It is Saturday, and while you may be off of work for the weekend, we are still here, trying to save you money with some of the lowest mortgage rates in the industry.  Mortgage rates are up lately due to bond market volatility and the still-rallying stock market.  Despite this, rates are still relatively low from a historical perspective.

Our Rates:

Fixed rate mortgages are still the most popular type of mortgage in the United States.  They allow borrowers to lock in today’s low rates for years to come.  Qualified borrowers are able to get a 30 year fixed rate mortgages at 4.625 percent with a 4.834 percent APR. 15 year fixed rate mortgages start at 4.000 percent with an APR of 4.359 percent.

Adjustable rate mortgages (ARMs) usually have the lowest rates that we are able to offer.  ARMs can be a great deal for certain kinds of homebuyers, such as those who only intend to own their home in the short term, or those who feel they have a firm handle on where the markets are going.  As of today, a 5/1 conforming ARM is available with a 2.875 percent mortgage rate and a 3.166 percent APR. A 5/1 jumbo ARM is available at a rate of 3.375 percent and a 3.172 percent APR.

There is no question that qualifying for a mortgage is more difficult than it was in the past.  Due to this, FHA mortgages have become extremely popular.  FHA mortgages only require a downpayment of 3.5 percent, much lower than the 20 percent typically required by other lenders.  As a result, these mortgages are extremely popular amongst first time homebuyers. Qualified borrowers can get a 30 year fixed FHA mortgage at 4.500 percent with a 5.894 percent APR.

Undoubtedly, some of you are shopping for luxury homes.  Many of you in this market will need to get a jumbo mortgages.  Borrowers are required to get jumbo mortgages when the loan amount is greater than the Fannie Mae/Freddie Mac conforming limit (which is $417,000 to $729,750 depending upon your market).  We are able to offer 30 year fixed jumbo mortgages at 5.250 percent with an APR of 5.461 percent, while a 15 year jumbo mortgage is available at 4.125 percent with an APR of 4.475 percent.

Mortgage rates change all the time. These rates were quoted at 8:15 am on February 12, 2011.

Mortgage Product Mortgage Rates APR

30 Year Fixed Conventional 4.625% 4.834% 30 Year Fixed FHA 4.500% 5.894% 30 Year Fixed Jumbo 5.250% 5.461% 5/1 Conforming ARM 2.875% 3.166% 5/1 Jumbo ARM 3.375% 3.172%

For a complete list of Total Mortgage’s current mortgage rates and mortgages products call 877-868-2503 immediately, to speak with a licensed 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.

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