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  1. Adjustable Rate Mortgages Starting at 2.750%

    By on August 30, 2011

     

    Recently mortgage rates set new record lows while stocks tumbled as a result of pessimism over the country’s economic prospects.  The market has since rebounded somewhat, and most rates ticked slightly higher.  Adjustable rate mortgages, however, are still right near their lowest rates ever.

    If you are only going to be in your current home for a short period of time, or you are going to quickly pay off your home in a few years, you might be able to save a lot of money in the meantime with an adjustable rate mortgage.

    ARMs feature much lower mortgage rates than do fixed rate mortgages.  For a period of time, the interest rate on an ARM is fixed (this is generally for 3, 5, 7, or 10 years).  After the fixed portion is up, the rate can adjust based upon market conditions.  Although potential increases are capped to a certain amount, it is important to be aware that your rate could rise significantly (it is also possible that your rate falls, although this is less likely).

    Click through for more information on our rates.

    Continue Reading…

    Category: Mortgage Rates

  2. Mortgage Rates Sitting At Lowest Levels of 2010

    By on June 14, 2010

    Mortgage rates began the business week still perched at their lowest levels of 2010 at Total Mortgage Services, LLC Monday morning, presenting prime opportunity for prospective home buyers and homeowners looking to refinance.

    The 30-year fixed conventional mortgage is being offered at a 4.375 percent rate and 4.583 percent APR, and the 30-year fixed FHA mortgage is available at a 4.250 percent rate and 5.178 percent APR.

    Additionally at Total Mortgage, the 30-year fixed jumbo mortgage is listed at a 5.250 percent rate and 5.463 percent APR, and the 5/1 ARM conforming mortgage is still at a 3.125 percent rate and 3.547 percent APR.

    In other economic news, bond prices appear to be starting the week lower as world stock markets seem poised to build off of Friday’s rally and the Euro is rising amidst some signs of stability. No major economic reports are scheduled for release Monday or Tuesday.

    Current mortgage rates are updated daily on Total Mortgage’s website, and mortgage-related news and analysis is available at the Total Mortgage blog.

    At 9:30 a.m. on June 14, 2010, the following mortgage rates are available 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 Could Climb In Near Future

    By on June 4, 2010

    Bond prices fell slightly Thursday, a possible precursor to mortgage rates climbing in the near future. Also, May’s nonfarm payrolls report was somewhat disappointing, as 411,000 of the 431,000 jobs created were census jobs, and the total was roughly 100,000 shy of estimates. Government payrolls actually fell by 21,000 jobs aside from the Census hires. Stocks appeared poised to drop Friday as a result.

    The data will further put the Fed on-hold and will call into question the recovery expectations many people have. However, Kansas City Fed President Hoenig on Thursday called for the Fed to raise the Fed Funds rate to 1 percent by the end of summer.

    Mortgage rates are still sitting at yearly lows at Total Mortgage Services, LLC with the 30-year fixed conventional mortgage listed at a 4.375 percent rate and 4.583 APR, and the 30-year FHA being mortagage offered at 4.250 percent and 5.178 percent APR. Additionally, the 30-year fixed jumbo mortgage is at a 5.250 percent rate and a 5.463 percent APR, and the 5/1 ARM conforming mortgage is coming in at a 3.125 percent rate and 3.547 percent APR.

    Current mortgage rates are regularly updated on Total Mortgage’s website, while daily mortgage news and analysis is available at the Total Mortgage blog.

    As of 9:45 a.m. on June 3, 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

  4. Freddie Mac Survey: Mortgage Rates At Lowest Point of Year

    By on May 27, 2010

    freddie-mac-historic-mortgage-rates-resized-6001Falling Treasury yields helped push national mortgage rates closer to their record-low levels seen last December, the weekly Freddie Mac survey reported today.

    The average rate on the 30-year fixed rate mortgage averaged 4.78 percent for the week ending Thursday, May 27, down from last week’s mark of 4.84 percent. It is the lowest average of the year in the country.

    The 30-year fixed, which is the most common mortgage program, is now ever so close to its all-time lowest average since Freddie started conducting the survey back in 1971. The record low is a 4.71 percent rate for the week ending December 3 of last year.

    Rates on the 15-year fixed mortgage did hit a record low     however, averaging out at 4.21 percent. Freddie Mac began tracking the 15-year fixed in 1991.

    Additionally, rates on five-year, adjustable-rate mortgages (5/1 ARM) averaged 3.97 percent, up from 3.91 percent a week ago. And rates on one-year, adjustable-rate mortgages (1/1 ARM) fell to 3.95 percent from 4.00 percent.

    The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

    Category: Mortgage Rate Trends and Analysis

  5. Mortgage Rates Remain Low, ARM Drops Amidst Heavy Volatility

    By on May 26, 2010

    Current mortgage rates remain at near-historic low levels this morning, including ARM mortgage rates which fell one-eighth of a point at Total Mortgage yesterday.

    The 5/1 ARM conforming mortgage dropped     from a 3.000 percent rate and 3.367 percent APR, to 2.875 percent and 3.323 percent, respectively. This is the lowest five-year ARM mortgage rate at Total Mortgage of 2010.

    Other current mortgage rates at Total Mortgage see the 30-year fixed FHA at a 4.250 percent rate and 5.178 percent APR, and the 30-year fixed jumbo mortgage at a 5.125 percent rate and 5.336 percent APR.

    With wild swings now commonplace in trading markets, along with increased borrowing costs at European banks, home buyers would be well advised to lock in these exceptionally low mortgage rates before they potentially go up.

    Yesterday, the Dow hovered down more than 200 points, before a late-day surge allowed it to recoup almost all of its losses. Also Tuesday, consumer confidence rose for the third-straight month, and S&P/Case Shiller Home Price Index reported somewhat sobering homes sales data amidst what Robert Shiller calls “extraordinary uncertainty” in housing prices.

    Additionally, three of the Fed’s 12 districts requested an increase in the Discount Rate from .75 percent to 1 percent, a move that would have further normalized the spread between the Discount Rate and Fed Funds. Also, the two-year Treasury note auction had strong demand yesterday despite registering about a basis point higher than the pre-auction market levels. Today, the five-year Treasury note auction will take place, followed by the seven-year note auction tomorrow.

    Total Mortgage Services, LLC offers many of the lowest mortgage rates on 30, 20 and 15-year fixed-rate mortgages, and 5/1 and 1/1 ARM conforming mortgages. Current mortgage rates are regularly updated on Total Mortgage’s website, while daily insight and perspective is available at the Total Mortgage blog.

    As of 9:45 am on May 26, 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 5.125% 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

  6. ARM Mortgage Rate Falls One-Eighth Percent Tuesday At Total Mortgage Services

    By on May 25, 2010

    The 5/1 ARM conforming mortgage was lowered from a 3.000 percent rate and 3.367 percent APR, to 2.875 percent and 3.323 percent, respectively. This is the lowest five year ARM mortgage rate of 2010 at Total Mortgage.

    Additionally, The 5/1 ARM jumbo mortgage is currently at a 3.500 percent rate and 3.265 percent APR. Meanwhile, the 1/1 ARM conforming mortgage (0 points) is at a 3.150 percent rate and 3.922 percent APR, and the 1/1 ARM jumbo mortgage (0 points) is sitting at a 3.150 percent rate and 3.794 percent APR.

    An Adjustable Rate Mortgage (ARM) is a mortgage loan that is fixed for the first several years, then becomes variable for the remainder of the loan term. After the initial fixed period, the interest rate on an adjustable-rate mortgage fluctuates based on market conditions.

    Total Mortgage is nationally known for having some of the lowest ARM mortgage rates available. Total Mortgage offers some of the lowest ARM Mortgage Rates and fees in the country.

    As of 2:30 pm on May 25, 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 5.125% 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 Still Down As Home Loan Demand Wanes

    By on May 20, 2010

    Current mortgage rates continue to hover at 2010 low points today and the National Mortgage Bankers Association reports mortgage purchase applications fell to their lowest level in 13 years last week.

    The primary reason for the recent dearth of applications is the expiration of the first-time home buyer and repeat home buyer tax credit, which ended on April 30. Most people who have been in the market for a home purchase in recent months scrambled to beat the tax credit deadlines.

    Nonetheless, the low rates still make this an opportune time for home buyers who are still in the market to purchase a new home, or are considering refinancing their existing mortgage.

    Total Mortgage Services, LLC currently has the 30-year fixed conventional mortgage at 4.375 percent, the 20-year fixed at 4.250 and the 15-year fixed at 3.875 percent. The 30-year fixed FHA sits at 4.375 percent. These are the lowest rates of 2010.

    The 30-year fixed jumbo is at a 5.125 percent rate and the 5/1 ARM conforming mortgage is currently sitting at 3.000 percent.

    Total Mortgage is listing some of the lowest current rates on 30-year fixed-rate mortgages, FHA mortgages, jumbo mortgages and adjustable-rate mortgages in the industry and originates loans in over 20 states. 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 20, 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 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 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

  8. 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

  9. 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

  10. 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

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