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  1. Low Mortgage Rates Will Disappear Next Year, Trade Group Says

    By on October 27, 2010

    Mortgage rates will begin increasing next year, the Mortgage Bankers Association predicts.

    Mortgage rates, recently down to about 4.5 percent for the 30-year fixed-rate mortgage, will rise to 4.8 percent in the second quarter of 2011, then to 5 percent in the third quarter before surpassing the 5 percent mark by the end of next year, according to the MBA’s Mortgage finance forecast released yesterday at a the group’s annual convention in Atlanta. Find current mortgage rates.

    Mortgage rates for the 30-year fixed, probably the most common home loan product, will continue increasing through out 2012, rising to 5.7 percent.

    The Federal Reserve plans another round of quantitative easing, a fancy phrase for pumping more money into to the economy, in at attempt to drive down interest rates and stimulate the economy. The Fed is expected to purchase large amounts of U.S. Treasuries to decrease mortgage rates and other types of interest rates. But the Fed’s actions are already priced into mortgage rates, said Jay Brinkmann, the MBA’s chief economist. The Fed, according to Brinkmann, would have to make an unexpected “blockbuster” announcement to push mortgage rates much lower.

    If the MBA prediction is correct, this year is the best time for homeowners to refinance their mortgages into lower rates.

    Existing-home sales will increase slowly through 2011, rising from 4,026 in the third quarter of 2010 to 5,051 to the fourth quarter of 2011, the MBA predicts.

    The national average for home prices will probably fall slightly next year, but that figure is being weighed down by severely distressed housing markets, such as Florida and some areas of California. Some areas, Brinkmann said, are showing signs of increasing home prices. Learn about mortgage for purchasing a home.

    The median price of existing homes, at $218,900 in the second quarter this year, will increase to $173,500 by the end of next year.

    The MBA predicts that the volume of mortgage refinancings will reach 921 billion this year and 370 billion in 2011. Mortgages for home purchases will amount to 480 billion this year and 626 billion in 2011.

    Yields for the 10-year Treasury, which are typically used to set mortgage rates, will increase to 3.3 percent by the end of 2011.

    Category: Fixed Rate Mortgages, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Refinance

  2. 15 Year Fixed Conventional Mortgage at 3.250%

    By on October 15, 2010

    15 Year Fixed Conventional MortgageFreddie Mac released its market survey yesterday, reporting that mortgage rates again fell to an all time low. According to the survey, the 30 year fixed mortgage has been below 5 percent for the last 23 weeks continuously. The last time 30 year fixed mortgage rates were this low was in April 1951.

    Current mortgage rates posted at Total Mortgage echo these declines and are some of the lowest mortgage rates across the country. These low rates make it an attractive time for homeowners looking to refinance and potential home buyers.

    Continue Reading…

    Category: Mortgage Rates

  3. Lower Mortgage Rates Due To Quantitative Easing

    1 By on October 11, 2010
    mortgage rates, mortgage interest rates, quantitative easing, federal reserve

    The Fed hopes more quanitative easing will improve the economy.

    Already low mortgage rates will probably stay low or even go lower in response to the Federal Reserve’s plan for more quantitative easing.

    What is Quantitative Easing?
    In the second round of quantitative easing, also known as QE2, the Fed is expected to purchase anywhere from $500 billion to $1 trillion in US Treasuries in an attempt to pump more liquidity into the financial system and drive down mortgage rates.

    Purchasing massive amounts of Treasures, which are federal government debt notes, will drive their prices up. Because yields move inversely to bond prices, yields will drop. And because mortgage yields are based on Treasures, particularly the 10-year Treasury, mortgage rates will also fall, pumping money into our financial system and boosting housing markets. Both corporations and homeowners will be able to borrow at lower interest rate, and homeowners will have more money to spend after mortgage refinancing.

    Inflation and Mortgage Rates
    At least that’s the plan. QE2 has plenty of detractors, though, who see it as fancy words for printing money. Continue Reading…

    Category: Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates

  4. Adjustable-Rate Mortgages Are Not Always Bad, Study Says

    1 By on September 27, 2010
    financial regulations, mortgage regulations, adjustable-rate mortgages, fixed-rate mortgages

    Will government red tape limit options for mortgage borrowers?

    Restricting adjustable-rate mortgages and other more unconventional types of home loans may not be such a good idea, according to a study of mortgage loans in different countries. Fixed-rate mortgages may not always be a great deal, asserts the new study from the Mortgage Bankers Association.

    Adjustable-rate mortgages are common in other developed countries, but default rates have been far lower in other countries, even though some had even greater home price declines, says the report, “International Comparison of Mortgage Product Offerings. That goes to show that mismatching mortgages and borrowers, not adjustable-rate mortgages themselves, prompted the mortgage crises. Outside the US, subprime lending was common only in the UK.

    Yet the comprehensive overhaul of financial regulation, the Dodd-Frank bill, restricts adjustable-rate mortgage terms like interest-only periods and flexible payment designs.

    “The U.S. has traditionally had one of the richest sets of mortgage products available, offering a variety of adjustable rate mortgages, amortization choices and terms, along with long-term fixed-rate mortgages,” said Dr. Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University, who did the study.

    After the housing crisis, everybody jumped on the fixed-rate mortgage bandwagon, drawn by historically low mortgage interest rates. With the new financial regulation, fixed-rate mortgages may remain dominant.

    “It is important for those implementing the regulation,” Lea said, “to consider whether such a dramatic and permanent shift in the mortgage market will do more harm than good.”

    “By focusing regulation on loan product design,” he said, “borrower choice will be deeply impacted as products that are commonplace in other countries will be considered unqualified for American borrowers.”

    There are many types of borrowers and all have different needs. “We can’t expect one mortgage product to fit all of their needs,” Michael Fratantoni, MBA’s vice president of research and economics.

    According to the study, which examined 12 developed countries with different mortgage markets, 95 percent of new loans made in the U.S. in 2009 were long-term fixed-rate mortgages. In other countries, the share of fixed-rate mortgages is much lower. Long-term fixed-rate mortgages account for 1 percent of all home mortgages in Spain, 2 percent in Korea, 10 percent in Canada, 19 percent in the Netherlands and 22 percent in Japan.

    In 2009, 5 percent of new home loans in the U.S. were variable rate. That compares to 92 percent in Australia and Korea, 91% in Ireland, 47 percent in the UK and 38 percent in Japan.

    Most countries in the sample usually subject fixed-rate mortgages to an early repayment penalty except Denmark, Japan and the U.S.  In Australia, Canada, Denmark, Germany, the Netherlands and Switzerland the penalties are designed to compensate the lender for lost interest over the remaining term of the fixed-rate home loan, according to the study, sponsored by MBA’s Research Institute for Housing America (RIHA),

    While some believe that the fixed-rate mortgage is the ideal home loan for all consumers, it does have significant drawbacks. Eliminating early payment penalties means all borrowers pay higher interest rates, which effectively socializes the prepayment option. In the European view only borrowers who prepay home loans should pay the cost.

    Category: Adjustable Rate Mortgages, Fixed Rate Mortgages

  5. Mortgage Rates Notably Down at Total Mortgage

    By on September 15, 2010

    Mortgage Rates Notably Down in Total MortgageGood 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.

    Category: Mortgage Rates

  6. FHA Mortgage Rates in Maryland

    By on September 14, 2010

    Mortgage Rates in MarylandTotal Mortgage has some of the lowest current mortgage rates in Maryland. Some popular mortgage products in MD are the conventional fixed rate mortgage, FHA mortgage and the jumbo mortgage.

    At Total Mortgage a 30 year fixed FHA mortgage in Maryland is available at a low 4.000 percent interest rate and 5.178 percent APR. FHA mortgages are only available through FHA-approved lenders, and luckily Total Mortgage is one.

    FHA fixed rate mortgages are similar to conventional fixed rate mortgages, in the sense that the terms of the loan remains the same for the life of the loan. However, FHA fixed mortgage loans have more lenient requirements compared to conventional mortgage loan with a lower down payment of 3.5 percent and lesser credit score requirements.

    FHA mortgages have gained popularity over the past several years among borrowers. It is a great time to lock these low rates whether you are a first time home-buyer or if you want to refinance your current mortgage loan.

    For more information on FHA mortgages or other mortgage products please call 877-868-2503 to speak with a licensed mortgage professional.

    Mortgage rates are changing constantly, all rates are quoted at 9:30 A.M., September 14, 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.

    Category: Mortgage Rates

  7. Fixed Mortgage Rates Falling to New Records Lows?

    By on September 7, 2010

    According to the survey by Freddie Mac, fixed mortgage rates fell to another record low due to modest inflation expectations. The most commonly used 30 year fixed rate mortgage averaged to 4.32 percent for the end of September 2, 2010 week, falling from an average of 4.36 percent from last week, and an average of 5.08 percent from last year. Likewise, 15 year fixed rate mortgage averaged to a low of 3.83 percent from an average of 3.86 percent last week and an average of 4.54 percent from last year.

    Fixed Mortgage RatesWith mortgage rates at historic lows, now is a great opportunity for first time home buyers to lock in these low rates. It is also a great time to refinance your existing mortgage loans and get better rates and even lower your monthly payments.

    Mortgage rates at Total Mortgage

    Fixed rate mortgages are popular with borrowers as the terms of the loan remain fixed for the life of the loan, and do not have to worry about changes in their monthly payment or their interest rates. At Total Mortgage, a 30 year fixed rate mortgage is obtainable at 4.125 percent with a 4.323 percent APR. For those borrowers who would like to be debt free faster, a 15 year fixed rate mortgage is obtainable at 3.625 percent with a 3.972 percent APR.

    Other popular mortgage products available at Total Mortgage are 30 year fixed FHA mortgage, 15 year fixed FHA, 5 year fixed Jumbo mortgage, and 5/1  ARM Jumbo Mortgage.

    All fixed mortgage rates are quoted at 10:00 A.M., on September 7, 2010.

    If you like to learn more about our mortgage products and lock in some of the lowest mortgage rates, please call 877-868-2503 and speak with a fully licensed and certified mortgage professional.

    *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 for August 13, 2010

    By on August 13, 2010

    Coming into Friday, Total Mortgage is posting some of the most affordable mortgage rates in the mortgage industry. With a variety of mortgage products including both fixed rate mortgages and adjustable rate mortgages (ARM), Total Mortgage will build a product that suites your financial needs.

    The current mortgage rate for a 5/1 conforming ARM is 2.875 percent and has 2.638 percent APR. A 5/1 jumbo ARM, meant for mortgages with principals larger than the conforming limit, has a 3.625 percent mortgage rate and a 3.657 percent APR.

    Fixed rate mortgages are very popular right now, as borrowers want to lock into the historic low mortgage rates currently available. A 30 year fixed conventional mortgage has a 4.125 percent mortgage rate and a 4.323 percent APR. A 15 year fixed conventional mortgage has a 3.625 percent mortgage rate and a 3.972 percent APR.

    A 30 year fixed FHA mortgage, which is insured by the Federal Housing Administration, has a 4.000 percent mortgage rate and an APR of 5.178 percent. A 30 year fixed jumbo mortgage is being offered with a mortgage rate of 4.875 percent and a 5.098 percent APR.

    Mortgage rates are changing constantly; all rates were quoted at 1:30 p.m. on August 13, 2010.

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional 4.125% 4.323%
    15 Year Fixed Conventional 3.625% 3.972%
    30 Year Fixed FHA 4.000% 5.178%
    30 Year Fixed Jumbo 4.875% 5.098%
    5/1 Conforming ARM 2.875% 2.638%
    5/1 Jumbo ARM 3.625% 3.657%

    For a complete list of the mortgage rates and mortgage products available at Total Mortgage call 877-868-2503 to speak with licensed mortgage professional today!

    *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 as of August 12th

    By on August 12, 2010

    Low Mortgage Rates at Total Mortgage can save you tonsMortgage rates at Total Mortgage are currently amongst the lowest rates in the United States. These low mortgage rates have created great opportunities for borrowers to consider either buying a new home or refinancing an existing mortgage. Both of these can be done with one of Total Mortgage’s excellent mortgage products.

    Amongst some of the most popular mortgages at Total Mortgage are fixed rate mortgages. A 30 year fixed conventional mortgage has a 4.125 percent mortgage rate and a 4.323 percent APR. A 15 year fixed conventional mortgage has a considerably lower mortgage rate of 3.625 percent and a 3.972 percent APR. While a 15 year offers low mortgage rates it also will have slightly higher monthly payments. Continue Reading…

    Category: Mortgage Rates

  10. Current Mortgage Rates – August 11th

    By on August 11, 2010

    Apply Now with Current Low Mortgage RatesCurrent mortgage rates at Total Mortgage are at the lowest point they have been at in quite some time. Total Mortgage offers a wide variety of mortgage products all with some of the lowest mortgage rates in the industry. Borrowers who use Total Mortgage can take advantage of both fixed rate mortgages and adjustable rate mortgages (ARM).

    A 30 year fixed conventional mortgage is currently available with a 4.125 percent mortgage rate and a 4.323 percent APR. A 20 year fixed conventional mortgage has a slightly lower mortgage rate of 4.000 percent and has a 4.273 percent APR. Borrowers with loans larger than the conforming limit will not be able use conventional mortgages but will require jumbo mortgages. Continue Reading…

    Category: Mortgage Rates

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