Mortgage Rate Update 11/7/08

Mortgage rates pulled back a bit this week in the aftermath of the presidential election, but the increase in the unemployment rate and tighter lending criteria are keeping many lenders on the sidelines. The 30 year conforming rate dropped a quarter point, while the 30 year FHA and CHFA shed a nice 3/8ths. Expect more fluctuation in rates in the near future. Here are this week’s rates:

Friday, November 7th, 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 = 6.125% APR = 6.305%

15 yr conforming fixed: rate = 5.750% APR = 6.011%

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

5/1 yr conforming ARM: rate = 5.875% APR = 6.127%

30 yr FHA Fixed : rate = 6.125% APR = 6.450%

30 yr CHFA w/ 1 pt : rate = 5.750% APR = 6.114%

———————————————————–

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 = ****

———————————————————————————

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

Homebuyer Mortgage Plan:
Interest rate: 5.750 % (APR range 5.850 – 6.205 %)
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: 5.750 % (APR range 5.850 – 6.205 %)
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.

Reblog this post [with Zemanta]

Comments

  1. Pingback: » Mortgage Rate Update 11/7/08

  2. Vlad

    Wayne,

    Congratulation on moving to a new domain! I will adjust your blog on my top 100 list. Hope you are enjoying WordPress. If you have any question please do not hesitate to ask, I have been with WP for quiet some time.

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.