Mortgage Rates & Trends: Mortgage Blog

View the lowest rates we have to offer.
Read our RSS Feed Policy

  1. Congress Looks to Restore FHA Loan Limits to $729,750, Freddie, Fannie Limits to Remain Unchanged

    By on November 15, 2011

    Late yesterday, Reuters reported that a bipartisan congressional committee agreed on a measure that would restore FHA loan limits to $729,750 in certain “high cost” areas.  While the measure is not yet law, the article says that “agreement by a bipartisan panel of lawmakers from both chambers indicates a strong likelihood of final approval”.

    The conforming loan limit is the maximum size loan that is eligible for purchase by Fannie Mae, Freddie Mac, or the FHA.  Loans above this amount are considered “jumbo loans” and typically have higher mortgage rates because they are not subsidized. The maximum conforming loan limit was increased in 2008 in order to provide stimulus to the housing market.  The temporary limits were reinstated twice, and were allowed to expire on October 1st, when they fell from $729,750 to $625,500.

    This measure, if it becomes law, will keep the maximum FHA loan size at $729,750 through 2013.  Although the Senate approved measures that would restore high balance loan limits for Fannie Mae and Freddie Mac to $729,750, this measure was rejected by the House, and it is expected that upper-end limits for the GSEs will remain at $625,500.

    Many in Congress (especially those on the right wing) want to reduce government involvement in housing finance.  While this is probably a good idea, generally speaking, it really isn’t practical at this time.  The housing market is pretty much on life support, and there are not a lot of private investors rushing to invest in housing.  Without the government to fill the vacuum, credit would probably contract even further, making it even more difficult to get a mortgage.  This would hurt home sales and home prices, which would further destabilize the housing market.

     

    Category: Mortgage Rates

  2. Current Mortgage Rates Plummet – Wednesday, November 9, 2011

    By on November 9, 2011

    There’s a quote attributed to economist John Maynard Keynes that runs something like this: “if you owe your bank a hundred pounds, you have a problem.  But if you owe a million, it has”.  This saying seems particularly apt today as the world focus is on Italy and its $2.2 trillion debt.  The whole situation is fairly chaotic.  Italian Prime Minister Silvio Berlusconi has declared that he will not seek re-election.  Austerity measures tied to bailouts for both Italy and Greece are extremely unpopular with the citizens of those countries, and I can’t see any way this doesn’t ultimately end up with some sort of debt restructuring or default.  As I write this, the stock market is plummeting and Italian bond yields are soaring.  Mortgage rates should benefit from this action as mortgage backed securities are rallying.

    In the meantime, if you’re looking to purchase a new home or refinance your current one, today is probably going to be a good day to lock a low rate. Our home loan pre-approval process is quick and easy and can be completed in just minutes over the phone.  To find out more about our rates and products, call us today at 877-868-2503.  We offer some of the lowest mortgage rates in the industry and are known for our service and quick turn times.  Don’t hesitate, start saving money today.

    Some of Our Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.750% 3.901%
    15 Year Fixed Conventional Mortgage 3.250% 3.517%
    30 Year Fixed FHA Mortgage 3.750% 5.092%
    30 Year Fixed Jumbo Mortgage 4.875% 4.992%
    5/1 Conforming ARM Mortgage 2.500% 2.951%
    5/1 Jumbo ARM Mortgage 2.750% 3.038%

    ***Mortgage rates change constantly.  The below rates were quoted at 1:09 P.M., on November 9, 2011.  Call 877-868-2503 for more details.***

    Continue Reading…

    Category: Mortgage Rates

  3. 30 Year FHA Loans Fall To 3.750%

    By on October 20, 2011

    Are you a renter?  Is the lack of a down payment the only thing standing between you and home ownership?  Buying a home may require less money up front than you think.  FHA-insured mortgages are a great way for first time home buyers to break into the housing market.

    One of the things that makes an FHA mortgage so attractive to first time buyers is that they only require a minimum down payment of 3.5%.  Many lenders require down payments of 20% or more.  If you have a solid credit history, you may be able to qualify for a loan through the FHA.

    Because of the low down payment requirement, FHA loans require the borrower to pay for mortgage insurance, which causes the APR on FHA loans to be higher than on other loans of comparable length.

    Mortgage rates hit record lows a couple weeks ago, and while they’ve risen a little bit since then, they are still extremely low on a historical basis. This morning we are able to offer qualified borrowers FHA mortgages at a rate of 3.750% with an APR of 5.092*%.  This is a record low rate at Total Mortgage, and you could benefit for years to come by locking it in today.

    Do you already have an FHA mortgage?  If you have yet to refinance your mortgage at today’s low rates, you may be missing out on huge monthly savings.  The FHA has made it easy to refinance with the FHA Streamline Refinancing program.  This program may not require a new home appraisal, credit check, or debt to income analysis, which makes refinancing quicker and easier than ever before.

    To find out more about qualifying for an FHA mortgage, call us today at 877-868-2503.  Let one of our licensed mortgage professionals help you begin your homeownership journey today.

    Mortgage rates are always changing. All rates were quoted at 10:45 A.M., on October 10, 2011.

    *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, 1 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, one 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. Refinance Your FHA Mortgage From 3.750%

    By on October 17, 2011

    If you took out an FHA mortgage in the last few years, and you have yet to refinance your mortgage, you may be paying too much for your home. Refinancing your mortgage can be done quickly and easily with the FHA Streamline Refinance program.

    Many people think that the refinancing process is a pain, and have put off refinancing due to the time and expense involved.  If you refinance through the FHA streamline refi program, you may be able to do so without a new home appraisal, saving both time and money.  It is also possible that no new credit report or new debt-to-income analysis.

    The rates on FHA loans are still hovering around their all-time lows, and you could potentially save a lot of money on your monthly payments.  Today we are offering qualified borrowers 30-year fixed FHA mortgages starting at 3.750% with an APR of 5.092%.  Stop paying higher rates, call us today at 877-868-2503 to find out more about refinancing.     

    Mortgage rates change all the time.  These rates were quoted at 10:05 A.M., on October 17, 2011.

    *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, 1 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, one 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. FHA Refinancing Made Easy, Rates From 3.750%

    By on October 11, 2011

    Did you take out an FHA mortgage over the past couple of years?  Have you refinanced your mortgage?  If you have yet to refinance, there is a good chance that you are paying too much for your mortgage.

    Mortgage rates on FHA loans have dropped significantly over the past few years, and hit record lows over the past couple of weeks.  Although rates have ticked up slightly since that time, they are still very close to all-time lows.

    If you are paying a mortgage rate of 5, 6, 7 percent or more, you could save a significant amount of money refinancing your FHA mortgage.  Some people avoid refinancing because the mortgage process can be long and involved, but the FHA has made it significantly easier to refinance with the FHA streamline refinance program.

    The FHA allows borrowers to do rate and term refinances with no cash-out without a new appraisal, which makes refinancing quicker and easier than ever before.  Depending upon your situation, a credit report and new debt-to-income analysis may not be required.

    Today Total Mortgage is offering qualified borrowers 30 year fixed rate FHA mortgages at a rate of 3.750% with an APR of 5.092%.  If you are paying a higher rate, this program could allow you to save a lot of money on your monthly home payments.

    Call one of our licensed mortgage officers today at 877-868-2503 to find out more about refinancing your FHA loan.  You could be saving a tremendous amount of money with a new home loan.  

    Mortgage rates are always changing. All rates were quoted at 10:20 P.M., on September 29, 2011.

    *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, 1 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, one 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. FHA Mortgages for First Time Homeowners Starting at 3.750%

    By on October 10, 2011

    Home prices have dropped considerably over the past three years, and mortgage rates are at their all-time lows, yet for many people, it is difficult to imagine a home because of the need for a large down payment.  Traditionally, lenders have required down payments equivalent to 20% of the purchase price of the home, and it can take a decade or more for many people to save this much money.

    Thankfully, there is another avenue to homeownership for prospective first time buyers: the FHA mortgage.  One of the things that makes FHA mortgages great for first-time buyers is that they only require a minimum down payment of 3.5% of the purchase price of the home.  If you have a good job and good credit, you may be able to qualify for an FHA insured mortgage.

    Since FHA loans only require a minimal down payment, the borrower is required to pay through mortgage insurance through the FHA which increases the cost of the loan over time (you’ll note the difference between the interest rate and the APR).  This insurance helps protect the FHA and the taxpayers against the risk of default.  Despite this cost, FHA loans can be an excellent deal for many borrowers.

    Today we are offering qualified borrowers FHA loans at a rate of 3.750% with an APR of 5.092*%.  This is a record low rate at Total Mortgage, and you could benefit for years to come by locking it in today.

    If you already have an FHA mortgage at a rate of 5, 6, or 7%, you may be able to save a ton of money by refinancing it with the FHA streamline refinancing program.  This program frequently doesn’t require a new home appraisal, which saves both time and money.

    If you want to find out more about our FHA mortgage products, call one of our licensed loan officers today at 877-868-2503. Our mortgage pre-approval process only takes moments over the phone.  Start down the path to homeownership today.

    Mortgage rates are always changing. All rates were quoted at 10:45 A.M., on October 10, 2011.

    *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, 1 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, one 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. Fixed FHA Loans Starting at 3.750%

    By on October 4, 2011

    Are you a long-time renter who is looking to become a homeowner?  Do you need more room for a growing family?  Do you have a good credit history and a solid income? Don’t let a lack of money for a down payment stop you from owning your own home.  With an FHA-insured mortgage you too can start building equity in a house.

    While many banks require down payments of 20% of the purchase price of a home, the FHA only requires a down payment equal to 3.5% of the price of the home you are looking at.  In exchange for lower payments, an FHA borrower pays for mortgage insurance, which helps protect taxpayers against potential defaults.

    As of this morning, we are offering qualified borrowers FHA mortgage rates starting at 3.750% with an APR of 5.092*%.  This is one of the lowest rates on an FHA loan that we have ever been able to offer thanks to today’s ultra-low rates environment.

    Do you have an existing FHA mortgage?  Are you paying a rate significantly higher than the current rate?  You may be able to refinance easily with the FHA streamline program.  This program enables those who have FHA home loans to refinance, often without needing a new appraisal.

    If you want to find out more about our FHA mortgage products, call one of our licensed loan officers today at 877-868-2503.Our mortgage pre-approval process only takes moments over the phone.  Start down the path to homeownership today.

    Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on October 4, 2011.

    *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, 1 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, one 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. First Time Home Buyers Save With Record Low FHA Mortgage Rates

    By on September 21, 2011

     

    One of the biggest obstacles between many prospective first-time home buyers and homeownership is the need for a down payment.  Even though home prices have declined over the last three years, they are still relatively high from a historical perspective.  Most lenders require down payments of twenty percent of the purchase price of a home, and it can take years to save this much money.

    If you’re a long time renter with a good credit history, there are alternate options that could allow you to become a homeowner.  The FHA offers mortgages to people with strong FICO scores while only requiring a minimum down payment of 3.5%.  Although FHA mortgage insurance premiums can cause FHA mortgages to be more expensive in the long run than traditional mortgages, the FHA provides an avenue to homeownership that might otherwise be closed to many people.

    Mortgage rates have been at record lows for the past two weeks, but there is no telling how long they will stay there.  Today we are offering 30 year fixed FHA mortgages to qualified borrowers at a rate of 3.750% with an APR of 5.092%*.  

    If you already have an FHA mortgage but are paying a higher rate than what is currently offered, you may be able to easily refinance your mortgage through the FHA streamline refinance program.  Often this process does not require a new appraisal, which makes the refinancing process considerably easier.

    If you are interested in a new FHA mortgage or refinancing your current FHA mortgage, call us today at 877-868-2503 to speak with one of our licensed loan officers.  Start your homeowning future today.

    Mortgage rates are always changing. All rates were quoted at 11:56 A.M., on September 21, 2011.

    *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, 1 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, one 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. Fixed FHA Mortgage Rates Fall to 3.750%

    By on September 14, 2011

    Mortgage rates have hit historic lows recently, and now it a great time to lock in the lowest rates in a lifetime.

    Perhaps you’re a long time renter with a good credit history, but without a lot of money for a down payment.  Don’t let a lack of cash stand between you and homeownership.  FHA-insured mortgage only require a minimum down payment of 3.5% of the price of the home that you are buying.

    Many banks require 20% down payments or more, and it can take years and years for the average person to save that much money.  While it is certainly preferable to start with more rather than less home equity, a 20% down payment is simply not within many people’s reach.

    Today we are able to offer FHA mortgages to qualified borrowers at a rate of 3.750% with an APR of 5.092%*.  If you have an existing FHA mortgage and are paying a higher interest rate, refinancing at today’s low rates can be quick and easy and can save you a lot of money.  The FHA streamline refinance program may allow you to refinance your home without a new appraisal, which will save you time and money.

    Mortgage rates are always changing. All rates were quoted at 12:56 P.M., on September 14, 2011.

    *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, 1 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, one 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. FHA Mortgage Rates Hit 3.990% at Total Mortgage

    By on August 22, 2011

    Mortgage rates hit new all-time lows last week, falling on renewed fears of European debt contagion as well as the possibility that the U.S. economy is entering a double dip recession.

    As a result of this market movement, we are now offering 30-year fixed-rate FHA mortgages at our lowest rate ever, 3.990% with an APR of 5.799%* for qualified borrowers.

    If you’re a long-time renter who has been considering purchasing a new home, now is an excellent time to lock in a low rate.  FHA mortgages are extremely popular with first-time home buyers because of their low minimum down payment requirement of 3.5%.  If you have a good credit history but not a lot of money for a down payment, you may still be able to afford a home.

    If you already have a mortgage with the FHA, you may be able to refinance into today’s low rates with an FHA streamline refinance.  A streamline refinance may allow you to refi without a new appraisal, which makes the process significantly faster and easier.

    Total Mortgage has been helping responsible borrowers achieve their homeownership goals since 1997.  We want to be your partner in the mortgage industry.  You can become pre-approved in just minutes over the phone.  Call us today at 877-868-2503 to speak with one of our licensed mortgage professionals.

    Mortgage rates are always changing. All rates were quoted at 11:00 A.M., on August 22, 2011.

    *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

LOOKING TO BUY OR REFINANCE?

Or Call us at 877-868-2503