Mortgage Rate Update, 11/28/08

We hope everyone had a fantastic Thanksgiving and was able to spend some quality time with family and friends, and pig out on lots of turkey, stuffing, pie, etc etc!!

OK, so much for my statement last week of, “status quo is the way to go – for now”. In one of the largest one day reductions since 1988, the national rates took a little nosedive, falling .75%. Our rates fell almost across the board, with only the CHFA rate holding steady at 5.875%. It remains to be seen if retail sales over the Thanksgiving weekend have any effect on rates this week, but hopefully the Fed’s new $800 billion rescue plan will help to keep rates flat or even lower.

Here are the most current rates:

Friday, November 28th, 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 = 5.500% APR = 5.750%

15 yr conforming fixed: rate = 5.375% APR = 5.662%

7/1 yr conforming ARM: rate = 5.625% APR = 5.993%

5/1 yr conforming ARM: rate = 5.375% APR = 5.603%

30 yr FHA Fixed : rate = 5.500% APR = 5.620%

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 = 6.375% APR = 6.559%

15 yr jumbo fixed: rate = 5.875% APR = 6.122%

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. All information provided is deemed reliable but is not guaranteed and should be independently verified .

Tagged as: 06410, Adjustable rate mortgage, CHFA, DAP, Federal Housing Administration, Homebuyer Mortgage Program, Jumbo mortgage, Loan, Origination Fee