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Mortgage Rate Update; FHA Lowers Mortgage Insurance Premiums for loans endorsed before June 1, 2009

The Federal Housing Administration has announced plans to lower mortgage insurance premiums making it easier for borrowers to take advantage of the current record low interest rates.

Under this program, up-front mortgage insurance premiums will be reduced from 1.75% percent to 0.01 percent of the total loan amount for borrowers with FHA loans made before June 1, 2009. In addition, annual fees will be cut to 0.55 percent from 1.25 percent. This streamlined refinance program is available to borrowers who are current on their payments and may qualify even if they owe more than their homes are worth.

If you closed on your FHA loan before June 1, 2009, call your mortgage banker to learn more about this opportunity!

MORTGAGE INTEREST RATES for April 18, 2012:

  • Conventional 30-Year Fixed 4.00%/ 4.195% APR
  • Conventional 15-Year Fixed 3.250%/ 3.390% APR
  • Conventional 5/1 ARM 2.375%/ 3.082% APR
  • FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
  • Jumbo 5/1 ARM 2.875%/ 3.445% APR
  • Jumbo 15 yr Fixed 3.375%/ 3.630% APR
  • Jumbo 30 yr Fixed 4.750%/ 5.010% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.

Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.