It’s no secret that current mortgage rates are near the lowest levels ever recorded. With that in mind you may want to consider refinancing your current mortgage. By refinancing to a mortgage with a lower mortgage rate you could potentially save yourself a significant sum of money.
Total Mortgage offers a wide variety of mortgage products that could fit your refinancing needs. A 30 year fixed conventional mortgage is currently being offered with a 4.125 percent mortgage rate and a 4.323 percent APR. A 20 year fixed conventional mortgage has a slightly lower mortgage rate of 4.000 percent and a 4.273 percent APR. Both of these fixed rate mortgages provide great opportunities for refinancing.
You may also want to consider mortgages backed by the Federal Housing Administration for refinancing. A 30 year fixed FHA mortgage at Total Mortgage has a 4.000 percent mortgage rate and a 5.178 percent APR.
Adjustable rate mortgages (ARM) may be a good refinancing option for borrowers who want to get rid of their high fixed mortgage rate. Historically ARM’s have lower current mortgage rates than fixed rate mortgages but the rate will fluctuate over time based on a variety of market conditions. A 5/1 conforming ARM has a 3.000 percent mortgage rate and an APR of 3.481 percent.
In other housing news prices of single-family homes in the United States rose by .5 percent in May, according to the Standard & Poor’s/Case Shiller home price indexes.
Mortgage rates are constantly fluctuating. All rates were quoted at 10:15 a.m. on July 27, 2010.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.125% | 4.323% |
| 20 Year Fixed Conventional | 4.000% | 4.273% |
| 30 Year Fixed FHA | 4.000% | 5.178% |
| 5/1 Conforming ARM | 3.000% | 3.481% |
For more information on refinancing at Total Mortgage call 877-868-2503 to speak with a licensed mortgage expert immediately!
*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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