Mortgage Rates for Monday, July 11, 2011

Mortgage Rates for Monday July 11 2011 : Mortgage rates declined due to the poor jobs report issued on Friday and renewed fears of European debt contagion. If you are looking to save money on your home payments, now may be the time to lock a low rates. Total Mortgage offers some of the best rates that you can find anywhere. Give us a call and find out why we were named one of Inc. Magazine’s fastest growing private financial services companies in the United States. To speak with one of our licensed mortgage professionals, call us at 877-868-2503. Savings are just a call away.

European bond yields are up sharply today.

Slow growth could prompt the Fed to keep rates low for another year. It would be the longest period of record low rates since WWII.

Industry groups want more explanations of revised loan disclosure forms.

The Emergency Homeowners Loan Program would help homeowners who are unemployed and behind on their mortgage.

Will Republicans and Democrats be able to reach a deal on the debt ceiling?

Our Rates and Products:

Fixed rate mortgages are extraordinarily popular because they provide a great deal of cost certainty over the life of the loan. 30 year fixed rate mortgages are available today for qualified borrowers starting at the rate of 4.375% with an APR of 4.491%. 15 year fixed rate mortgages are going at a rate of 3.625% with an APR of 3.825%.

Adjustable rate mortgages can provide huge monthly savings compared to fixed rate mortgages. For some borrowers, they can be a fantastic deal. 5/1 ARMs are available at a rate of 3.000% and an APR of 3.125%.

The rates on jumbo mortgages are lower than they have been in quite some time. 30 year fixed rate jumbo mortgages start at 5.125% with an APR of 5.228%. A 5/1 Jumbo ARM starts at 3.000% with and APR of 2.959%.

FHA mortgages are very popular among first time home buyers because of their 3.5% minimum down payment. 30 year fixed FHA mortgages are available at a rate of 4.250% with a 5.563% APR.

***Mortgage rates are always changing. All rates were quoted at 1:10 P.M., on July 11, 2011.***
Mortgage Product Mortgage Rates APR
30 Year Fixed Conventional Mortgage 4.375% 4.491%
15 Year Fixed Conventional Mortgage 3.625% 3.825%
30 Year Fixed FHA Mortgage 4.250% 5.563%
30 Year Fixed Jumbo Mortgage 5.125% 5.228%
5/1 Conforming ARM Mortgage 3.000% 3.125%
5/1 Jumbo ARM Mortgage 3.000% 2.959%

* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal 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, $400 appraisal 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.