Mortgage Rate Update 12/12/08

Mortgage rates continue to fall as the proposed auto industry bailout crashed and burned, and the Fed is now talking about a possible reduction to 4% instead of the 4.5% figure bandied about last week. Our current 30 year fixed and FHA rates fell another eighth of a point this week, while the 30 year CHFA rate shed 3/8 of a point. As the rates inch closer to going below 5%, many first time home buyers should be motivated to jump off the fence and buy, while some current homeowners stuck in ARM’s may want to take this time to move into a lower fixed rate. Many financial experts feel the rates will go up by the end of next year, so from now through 2009 the rates should remain very attractive.

Here are this week’s rates:

Friday, December 12th, 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 = 5.125% APR = 5.330%

15 yr conforming fixed: rate = 4.875% APR = 5.140%

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

5/1 yr conforming ARM: rate = 5.250% APR = 5.510%

30 yr FHA Fixed : rate = 5.375% APR = 5.645%

30 yr CHFA w/ 1 pt : rate = 5.550% APR = 5.884%


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

30 yr jumbo fixed: rate = 6.250% APR = 6.435%

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

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


CHFA (Connecticut Housing Finance Authority) rates for the week of December 11 – 17, 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: 5.250 % (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 .

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