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  1. 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

  2. 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

  3. Low Mortgage Rates and Tax Credits Indicate Blooming Spring 2010 Housing Market

    1 By on March 19, 2010

    blooms

    As we get ready to say our final goodbyes to the winter of 2010 when the clock strikes midnight tonight, welcoming in March 20, 2010 and the first day of spring, let us hope spring 2010 holds true to the significance of what spring signifies for us.

    This spring, if you haven’t been paying attention to the climate in the national housing market, existing home sales fell 7.20 percent to a seven-month low in January 2010. This decrease follows on the heels of December 2009′s decrease of 16.20 percent, which is the largest decline on record. January 2010′s decline was the largest decrease in almost 11 years.

    While many housing experts were expecting January’s existing home sales to be slow, this came as a surprise, and is raising serious concerns about the stability of the housing market recovery and the economic recovery as a whole.

    This is the perfect time to be a home buyer in America. You may be able to make a serious argument this is the best time in American history to be purchasing a home.

    Current mortgage interest rates for 30-year fixed mortgages are still in the mid to high 4 percent range and 5/1 adjustable rate mortgage interest rates are still hovering in the high 3 to low 4 percent range. The federal government’s tax credit incentive now eligible to first time home buyers, and also existing home owners to purchase a home, is still in effect until April 30, 2010 for a signed purchase contract. Home prices are still at incredibly affordable levels. The federal government also has a $1,500.00 (up to 30 percent of the cost) tax credit available until December 31, 2010, for energy improvements. The criteria of eligibility for this credit is very attractive and covers hot water tanks, windows, doors, roofing, furnace, air conditioning units etc. (see http://www.energystar.gov/index.cfm?c=tax_credits.tx_index)

    If you are a first-time home-buyer, you could collect your $8,000 tax credit then use $5,000 of the credit to purchase eligible energy efficient improvements, and receive an additional $1500 cash back from the government for improving your home. You can parlay the 8k into 5k in improvements and still end up with $4,500 in cash in your pocket, for a total credit of $9,500, not too mention the possible increase in the value of your home due to the improvement. This current environment available to home buyers makes it difficult to understand why existing home sales fell so much.

    The numbers for February existing home sales should be released sometime next week. Hopefully they will show some improvements. From here through the spring and summer months of 2010, if you live in or near the East Coast - whether the Northeast, Mid Atlantic or Southeast states - you understand what a very cold, and basically ugly winter we all just finished enduring. Hopefully, most perspective home buyers were just hibernating due to the weather, and the birth of this new spring season will get everyone out and about, looking to purchase the next home of their dreams.

    Spring is here,  meaning new hope, new beginnings, and better days for the mortgage industry. Somme incredible and historic low mortgage interest rates and federal tax credit expire very shortly. If you are considering a home purchase, now is definitely the time to stop thinking about thinking about it and to start doing something about it.

    Category: First Time Home Buyer, Mortgage Rates

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