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  1. FHA Mortgage Changes Set for Near Future

    1 By on July 20, 2010

    FHA mortgages are a great option for borrowers who may not qualify for a conventional home loan. The FHA has announced that its plans to impose new regulations to loans that they back.

    One of the major perks of an FHA home loan was that it only required a 3.5% down payment which is far less than most private lenders offer. FHA mortgages are also popular because they allow seller to contribute up to 6% for closing costs. Both of these perks for FHA-backed loans are about to change as the FHA has announced plans to alter some of their guidelines.

    The FHA has announced plans to cap seller contributions for closing costs at 3%. In addition the FHA has announced that it will have credit requirements for the first time. Borrowers with credit scores less than 580 will have to pay a minimum 10% down payment and borrowers with a credit score less than 500 will not qualify for an FHA mortgage. The latter of the these two changes will not have an immediate effect on FHA loans because most lenders have already set their own credit floor around 620.

    Total Mortgage has some of the lowest FHA mortgage rates in the entire country. A 30 Year Fixed FHA Mortgage is available with a 4.000% mortgage rate and a 5.178% APR.

    Let us know how you feel about these new FHA regulations in the comment section below.

    Category: FHA

  2. Mortgage Rates Remain Low After National Average Drops

    By on June 11, 2010

    The lowest mortgage rates of 2010 continue to hold their ground at Total Mortgage Services, LLC Friday morning, as the national average on the 30-year fixed mortgage rate fell to its lowest point of 2010 last week and is within reach of dipping to a record-low number. The national average on the 15-year fixed-rate fell to an all-time record last week.

    At Total Mortgage, the 30-year fixed conventional mortgage is still at a 4.375 percent rate and 4.583 percent APR, and the 15-year fixed conventional mortgage is coming across at a 3.875 percent rate and 4.236 percent APR.

    According to yesterday’s Freddie Mac report, the national average rate on 30-year fixed conventional mortgages fell to 4.72 percent from last week’s 4.79 percent rate. That is the lowest rate since the week ending Dec. 3, 2009, when it hit a record low of 4.71 percent. Freddie Mac also reported that the 15-year fixed-rate mortgage averaged 4.17 percent, down from last week’s 4.20 percent rate, and it is the lowest on record since Freddie Mac started tracking that mortgage type in August 1991.

    On the economic front, a rally in the Euro propelled stocks sharply higher and bonds lower on Thursday. The Euro jumped from 1.197 to 1.212.  We could see a bit of a reversal in stocks this morning after disappointing retail sales numbers indicate a considerable slump in consumer spending.

    Current mortgage rates are updated daily on Total Mortgage’s website, and mortgage rate and industry news and insight is published on the Total Mortgage blog.

    At 9:30 a.m. on June 11, 2010, the following mortgage rates were being offered at Total Mortgage:

    Loan Type Rate APR
    30-Year Fixed Conventional 4.375% 4.583%
    20-Year Fixed Conventional 4.250% 4.535%
    15-Year Fixed Conventional 3.875% 4.236%
    30-Year Fixed FHA 4.250% 5.178%
    30-Year Fixed Jumbo Mortgage 5.250% 5.463%
    15-Year Fixed Jumbo Mortgage 4.000% 4.352%
    5/1 ARM Conforming Mortgage 3.125% 3.547%
    5/1 ARM Jumbo Mortgage 3.500% 3.265%
    1/1 ARM Conforming Mortgage (0 Points) 3.150% 3.922%
    1/1 ARM Jumbo Mortgage (0 Points) 3.150% 3.794%

    For a complete offering of mortgage rates and mortgage products visit TotalMortgage.com for additional information.

    * 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.

    Category: Mortgage Rates

  3. Mortgage Rates At Total Mortgage Unchanged Despite Slight National Increase

    By on June 3, 2010

    Mortgage rates remain unchanged this morning at Total Mortgage Services, LLC despite a slight up-tick in the national average of fixed-rate mortgages.

    Bankrate announced this morning that the average rate on a 30-year fixed mortgage climbed this week to 4.95 percent this week from 4.92 percent average of the previous week. Additionally, average 15-year fixed mortgage increased to 4.36 percent from 4.34 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM rising to 4.91 percent while the average 5-year ARM fell to 4.21 percent.

    “Nervous investors and tenuous financial markets kept a lid on mortgage rates,” Bankrate said. “Although the Federal Reserve is expected to leave short-term interest rates low for the time being, evidence of continued improvement in the U.S. economy will eventually lead to higher mortgage rates as the year progresses.”

    On the economic front, stocks climbed higher Wednesday, while bonds inched lower, and the Euro was also higher. Strong data on April home sales and new vehicle sales helped support the market surge. As the week moves ahead, keep an eye on employment numbers and jobless figures for a barometer on market direction.

    At Total Mortgage, the 30-year fixed mortgage held steady at a 4.375 percent rate and 4.583 percent APR, and the 15-year fixed mortgage also stayed firm at a 3.875 percent rate and 4.236 percent APR. Additionally, the 30-year fixed FHA was being listed at 4.250 percent rate and 5.178 percent APR, and the 30-year fixed jumbo is offered at 5.250 percent and 5.463 percent APR.

    Total Mortgage lists some of the lowest current mortgage rates on fixed-rate mortgages, FHA mortgages, jumbo mortgages and adjustable rate mortgages (5/1 ARM and 1/1 ARM). Current mortgage rates are updated regularly on TotalMortgage.com, and daily insight on mortgage and financial news can be found at the Total Mortgage blog.

    At 9:50 a.m. on June 3, 2010, the following rates were being offered at Total Mortgage:

    Loan Type Rate APR
    30-Year Fixed Conventional 4.375% 4.583%
    20-Year Fixed Conventional 4.250% 4.535%
    15-Year Fixed Conventional 3.875% 4.236%
    30-Year Fixed FHA 4.250% 5.178%
    30-Year Fixed Jumbo Mortgage 5.250% 5.463%
    15-Year Fixed Jumbo Mortgage 4.000% 4.352%
    5/1 ARM Conforming Mortgage 3.125% 3.547%
    5/1 ARM Jumbo Mortgage 3.500% 3.265%
    1/1 ARM Conforming Mortgage (0 Points) 3.150% 3.922%
    1/1 ARM Jumbo Mortgage (0 Points) 3.150% 3.794%

    For a complete offering of mortgage rates and mortgage products visit TotalMortgage.com for additional information.

    * 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.

    Category: Mortgage Rates

  4. Mortgage Rates At Yearly Lows To Start Business Week

    By on June 1, 2010

    The mortgage market witnessed gains on Friday, which was a reversal from Thursday’s losses. That trend continues this morning as bonds are higher due to stock prices falling globally. This week’s economic calendar is abbreviated due to the long Memorial Day weekend with the all-important employment report for May due out on Friday.

    Little transpired over the long Memorial Day weekend to affect the low current mortgage rates at Total Mortgage Services, LLC. Mortgage rates are still being offered by Total Mortgage at their lowest levels of 2010 for prospective home loan and financing options.

    The 30-year fixed conventional mortgage continues to be offered at a 4.375 percent and 4.583 percent APR, and the 30-year fixed FHA is listed at a 4.250 percent rate 5.178 percent APR.

    Also of note, the 5/1 adjustable rate mortgage is coming in at 3.125 percent, with a 3.547 APR, and the 1/1 ARM is now at a 3.150 percent rate and 3.922 percent APR.

    Current mortgage rates are updated frequently at TotalMortgage.com, in addition to daily insight and analysis on mortgage industry news and information.

    As of 9:30 a.m. on June 1, 2010, the following rates were listed at Total Mortgage:

    Loan Type Rate APR
    30-Year Fixed Conventional 4.375% 4.583%
    20-Year Fixed Conventional 4.250% 4.535%
    15-Year Fixed Conventional 3.875% 4.236%
    30-Year Fixed FHA 4.250% 5.178%
    30-Year Fixed Jumbo Mortgage 5.250% 5.463%
    15-Year Fixed Jumbo Mortgage 4.000% 4.352%
    5/1 ARM Conforming Mortgage 3.125% 3.547%
    5/1 ARM Jumbo Mortgage 3.500% 3.265%
    1/1 ARM Conforming Mortgage (0 Points) 3.150% 3.922%
    1/1 ARM Jumbo Mortgage (0 Points) 3.150% 3.794%

    For a full list of mortgage rates and mortgage products visit TotalMortgage.com for additional information.

    * 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.

    Category: Mortgage Rates

  5. Home Shoppers Working With Low Mortgage Rates Memorial Day Weekend

    By on May 28, 2010

    For people who plan on spending part of their upcoming holiday weekend home shopping, Total Mortgage is still offering some of the lowest mortgage rates in the industry for those who intend on buying a house in the near future, or are considering refinancing their existing mortgages.

    Mortgage rates will likely stay flat this weekend, and their future levels will hinge on a variety of factors, but it’s hard to envision them falling much further.

    Bond prices dropped sharply yesterday as investors once again bought stocks and Euros after China’s announcement that it did not plan on reducing its holdings in Europe. Also, five-year, 10, and 30-year Treasury yields rose 20bp or more during the past couple days.

    In other developments, personal income equaled expectations while personal spending was lighter-than-expected in April. Additionally, the core personal consumption expenditures deflator rose .1 percent for the month and 1.2 percent year-over-year, keeping the inflation rate well within the Fed’s comfort zone

    Nationally, mortgage rates are at their lowest points of the year, and at Total Mortgage many of the low mortgage rates are below the industry average. The 30-year fixed is at an attractive 4.375 percent rate and 4.583 percent APR, and the 30-year Fixed FHA is sitting at a low 4.250 percent rate and 5.178 percent APR.

    Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    As of 9:55 am on May 28, 2010, the following mortgage rates were listed at Total Mortgage Services, LLC:

    Loan Type Rate APR
    30-Year Fixed Conventional 4.375% 4.583%
    20-Year Fixed Conventional 4.250% 4.535%
    15-Year Fixed Conventional 3.875% 4.236%
    30-Year Fixed FHA 4.250% 5.178%
    30-Year Fixed Jumbo Mortgage 5.250% 5.463%
    15-Year Fixed Jumbo Mortgage 4.000% 4.352%
    5/1 ARM Conforming Mortgage 3.125% 3.547%
    5/1 ARM Jumbo Mortgage 3.500% 3.265%
    1/1 ARM Conforming Mortgage (0 Points) 3.150% 3.922%
    1/1 ARM Jumbo Mortgage (0 Points) 3.150% 3.794%

    For a full list of mortgage rates and mortgage products visit TotalMortgage.com for additional information.

    * 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.

    Category: Mortgage Rates

  6. Mortgage Rates Continue To Sit At Near-Historic Lows

    By on May 27, 2010

    Extremely low mortgage rates are still available at Total Mortgage Services, LLC Thursday, as they continue to be offered at near-historic low levels.

    The 30-year fixed conventional mortgage is at a 4.375 percent rate and 4.583 percent APR. Additionally, the 30-year fixed jumbo mortgage is currently seeing a 5.125 percent rate and 5.336 percent APR, and the 30-year FHA is down at a 4.250 percent rate and 5.178 percent APR.

    On the financial front yesterday there was some decent economic data, as some signs of stability in Europe put pressure on bond prices, bumping yields upward by 3-6 bp across the curve. Also, new home sales were up to their largest point in two years, due largely to the first-time home buyer tax credit which expired at the end of last month.

    In other news, the five-year Treasury note auction found moderate demand and the first-quarter GDP growth estimate was lowered from 3.2 percent to 3.0 percent. Weekly jobless claims dropped slightly but were still elevated, and durable goods orders unexpectedly tailed off.

    Current mortgage rates are updated regularly at TotalMortgage.com, in addition to daily analysis on mortgage industry happenings and other economic news which the website offers.

    At 9:15 am on May 27, 2010, these mortgage rates were being offered at Total Mortgage:

    Loan Type Rate APR
    30-Year Fixed Conventional 4.375% 4.583%
    20-Year Fixed Conventional 4.250% 4.535%
    15-Year Fixed Conventional 3.875% 4.236%
    30-Year Fixed FHA 4.250% 5.178%
    30-Year Fixed Jumbo Mortgage 5.125% 5.336%
    15-Year Fixed Jumbo Mortgage 4.000% 4.352%
    5/1 ARM Conforming Mortgage 2.875% 3.323%
    5/1 ARM Jumbo Mortgage 3.500% 3.265%
    1/1 ARM Conforming Mortgage (0 Points) 3.150% 3.922%
    1/1 ARM Jumbo Mortgage (0 Points) 3.150% 3.794%

    For a full list of mortgage rates and mortgage products visit TotalMortgage.com for additional information.

    * 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.

    Category: Mortgage Rates

  7. Mortgage Rates Open Low Tuesday At Total Mortgage

    By on May 18, 2010

    There has been no movement in mortgage rates today from yesterday, though some reports anticipate rates are due to rise, including yesterday’s economic outlook by Fannie Mae.

    Bond prices fell however slightly yesterday as trading was reasonably quiet. April’s housing starts, released this morning, came in better than expected.

    Late last week at Total Mortgage Services, LLC, the 30-year fixed conventional fell from 4.500 percent to 4.375 percent. Additionally, the 20-year fixed conventional dipped from 4.375 percent to 4.250 and the 15-year fixed conventional fell from 4.000 percent to 3.875 percent.

    The 30-year fixed FHA was lowered this past week to 4.250 percent from 4.375 percent.

    There has not been any recent movement in the 30- and 15-year fixed jumbo mortgages, nor the 5/1 ARM conforming or 5/1 ARM jumbo mortgage.

    Total Mortgage Services, LLC is listing some of the lowest current rates on 30-year fixed-rate mortgages, FHA mortgages, jumbo mortgages and adjustable-rate mortgages. Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    As of 9:20 a.m. on May 18, 2010, the following rates were listed at Total Mortgage:

    30-Year Fixed Conventional 4.375% Rate, 4.583% APR

    20-Year Fixed Conventional 4.250% Rate, 4.535 APR

    15-Year Fixed Conventional 3.875% Rate, 4.236% APR

    30-Year FHA 4.250% Rate, 5.178% APR

    30-Year Fixed Jumbo Mortgage 5.125% Rate, 5.336% APR

    15-Year Fixed Jumbo Mortgage 4.000% Rate, 4.352% APR

    5/1 ARM Conforming Mortgage 3.000% Rate, 3.367% APR

    5/1 ARM Jumbo Mortgage 3.500% Rate, 3.291% APR

    For a complete listing of rates and mortgage products visit TotalMortgage.com.

    * 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.

    Category: Mortgage Rates

  8. Mortgage Rates Update For Friday, May 14 From Total Mortgage

    By on May 14, 2010

    The market proved to be volatile Thursday, but bond prices closed up. While mortgage rates remain extremely low – and may even inch lower today – the financial reform bill continues to progress on the floor of the Senate.

    Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    As of 9:30 a.m. on May 14, 2010, the following rates are available at Total Mortgage:

    30-Year Fixed Conventional 4.375% Rate, 4.583% APR

    30-Year FHA 4.250% Rate, 5.178% APR

    30-Year Fixed Jumbo 5.125% Rate, 5.336% APR

    5/1 ARM Conforming Mortgage 3.000% Rate, 3.367% APR

    For a complete listing of rates and mortgage products visit TotalMortgage.com.

    Also in the News:

    Federal Reserve Vice Chairman Weighs in on Interest Rates

    Senate Votes To Outlaw Deceptive and Predatory Lending Practices

    HUD Unveils New Plan For Sustainable, Affordable Housing

    * 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.

    Category: Mortgage Rates

  9. Mortgage Rates Update For Wednesday, May 12 From Total Mortgage

    By on May 12, 2010

    Yesterday’s economic calendar was light, and it looks to be more of the same today, although there is a 10-year Treasury bond auction this afternoon worth keeping an eye on. Bond prices were mixed yesterday, but in general, stocks fell slightly.

    Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    As of 10:15 a.m. on May 10, 2010, the following mortgage rates are listed at Total Mortgage:

    30-Year Fixed Conventional 4.500% Rate, 4.710% APR

    30-Year FHA 4.375% Rate, 5.300% APR

    30-Year Fixed Jumbo 5.125% Rate, 5.336% APR

    5/1 ARM Conforming Mortgage 3.000% Rate, 3.367% APR

    For a complete listing of rates and mortgage products visit TotalMortgage.com.

    * 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.

    Category: Mortgage Rates

  10. Mortgage Rates Update For Tuesday, May 11 From Total Mortgage

    By on May 11, 2010

    Yesterday, Treasury prices fell while stocks rose considerably, essentially reversing last week’s trend. Although there were no U.S. economic reports released yesterday, Federal Reserve Chairman Ben Bernanke is expected to provide the Senate with a closed-door briefing today on the Fed’s response to the economic trouble in Europe.

    Total Mortgage Services, LLC is listing some of the lowest current rates on 20-year fixed-rate mortgages, FHA mortgages, jumbo mortgages and adjustable-rate mortgages.

    Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    As of 11 a.m. on May 11, 2010, the following mortgage rates are available at Total Mortgage:

    20-Year Fixed Conventional 4.375% Rate, 4.662% APR

    30-Year FHA 4.375% Rate, 5.300% APR

    15-Year Fixed Jumbo 4.000% Rate, 4.352% APR

    5/1 ARM Conforming Mortgage 3.000% Rate, 3.367% APR

    For a complete listing of rates and mortgage products visit TotalMortgage.com.

    * 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.

    Category: Mortgage Interest Rates, Mortgage Rates

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