednesday, and we are just about halfway to the weekend. Mortgage rates have risen significantly over the past few days, but Total Mortgage still has some of the best rates in the industry. There may be no better time than the present to lock in a rate that is still close to historical low points.
On this day in 1968, NBC cut away from the final 65 seconds of a Raiders-Jets game to air the movie "Heidi". The Raiders promptly scored 14 points to come from behind and beat the Jets. The game is now referred to as the "Heidi Bowl".
News Roundup:
Yesterday was dominated by two stories. The first was that bonds took a beating again, and spreads and mortgages rates rose accordingly. The second story was the Congressional hearing into foreclosure fraud. I watched a couple of hours of the hearing, and actually found it somewhat interesting, in particular Georgetown law professor Adam Levitin had some good insights. I’ll post something more in depth on the hearings a little later today.
Even more predictions of declining home values were published yesterday, this time by Standard and Poor’s, who forecast a 7-10 percent decline in home values over the next year.
There was a report that was published by the Congressional Oversight Committee yesterday that said the foreclosure/robo-signing fiasco could cause “significant harm” to “too-big-to-fail” financial institutions.
Since I am inundating you with bad news, here is a fun link from Slate’s Explainer: “Why Do Auctioneers Talk Like That?”
Our Rates:
Fixed rate mortgage are still the most popular type of mortgage in the United States. No matter if you are looking for a fixed loan with a short or long term, Total Mortgage can help you find the best mortgage for your situation. 30 year fixed rate mortgages are available for qualified buyers at 4.250 percent with a 4.454 percent APR. 15 year fixed rate mortgages start at 3.500 percent with an APR of 3.854 percent.
Some of you are in the market for a luxury home, and you may need to explore getting a jumbo mortgage. Borrowers are required 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 4.750 percent with an APR of 4.995 percent, while a 15 year jumbo mortgage is available at 3.625 percent with an APR of 3.970 percent.
A type of mortgage that is steadily growing in popularity is the FHA mortgage. As the FHA only requires a 3.5 percent down payment, these mortgages are especially popular with first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.250 percent with a 5.656 percent APR.
The mortgage type that has the lowest initial rate is the adjustable rate mortgage (ARM). ARMs are a great deal for many types of homebuyers. If you are only looking to stay in your house for the short term, you may want to seriously consider an ARM, just be aware that they can reset at higher interest rates when the initial period has ended. As of today, a 5/1 conforming ARM is available with a 2.625 percent mortgage rate and a 3.069 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 2.875 percent and a 2.956 percent APR.
Mortgage rates change all the time. These rates were quoted at 9:05 am on November 17, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.250% | 4.454% |
| 30 Year Fixed FHA | 4.250% | 5.656% |
| 30 Year Fixed Jumbo | 4.750% | 4.995% |
| 5/1 Conforming ARM | 2.625% | 3.069% |
| 5/1 Jumbo ARM | 2.875% | 2.956% |
For a complete list of Total Mortgage’s current mortgage rates and mortgages products call 877-868-2503 immediately, 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.
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