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.
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