Good news for all borrowers! Total Mortgage has dropped its mortgage rates notably from earlier this week. Mortgage rates for select fixed rate mortgages and adjustable rate mortgages (ARMs) have decreased by one eighth of a point.
Earlier this week a 30 year fixed rate mortgage was available at a 4.125 percent interest rate with 4.323 percent APR. Today, the same 30 year fixed rate mortgage is available now at a low 4.000 percent interest rate with 4.201 percent APR. Likewise, a 20 year fixed rate mortgage and 15 year fixed rate mortgage was offered at 4.000 percent (4.273% APR), and 3.625 percent (3.972% APR) respectively. Now a 20 year fixed rate mortgage is available at a 3.875 percent (4.153% APR) and a 15 year fixed rate mortgage at 3.500 percent (3.854% APR).
A 5/1 ARM conforming mortgage rate was previously offered at 2.875 percent (2.638% APR). Today, 5/1 ARM conforming mortgage rate has also come down and is available now at a newer low 2.750% mortgage rate and 2.637% APR.
How much can you save with the new low rates? You may be able to save a total amount of $7,813 over the period of the loan if you had a mortgage of $300,000 with a 30 year fixed rate mortgage at a 4.125% rate and refinanced into the new low 30 year fixed rate mortgage at a 4.000% mortgage rate.
For all borrowers who have been considering refinancing your existing loans or buying your first home, now is the perfect time to take advantage of these new low mortgage rates and make your dreams come true.
If you like to secure our new low mortgage rates or want to learn more about our mortgage products, please call 877-868-2503 to speak with a licensed mortgage expert immediately!
Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on September 15, 2010.
*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.
ate data to the British Bankers Association between 2006 and 2008 in an attempt to manipulate LIBOR. Compiled daily by the BBA from information from 20 large banks, LIBOR is the benchmark index for “trillions of dollars worth of mortgages and others loans in the U.S. and other countries,” explains an article in The Wall Street Journal today.
Experts are predicting that mortgage rates will increase in 2011 as the overall economy and housing markets gradually improve, but they differ on how much mortgage rates will increase next year.
Mortgage rates
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