Mortgage Rate Update 10/31/08

As a result of the recent stock market rally, mortgage rates are up approximately 0.8 percent. The 30 year fixed rate mortgage now hovers around 6.5 percent, and the CHFA rate went up a quarter point. Short indicators point to continued upward pressure on mortgage rates. Here are this week’s rates:

Friday, October 31st, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.375% APR = 6.505%

15 yr conforming fixed: rate = 5.875% APR = 6.224%

7/1 yr conforming ARM: rate = 6.125% APR = 6.352%

5/1 yr conforming ARM: rate = 5.8755% APR = 6.127%

30 yr FHA Fixed : rate = 6.500% APR = 6.722%

30 yr CHFA w/ 1 pt : rate = 6.125% APR = 6.360%

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Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.750% APR = 7.022%

15 yr jumbo fixed: rate = 6.250% APR = 6.400%

7/1 yr jumbo ARM: rate = **** APR = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of October 30 – November 5, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.125 % (APR range 6.225 – 6.625 %)
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: 6.000 % (APR range 6.100 – 6.500 %)
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.

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