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.
Recession-wary Americans appears to be saving more money and spending less. Consumer spending was unchanged in April, while personal incomes rose .4 percent. Both numbers came in below economists’ median expectations. The savings rate rose to 3.6 percent in April, up from 3.1 percent in March.
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