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  1. Jumbo Loan Limits Unchanged Through 2011

    By on November 22, 2010

    A quick update here: the Federal Housing Finance Administration announced that jumbo loan limits are not changing in 2011.

    In an effort to limit risk, Congress has limited the maximum loan size that Fannie Mae and Freddie Mac can purchase.  This limit is known as the conforming loan limit, and anything above that limit is referred to as a jumbo loan.  The conforming loan limit is set at $417,000, although in some high cost areas the conforming loan limit is as high as $729,750.  High cost areas are places where the median home price exceeds the conforming limit.  Some examples are New York City, Washington D.C., Miami, and many parts of California.

    Total Mortgage founder and president John Walsh believes that conforming limits should be increased to $729,750 in all parts of the country in order to stimulate the jumbo housing market, which has been hurt badly by the recession.  His thoughts on increasing jumbo loan limits can be found in this interview with Housing Wire’s Christine Ricciardi.

    Category: Mortgage Rates

  2. Jumbo Mortgage Rates at Total Mortgage

    By on November 1, 2010

    Jumbo Mortgage Rates at Total MortgageJumbo mortgages are mortgage loans which are usually larger loans, above the conventional conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limits differ from location to location. For most part of the country, $417,000 is the conforming limit. Any mortgage loan exceeding this amount is a jumbo mortgage loan. Other areas which are considered to be high cost areas have a conforming limit up to $729,750, and any loan above this limit is a jumbo mortgage loan. Check here for conforming loan limit for your location.

    Jumbo mortgage loans have higher mortgage rates than conventional mortgages because of the higher loan amount and higher risk to lenders. Also, jumbo mortgages have more stringent mortgage requirements – higher down payments, higher credit score and the monthly mortgage payments not to be higher than 38 percent of the borrower’s income.

    Continue Reading…

    Category: Mortgage Rates

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. Mortgage Rates Update For Tuesday, May 11 From Total Mortgage

    By on May 11, 2010

    Yesterday, Treasury prices fell while stocks rose considerably, essentially reversing last week’s trend. Although there were no U.S. economic reports released yesterday, Federal Reserve Chairman Ben Bernanke is expected to provide the Senate with a closed-door briefing today on the Fed’s response to the economic trouble in Europe.

    Total Mortgage Services, LLC is listing some of the lowest current rates on 20-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 11 a.m. on May 11, 2010, the following mortgage rates are available at Total Mortgage:

    20-Year Fixed Conventional 4.375% Rate, 4.662% APR

    30-Year FHA 4.375% Rate, 5.300% APR

    15-Year Fixed Jumbo 4.000% Rate, 4.352% 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 Interest Rates, Mortgage Rates

  9. Mortgage Rates Update For Monday, May 10 From Total Mortgage

    By on May 10, 2010

    Total Mortgage Services, LLC is offering some of the lowest current rates on 30-year fixed-rate mortgages, FHA mortgages, jumbo mortgages and adjustable-rate mortgages while providing unrivaled attention to customer services and maintaining an impeccable attention to detail.

    Current mortgage rates are updated continuously on Total Mortgage’s website, in addition to daily insight and perspective on mortgage industry news and trends.

    Today’s mortgage rates are up as a result of bond prices falling on Friday. Significant job growth in April spurred the bond to fall. Additionally, Treasury prices are sharply lower, which pushed yields higher.

    As of 11 a.m. on May 10, 2010, the following mortgage rates are available 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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