Total Mortgage Services, LLC, a leading mortgage lender and broker that offers some of the lowest mortgage rates available, announced today that its 30-year fixed jumbo mortgage rates are back below 5 percent for qualified borrowers. Currently, Total Mortgage is offering qualified borrowers a 30-year fixed jumbo mortgage up to $729,000 at rate of 4.875 percent and an APR of 4.932 percent with 0 points.
“The jumbo market is seeing significant improvement in both competitively priced rates and market liquidity. Many borrowers are taking advantage of this opportunity to lock-in low rates,” commented John Walsh, President of Total Mortgage. “Our team of experienced loan officers are responding to an increase in inquires for jumbo products from borrowers looking to take advantage of some of the lowest jumbo rates in the decades. In effect, the tremendous drop in rates has increased the number of both purchase and refinance transactions. Although underwriting standards remain rigorous, we are seeing an increase in the number of borrowers with strong credit qualifying for a more affordable jumbo mortgage with very attractive terms.”
Jumbo mortgage rates are typically higher than current mortgage rates when compared to conforming mortgage loans because of the increased loan size. Jumbo mortgage loans are mortgage loans that surpass the loan limits set forth by Fannie Mae and Freddie Mac. This is why Jumbo mortgage loans are also referred to as non-conforming loans. For example, if a potential borrower is considering purchasing or refinancing a house that costs more than the Fannie Mae conforming limit, $417,000 to $729,750 depending upon location, they will need to get a jumbo mortgage.
Jumbo mortgage rates are always changing depending on many different factors. As of 9:30 A.M. on October 12, 2010, Total Mortgage was quoting the following mortgage rates:
Jumbo Mortgage Rates as of Oct 12, 2010 (also see the chart). (Conditions Apply.)
30 Year Fixed Jumbo Mortgage: 4.875% with 4.890% APR with 0 Points for 30 day lock
15 Year Fixed Jumbo Mortgage: 3.625% with 3.971% APR with 0 Points for 30 day lock
5/1 ARM Jumbo Mortgage: 3.250% with 3.251% APR with 0 Points for 30 day lock
1/1 ARM Jumbo Mortgage: 2.851% with 2.808% APR with 0 Points for 30 day lock
To speak with an experienced loan officer about a jumbo mortgage, please call 1-877-868-2509 or email contact(at)totalmortgage(dot)com.
Filed under: Real Estate