Mortgage Rate Update 11/14/08

Mortgage rates continued their downward slide this week as a result of dismal economic reports, particularly the half million jobs lost and an increase in the national deficit in October. There was a drop of an eighth of a point in almost all products, including the 30 year FHA and conforming loans. Jumbo loans and ARMs lost even more, down a full quarter point. However, CHFA rates rose a quarter point this week. Overall, the national average for the 30 year fixed rate mortgage fell to 6.14%, so our rates are still at a level below that average. Here are this week’s rates:

Friday, November 14th, 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 = 6.000% APR = 6.228%

15 yr conforming fixed: rate = 5.625% APR = 5.974%

7/1 yr conforming ARM: rate = 5.875% APR = 6.046%

5/1 yr conforming ARM: rate = 5.625% APR = 5.885%

30 yr FHA Fixed : rate = 6.000% APR = 6.290%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.325%

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

30 yr jumbo fixed: rate = 6.500% APR = 6.773%

15 yr jumbo fixed: rate = 6.000% APR = 6.310%

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: 5.875 % (APR range 5.975 – 6.375 %)
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: 5.875 % (APR range 5.975 – 6.375 %)
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.