by The Harriman Team on June 29, 2009
Three bedroom ranch with 1 1/2 baths, fireplace, eat-in kitchen and dining room. Interior to be painted prior to move in. One car garage and level treed lot. Home located on East side on cul-de-sac road. Credit check required. No pets. Call Wayne to schedule an appointment, (203) 672-4498.
by The Harriman Team on June 27, 2009
The dramatic increase in interest rates since May 28th has reduced refinance activity significantly. For many homeowners the higher interest rates eliminate the benefit of refinancing. Though the rates may decrease from today’s level, it seems unrealistic to hope for them to plunge back into the 4s. On Monday, the MBA slashed its forecast for 2009 mortgage loans by more than 25% due to the slowdown in refinancing and a slow start to the federal Home Affordable Refinance Program.
The Senate bill (S. 1230) to amend the $8000 tax credit for first time home buyers and make it a $15,000 credit for ANY home buyer who buys a home within one year of the date of enactment has now been referred to the Committee on Finance. We have placed a widget on this blog that monitors the status of the bill and will display any change in its status. Feel free to stop by any time to see the latest development in the bill’s progress.
For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.
Click here to send a secure online mortgage application.
Here are this week’s rates:
Friday, June 26th, 2009
All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.
Conforming limits are up to a $417,000 loan limit*
30 yr conforming fixed: rate = 5.375% APR = 5.534%
15 yr conforming fixed: rate = 4.875% APR = 5.140%
7/1 yr conforming ARM: rate = 5.375% APR = 5.725%
5/1 yr conforming ARM: rate = 5.125% APR = 5.320%
30 yr FHA Fixed : rate = 5.250% APR = 5.440%
30 yr CHFA w/ 1 pt : rate = 5.250% APR = 5.585%
———————————————————–
Jumbo loan limits range from $417,001 to $1,000,000*
30 yr jumbo fixed: rate = 6.125% APR = 6.352%
15 yr jumbo fixed: rate = 5.750% APR = 5.905%
7/1 yr jumbo ARM: rate = **** APR = ****
———————————————————————————
CHFA (Connecticut Housing Finance Authority) rates for the week of June 25 – July 1, 2009
Homebuyer Mortgage Plan:
Interest rate: 5.250 % (APR range 5.350 – 5.750%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate
Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)
Interest rate: 5.250 % (APR range 5.350 – 5.750%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate
(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)
* Additional fees may apply
*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage
*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .
William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410
by The Harriman Team on June 20, 2009
The current trend of rising interest rates has put a damper on many real estate deals as rate locks expire and buyers are forced to either accept a higher rate or pay points to get the rate back down to where it was. Others are using the rate increases as motivation to finally get off the fence and make an offer before rates rise even more. Having said that, rates are still hovering around historic lows, and even though a lot of people may disagree, a mortgage rate in the low fives is NOT a bad rate to buy a home at.
There is currently a proposal in the Senate (S. 1230) to amend the $8000 tax credit for first time home buyers and make it a $15,000 credit for ANY home buyer who buys a home within one year of the date of enactment. This proposal is far from being passed and even if it is, its impact on the economy will be far-reaching and possibly not worth the consequences. It will be interesting to watch how this plays out.
For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.
Here are this week’s rates:
Friday, June 19th, 2009
All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.
Conforming limits are up to a $417,000 loan limit*
30 yr conforming fixed: rate = 5.500% APR = 5.664%
15 yr conforming fixed: rate = 5.000% APR = 5.240%
7/1 yr conforming ARM: rate = 5.375% APR = 5.725%
5/1 yr conforming ARM: rate = 5.125% APR = 5.320%
30 yr FHA Fixed : rate = 5.375% APR = 5.610%
30 yr CHFA w/ 1 pt : rate = 5.125% APR = 5.455%
———————————————————–
Jumbo loan limits range from $417,001 to $1,000,000*
30 yr jumbo fixed: rate = 6.125% APR = 6.352%
15 yr jumbo fixed: rate = 5.750% APR = 5.905%
7/1 yr jumbo ARM: rate = **** APR = ****
———————————————————————————
CHFA (Connecticut Housing Finance Authority) rates for the week of June 18 – 24, 2009
Homebuyer Mortgage Plan:
Interest rate: 5.125 % (APR range 5.225 – 5.625%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate
Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)
Interest rate: 5.125 % (APR range 5.225 – 5.625%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate
(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)
* Additional fees may apply
*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage
*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .
by The Harriman Team on June 18, 2009
The Meriden housing market remained on the upswing last month. Pending sales were up again, and closed sales were up sharply for the second consecutive month. The inventory levels again went down, driving the absorption rate to a low for the year of 7 weeks worth of inventory. This is good news and gives an indication that Meriden might be quicker to recover than Wallingford, especially since sales prices are much lower in Meriden than most surrounding towns.
Condo sales remained fairly level, but inventory levels fell to their lowest levels of the year at 17 weeks worth. As indicated in the Wallingford Market Update, the $8000 tax credit for first time home buyers was approved and it was hoped that this, coupled with historically low interest rates, would spark some of the undecided first time buyers to take the plunge, but in our view this is not turning out to be the case. Mortgage rates have climbed sharply over the past few weeks, dulling some of the enthusiasm for home sales, and the tax credit will be gone in a little over 5 months, adding a new sense of urgency to the mix. All may not be lost, however. There is current legislation on the table to modify the tax credit so that the limit will be increased to $15,000, the deadline for using it will be extended for a year, and everyone will be able to use it, not just first timers. If this modification is passed, which is hardly assured, it should take some of the pressure off home buyers and give them an added incentive to buy soon. But we’re not assuming anything, and neither should you.
Here’s the comparison of the last three months:
|
Single Family Homes
|
Mar 2009
|
Apr 2009
|
May 2009
|
|
New Listings
|
56
|
56
|
39
|
|
Total Listings
|
190
|
131
|
64
|
|
Pending Sales
|
36
|
41
|
56
|
|
Homes Sold
|
16
|
27
|
37
|
|
Expired Listings
|
24
|
22
|
24
|
|
Average Days on Market
|
92
|
99
|
73
|
|
Average Price/SqFt
|
$127
|
$115
|
$127
|
|
Average Sales Price
|
$156,793
|
$176,649
|
$173,586
|
|
Absorption Rate (# of weeks to sell current inventory at present rate of sales)
|
51
|
21
|
7
|
|
|
|
|
|
|
Condominiums
|
Mar 2009
|
Apr 2009
|
May 2009
|
|
New Listings
|
18
|
26
|
21
|
|
Total Listings
|
71
|
49
|
28
|
|
Pending Sales
|
8
|
13
|
11
|
|
Condos Sold
|
9
|
6
|
7
|
|
Expired Listings
|
9
|
11
|
11
|
|
Average Days on Market
|
38
|
147
|
145
|
|
Average Price/SqFt
|
$98
|
$104
|
$101
|
|
Average Sales Price
|
$83,522
|
$123,817
|
$105,786
|
|
Absorption Rate (# of weeks to sell current inventory at present rate of sales)
|
34
|
35
|
17
|
*** = No stats due to no sales.
For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service).
70FE0D9F-304F-2857-67A3-EDC78CECEFBE
1.02.05
by The Harriman Team on June 18, 2009
The Wallingford housing market continues its slow, confusing march towards recovery. There were more houses listed for sale, but fewer houses sold than in April; the houses that sold were on the market 22% longer than April, but both the sales price and price per square foot were up. In addition, there were 80% more pending sales in April, but the total inventory went up by the same level.
Condo sales were also mixed. Sales dropped by 50%, but pending sales doubled; days on market dropped by 48%, but the average sales price sank by 16% to its lowest level since January.
The $8000 tax credit for first time home buyers was approved and it was hoped that this, coupled with historically low interest rates, would spark some of the undecided first time buyers to take the plunge, but in our view this is not turning out to be the case. Mortgage rates have climbed sharply over the past few weeks, dulling some of the enthusiasm for home sales, and the tax credit will be gone in a little over 5 months, adding a new sense of urgency to the mix. All may not be lost, however. There is current legislation on the table to modify the tax credit so that the limit will be increased to $15,000, the deadline for using it will be extended for a year, and everyone will be able to use it, not just first timers. If this modification is passed, which is hardly assured, it should take some of the pressure off home buyers and give them an added incentive to buy soon. But we’re not assuming anything, and neither should you.
Here’s the comparison of the last three months:
|
Single Family Homes
|
Mar 2009
|
Apr 2009
|
May 2009
|
|
New Listings
|
37
|
36
|
40
|
|
Total Listings
|
61
|
46
|
61
|
|
Pending Sales
|
26
|
20
|
36
|
|
Homes Sold
|
20
|
20
|
15
|
|
Expired Listings
|
21
|
15
|
18
|
|
Average Days on Market
|
100
|
103
|
126
|
|
Average Price/SqFt
|
$157
|
$159
|
$165
|
|
Average Sales Price
|
$272,961
|
$247,443
|
$274,753
|
|
Absorption Rate (# of weeks to sell current inventory at present rate of sales)
|
13
|
10
|
18
|
|
|
|
|
|
|
Condominiums
|
Mar 2009
|
Apr 2009
|
May 2009
|
|
New Listings
|
19
|
22
|
19
|
|
Total Listings
|
22
|
16
|
30
|
|
Pending Sales
|
9
|
9
|
19
|
|
Condos Sold
|
11
|
10
|
5
|
|
Expired Listings
|
4
|
6
|
3
|
|
Average Days on Market
|
90
|
128
|
73
|
|
Average Price/SqFt
|
$168
|
$156
|
$154
|
|
Average Sales Price
|
$213,984
|
$202,588
|
$170,300
|
|
Absorption Rate (# of weeks to sell current inventory at present rate of sales)
|
9
|
7
|
26
|
For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service).
70FE0D9F-304F-2857-67A3-EDC78CECEFBE
1.02.05
by The Harriman Team on June 13, 2009
Unique property-single family home in a commercial area. Home has living room with fireplace (currently used as third bedroom), 2 bedrooms, eat-in kitchen and large family room addition with wood stove. Rear of property located in Cheshire. Great location for home office/small business! For more info or to schedule an appointment, please call our Team Agent Kim Vogt at 203-623-0017!
by The Harriman Team on June 13, 2009
The sharp rise in mortgage rates in recent weeks has dampened what had been a boom in mortgage refinancing and has threatened to squelch signs of a budding recovery in the housing market. However, there is disagreement among Fed officials as to whether additional stimulus is needed. Some believe more should be done to help the economy recover more rapidly, while others are concerned that it may be time to start pulling back in order to minimize the risk of inflation.
Without a consensus on the direction to go, strong new actions are unlikely. However, the Fed may make smaller adjustments to address current economic conditions.
For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.
Here are this week’s rates:
Friday, June 12th, 2009
All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.
Conforming limits are up to a $417,000 loan limit*
30 yr conforming fixed: rate = 5.500% APR = 5.664%
15 yr conforming fixed: rate = 5.000% APR = 5.240%
7/1 yr conforming ARM: rate = 5.375% APR = 5.725%
5/1 yr conforming ARM: rate = 5.125% APR = 5.320%
30 yr FHA Fixed : rate = 5.500% APR = 5.770%
30 yr CHFA w/ 1 pt : rate = 5.50% APR = 5.895%
———————————————————–
Jumbo loan limits range from $417,001 to $1,000,000*
30 yr jumbo fixed: rate = 6.000% APR = 6.242%
15 yr jumbo fixed: rate = 5.625% APR = 5.825%
7/1 yr jumbo ARM: rate = **** APR = ****
———————————————————————————
CHFA (Connecticut Housing Finance Authority) rates for the week of June 11 – 17, 2009
Homebuyer Mortgage Plan:
Interest rate: 5.500 % (APR range 5.600 – 6.000%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate
Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)
Interest rate: 5.500 % (APR range 5.600 – 6.000%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate
(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)
* Additional fees may apply
*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage
*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .
by The Harriman Team on June 10, 2009
Farmhouse Colonial with first floor family room, large eat-in kitchen with stainless steel appliances, fireplace in living room, first floor office, spacious bedrooms, lower level arcade area. Inground pool with cabana and pavilion, detached 3+ car garage with 12′ doors, tennis and basketball courts. Fantastic views. Over 5 acres – bring your horses!
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